This is a replay of SchiffGold’s CEO Peter Schiff’s RT interview aired on December 28, 2018.
2008 Great Recession Will Pale Compared to 2019 Bear Market | Peter Schiff RT Interview
After the worst Christmas Eve in the history of the stock market, the Santa Clause rally came late. Markets bounced back in the short trading week after Christmas. The Dow started with a 1,000-plus point gain, then dropped nearly 600 points the next day, before rallying late to close in the green.
The rally had some Wall Street pundits feeling giddy, but in an interview on RT America, Peter Schiff said the bubble has popped and this is exactly the kind of roller coaster ride you expect in a bear market.
We are in a bear market. We had the longest bull market in US history just come to an end, and it doesn’t die easily. So, you’re seeing a lot of volatility. These big up moves, which are typical again in bear markets, are designed to keep the hope alive, so people don’t sell, and you sucker in a few more buyers because they think the bottom is in. And then the next thing you know, the market is trading for new lows. I think this bear market has a long way to go. We’re still much closer to the top than the bottom. And the worst part is not really the bear market, but the economy, which is headed for a worse recession than the one that we now call the Great Recession that we had in ’08 and ’09.”
Peter Schiff also covered topics relating too…
2008 great recession
2019 bear market
bull market ends
the economic bubble popped
ban on Chinese telecom equipment
fed creates a financial crisis with low interest rates
no renaissance in us manufacturing
dow roller coaster
financial crisis 2008