Wall St. Bailout 2.0
Dollar rallies sharply on what may be a technical head-fake. Gold likely finding it’s bottom and set to go higher.
Donald Trump is.a Socialist now and he’s trying to buy the election by bribing the electorate.
Elizabeth Warren has some conditions.
And while this podcast was being recorded, another bailout was announced!
Fed finally did what I’ve been saying they would for years: cut rates to zero with the biggest point cut in history. Powell afraid to call it QE. There are no atheists in foxholes; there are no free-market capitalists in a recession. If we fought WWII with bailouts, like the way we’re fighting coronavirus, we’d be speaking German now.
Waiting in line for food and toilet paper does not mean business is booming. Neither is having full hospitals.
More records broken today as the Dow lost almost 3,000 points – the biggest single day point drop in history! Percentage-wise, it was the second biggest drop percentage in history, next to the stock market crash of 1987. For all the years of the Great Depression and WWII, the economy never saw a drop like this.
The stock market has never lost this much value this quickly. The whole rest of the world is now tapping into their savings, but we have nothing left to rely on other than a printing press.
Gold takes a hit as investors cover their losses, but still down only 2% on the year compared to the Dow down 32%. Gold is liquid, easy to sell, yet its barely down, even though so many people are desperate enough to sell it.
Trump “pleasantly surprised” Powell followed his orders after having his job threatened.
Oh, and banks no longer need reserves.
Also: (Peter Schiff) – Peter Schiff was right on return to QE & ZIRP
On March 15th, 2020, the Fed officially returned to zero percent interest rates and Quantitative Easing, exactly what Peter Schiff has been forecasting for years, and on Fox Business on June 4th, 2019
Also: (Peter Schiff) – Bailout spreads nationwide – Ep 547
Dow up almost 2,000 points today; a record point gain, 10th biggest percentage gain, with most larger gains occurring during the bear market of the 1930s. We had a lot of stock market firsts this week and it was one of choppiest weeks on record. Trump announces beginning of national bailout including open-ended moratorium on student interest loans, allowing debtors put their loans into deferment indefinitely and never pay them again. Trump leaves door open to bailout any industry in the country.
Lawsuits driving many shutdowns across the country.
Gold’s recent late day buys a sign of illiquid investors trying to get in at lows.