As I thought would be the case, it looks like the Grinch Stole the Santa Claus Rally. Normally, the U.S. stock market rallies during the final five trading days of the year between Christmas and New Year's Day. But today was not only the worst Christmas Eve day in stock market history, it blew apart the old record. In fact, there has never been a Christmas Eve day where the S&P or the Dow fell by as much as 1%. Today, the Dow Jones dropped better than 650 points - 2.9% on the day.
Guests: Schiff, Peter Schiff, Euro Pacific Capital, Tracy Byrnes, NY Post, Scott Bleier, Fox News Contributor, Gary Kaltbaum, Kaltbaum & Associates
Peter Schiff: "The housing market has already died. The only thing left for prices to do is collapse. You had prices bid up to these crazy levels based on a combination of speculative buyers, creative financing and lax lending standards. All that is gone. You've got a lot of people in homes they can't afford; speculators own homes they don't want, they have negative cash flow, you're going to have a glut of housed on the market and no buyers."
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The Peter Schiff Show Podcast - Episode 33
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The Peter Schiff Show Podcast - Episode 126
Correction: Early in the day it was the biggest opening day drop in 84 years, but by the close of trading losses had been parred to just the worst opening day close since 2001. The Dow finished down just 1.5%, compared to the 2.8% drop in 2001, making it the 6th worst opening day loss since 1927.
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The Peter Schiff Show Podcast - Episode 500
Recorded September 11, 2019
Millions of Americans were Affected by the Terrorist Attack on 9/11 -
Today is the 18- year anniversary of the tragic events that surrounded the terrorist attack on the World Trade Center and the Pentagon back in 2001. I do not wish to make light of the suffering of the individuals who died tragically, not only the people who lost their lives on the ground, but also the ones aboard the airplane that crashed into a field in Pennsylvania. And, of course, thousands of families were profoundly affected by those events, and they're still affected by those events today.
Loss of Liberty and Freedom -
So, what I am about to say is not to minimize their suffering, but there are 300 million or so Americans who were not personally affected by those events, other than the fact that we certainly empathize with our fellow citizens who did have to endure the tragedy on a more personal level. But on a broader level, the biggest loss, historically, from those events is not just the loss of lives and the family members who lost loved ones, but all Americans who lost individual liberty and freedom.
Self-Inflicted Loss -
That is the real tragedy, historic tragedy of 9/11. The tremendous loss of individual liberty and freedom. America today is a far less free society than it was prior to those attacks 18 years ago. And that means that the terrorists won. They didn't win based on the damage that they inflicted. They won based on the damage that we inflicted on ourselves. The self-inflicted wounds are much greater on a national scale than the terrorists' direct acts
.And it's not just the 300 million Americans who are alive today. It's all the Americans yet to be born who are going to be born into a society that is far less free than America would have been but for these attacks.
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Luke from Elmwood Park, IL: I wanted to purchase some stocks to diversify from my precious metal holdings. Do you have a suggested website? ScottTrade?
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The Peter Schiff Show (1/8/2013)
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