US economy is in a financial crisis worse than 2008

Peter Schiff discusses the Jerome Powell, FOMC, interest rates, and the banking and financial crisis. Fox Business Claman Countdown w/ Liz Claman. Recorded 5/3/2023

#economy #banks #inflation

[Riggsnic_co]

I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.

[FeliciaJudge]

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard

[worldlife]

Lets throw corporate puppet Republicans and Democrats in jail.

[SilvesterMiles-yj]

This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

[Sheil-hard]

Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.

[robertwienhold]

Didn't you hear Powell? The banking system is sound and resilient.

[Natalieneptune]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??

[alexisvolleyball]

Peter is my favorite economist of all time!

[LAStreetPreacher]

Yes, reckless government spending is the problem as Peter Schiff rightly pointed out. We have too many criminals in Washington D. C. (District of Criminals!)

[MrDaveaccord]

The federal government has never had a REVENUE problem but has always had a SPENDING problem. Something that politicians and bureaucrats can't seem to comprehend.

[Rochelletrem]

Major indexes booked their worst yearly performance since 2008 thanks to drivers like the recession, war, hiked interest rate and inflation which so far doesn’t seem to be easing off, so I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy or do I wait?

[kimyoung]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[theodoreboosalis]

TY Peter for making sense out of all this - listening to you for 20 years has been a Godsend.

[louprovenzano]

I don't watch Fox anymore, not even YouTube replays...but for you, I broke my rule -- nice job!

[rogerstone]

I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market. and the Federal Reserve taking a more hawkish approach to interest rates and bond purchase tapering, a correction is underway.

[romneyhugo]

The market and the Fed consistently underestimate the sticky nature of inflation. The markets are still unsure if the Federal Reserve will continue to its plan to raise interest rates until inflation is under control, despite the fact that bond yields are rising while stock prices are falling. What is the greatest strategy to take advantage of the current bear market while I'm still deciding whether to sell my 401k worth of stocks?

[oneiljerry]

Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.

[theeconomicrevolutionist]

Is SHTF officially here now that mainstream media is now addressing our financial woes?

[Dannyholt]

With inflation running at a four-decade high, the Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further won’t be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?

[msheehandub]

I sacrificed the last 7 years of my life solely focused on financial freedom. I've worked 72+ hours a week, tons of overtime, cut back on expenses in every way, and moved multiple times all over the world in order to get ahead in life. Although I am doing better than the average American, I still feel like I'm broke as hell. All I have are numbers on a screen.