Peter Schiff is Right - It's Not Enough To Be Right!
We continue to see reality all around us. Unemployment up and soon to pass 10%. Profits are down. Loan losses are piling up. The bears have all the facts on their side - except one! It's not enough to be right.
The Federal Reserve is giving billions to banks - who are NOT loaning it out. Instead, they are pouring that money into the stock market. Once the market begins to look safe (as it has to many Americans), the trillions of dollars begin to pour in, as the investment banks begin to book their profits.
It's a SCAM and we all know it - but it will last for some time. As I've said in my blog yesterday, this market will blow past S&P 1100 on its way to 1150 by the end of the year. And as I said yesterday, I expect at LEAST a 5% pull back in the next week. But the bears will start getting their shorts squeezed in November on another FED induced buying spree.
Let me repeat - It's not enough to be right!