September 05, 2009
– Comments (4)
I don't have sound on my computer, will somebody please tell me the main few points he makes ?
He more or less elaborates on what you can see (16.8% unemployment rate) and wishes you a nice labour day week end. So do I.
"Jobs aren't being created, they're being destroyed." That is the basic thesis, which he then goes on to argue.
He is talking about the Employment numbers, saying that the 225,000 expected came in at 216,00, thus causing Wall St. to declare victory again, even in the face of bad news. He then comments that this 'good news' caused stocks to rally and bonds to fall. He then hints, "but the dollar declined anyway" as if to say 'the fix is in'...they simply can't control the dollar market due to it's size and liquidity. The implication being that 'investors', this time in dollars, hated the Employment Report, while market makers took the opposite view. I actually agree with Schiff, he is reading markets correctly, and is encouraging caution in equities, especially in light of the 'goldilocks' vision of market makers and Wall St. in general.
Thanks for posting these, kdak!
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by