As the coronavirus economic lockdown drags on, there seems to be a lot of delusional thinking out there. Many people seem to believe that at some point, President Trump will snap his fingers and the economy will roar back to life. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks at the numbers and makes the case that this is actually the early stages of an unprecedented economic meltdown. Everything is not going to be fine. He also takes on the myth of the non-essential worker.
We just wrapped up the worst first quarter in the history of the US stock market. Think about that in context. Even during the dark days of the Great Depression, there has never been a worse start to a year for the US stock market than 2020.
Nevertheless, there are still a lot of people out there who think this is going to be a short bear market. As Peter Schiff put it in his podcast, that’s because they’re still fixated on the pin.
Trump economic adviser Larry Kudlow said nobody saw the 2008 crash coming. Of course, Peter Schiff did. And he said so more than once on Larry’s own show.