My Joe Rogan Experience – Ep 592

* It was another tough day in the stock market today; the Dow Jones finished down 295 points, NASDAQ fared even worse, down 103 points, that's about 2.25% * These 100-point moves are coming quite often now; in the NASDAQ, the transports were hardest hit once again down 204 points - that's almost 3% * When I saw this carnage, I wondered if North Korea had tested another nuclear bomb - early in January the market was down about 250 points and they blamed it on the North Korean bomb test * The markets have been moving about that much every single day! What are the odds that the Korean test had anything to do with the market drop that day? * Everybody wants to find a way to rationalize a weak market, but look, nothing happened today * The financials got clobbered - Goldman Sachs is down 5% on the day, getting ready to break through $150; it was a $200 stock not too long ago * There's a lot of air beneath this chart - is that all oil related? * You might as well blame today's selloff on the fact that Ted Cruz won the Iowa Caucus * The reality is the market is going down because it's a bear market * The market's going down because the U.S. economy is in a recession * There's nothing the Fed can do without loosing credibility or acknowledge that the economy is much weaker that it thought * Going back prior to the rate hike, one of the reasons I constantly said I did not expect the Fed to raise rates is because I knew if they did, they would be in a very bad position * I said, what's going to happen if the Fed raises rates and the stock market starts to decline, how are they going to stop it?  They cant. * Since QE1 in 2009, every time the stock market has faltered the Fed has either launched another round of QE or hinted that it was considering another round * That's what saved the market * That how "Buy the Dips" worked - you had the Bernanke put or the Yellen put * If that put expired with that rate hike in December, then how was the Fed going to stop the carnage? * It can't hint about another round of quantitative easing while it's raising rates * Most people believe that the Fed will not raise rates 4 times this year, maybe only once or twice * But if the market is already collapsing based on the first rate hike, how much lower will it fall if the Fed puts a couple more nails in the coffin? * The only the Fed can save this market is to come out and: * a) Take future rate hikes off the table and * b) Lower rates * They are trying to get the ECB and the Bank of Japan to help, and that hasn't worked - each rally has reversed * The Fed will have to get in on this: sending the ECB and the Bank of Japan in will not do it.  This is a woman's job, and it's going to be Janet Yellen is the only one who can stop the market from falling * We're going to get the jobs number this week - with a first look at it with the ADP number tomorrow but we get the big Non-Farm Payroll number on Friday * The only thing that can really save this market is a horrific jobs number is really bad, then Janet Yellen can talk about not raising rates based on the jobs numbers, so she doesn't have to claim it is based on the stock market * If we get another on of these good jobs numbers, of course it's only good superficially, it's not really good, it's just a high number, then this market's going to tank * Because the Fed is back in the predicament of not cutting rates because they don't want to admit that the jobs numbers are bogus * I happen to be in the supermarket with my 13-year old son and he noticed a help wanted sign on the door, saying, "Part Time Positions Available - Multiple Departments" * They don't want any more full time people - that is the secret to the "strength" in our econo... Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

3 Helmi 201632min

* First it was the ECB, and then it was the Bank of Japan, cutting interest rates overnight to -.1% * That is the first time in this 20-year experiment of cheap money - I think they've been at zero, but they've never gone negative until just now * One of the most ironic aspects of the move is that Kuroda, just 8 days ago told the Japanese Parliament that the Bank of Japan was not seriously considering negative interest rates, yet in a span of a week, they went from not considering it, to actually doing it! * In fact, what Kuroda said is that, not only have they moved rates to negative, they may make them even more negative in the future, so no who knows how much more negative they will go * He also hinted that they might expand their asset purchase program, their own Quantitative Easing * That was enough to send global stock market rising, in fact, here in the U.S. the Dow Jones finished up almost 400 points - 396 points - the NASDAQ was up better than 100 points * Obviously this is still a big down month, but not the worse January ever * As I said from the beginning, 2 out of 3 ain't bad, but it won't work * The Fed is going to have to join the rate-cutting party * Right now the Fed is the lone hold-out among central banks and that is still helping the dollar * The dollar was very strong today against the yen and also against the euro - the dollar index now almost back up to 100 * The QE currencies got clobbered * The economic data in the U.S. is not good. We got the first estimate of Q4 GDP * When the year began, everybody was looking for Q4 to be around 2 - 2.5% * As all the horrible economic news poured in throughout the quarter, expectations gradually reduced so that by yesterday, the consensus for Q4 was just .9% * We managed to come in below that at .7% * I have been saying that by the time we get the final revision of this GDP number, we could be below zero.  It doesn't take much to take an initial estimate of .7 to below zero and we still have more data on Q4 coming out, that will bear on this, and I think the data will be bad news * The only way the government could manufacture a GDP of .7 was to pretend that the inflation rate was just .8, and of course, the Fed supposedly have this 2% target and they need to raise rates to get to 2% * That means nominal GDP is only going up 1.5%, which means if the inflation rate is actually higher than 1.5%, then we are in a contraction * In fact, I've pointed this out many times before, if we had an honest look at inflation in the GDP, I think it would reveal that the economy has been in recession for almost the entire recovery, which makes more sense to me, because this recovery feels a lot like a recession * It's not like any other recovery we've ever experienced, and maybe that's because it's not a recovery - it's a recession * I think the recession is going to get a whole lot worse, because of what's going on * The way the media has been spinning this all day, even though they have reported that the GDP is .7, they are reporting that for the entire year, GDP grew by 2.4% for 2015. * Just Google it yourself: any article on the U.S. economy and GDP states that the economy grew by 2.4% in 2015 * That's not true! The actual growth rate is 1.8% * If the economy grew by 1.8%, why is the media spinning the story at 2.4%? * Here's what's going on: if you just measure the increase in GDP from December 31, 2014 through December 31 2015, the increase is 1.8%.  That is how to measure the GDP.  It grew 1.8%. * The government doesn't want to admit that because 1.8% is a pretty low number, the lowest it's been in 3 years, and why would the Fed wait for the lowest annual growth rate in 3 years to finally raise rates, in fact why did they wait for a quarter when it was... Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

30 Tammi 201629min

* As I said in my last podcast, when the the Federal Reserve issued its press release yesterday at 2:00pm, Janet Yellen did not give the markets they were hoping for; in a way, it was almost as if she threw them an anchor instead, because the Dow Jones ended up falling about 200 points as a result of the disappointing statement * The statement was dovish, but it wasn't dovish enough, and even though the Dow recovered about half those gains, I think the market is still on the defensive, given the fact that Janet Yellen still did not veer from the projected rate hike path, even though the Fed went out of its way to say that the tightening would be very gradual and that rates would still be low for a long time * And the Fed will continue reinvesting all all the maturing bonds, so the balance sheet will not shrink at all * They will continue to reinvest interest and principal payments, meaning the balance sheet will continue to grow, so it's still QE, just a slimmed down version * But I do expect full-blown QE4 to come before the November election * I do believe that this is the first step in a reversal of policy because Janet Yellen did acknowledge that economic growth slowed last year * In fact, it slowed more at the end of the year, as we will see when we get the first look at the Q4 GDP tomorrow; I think the economic slow-down is continuing in 2016 * The Fed also said that they were monitoring the financial and global markets and will take in consideration the effects that these might have on economic growth, inflation and employment * Obviously, the effects on economic growth are going to be negative - it's the reverse wealth effect * The Fed puts a lot of stock in the wealth effect, but it's a two-edge sword * The Fed statement also mentioned that they are still targeting 2% inflation but that they're not quite there, and expressed concern that they might not meet that goal * To me, acknowledging the economy is slowing, going out of their way to mention that they are monitoring the global economy is an easing from their rhetoric * The Fed is going to have to do a lot more than that subtle suggestion * I think it is enough to turn the dollar; it has been weakening across the board today * Oil prices have moved up a bit * Gold stocks have actually done a little bit better than gold - gold and silver were both hit today: gold was down about $10/11, silver was down about .30 * There was a huge sell order that came in early in the morning and just knocked the markets down in about a minute, which has been typical * It looked like the metal was poised to continue to move higher * We'll see what happens tomorrow when we get the GDP * But one of the reasons it looked like today should have been a big day for gold was the economic news that came out early this morning on December Durable Goods * They were looking for a +.2 increase, following a 0% gain in November * Instead, first they revised the November's number to -.5 and then, instead of improving, we dropped 5.1 - Huge decline! * You have to go back to the '08 financial crisis to find a Durable Goods that bad * It gets worse when you look at the details * Strip out transportation: they were looking for zero, instead we got -1.2 * On top of that, they took last month's -.1 and made it -.5 * The worst one is Core Capital Goods: last month was down .4 and we got -4.3 * Year-over-year Capital Goods is down 7.5% * So, given this number and the Fed's statement yesterday, I expected gold to build on its momentum, but for that big sell order that happened early in the morning * The gold stocks held up today, despite the big drop in gold * I expect a rally tomorrow if we get a weak GDP number, and now a lot of people are looking for a weak... Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

29 Tammi 201627min

* The Mario Draghi "No-Limits"-inspired rally from Thursday and Friday of last week ended on Monday with the Dow Jones down just over 200 points; the NASDAQ was down about 75 points, so an even bigger percentage drop * But today the market reversed; the Dow actually recouped 100% of what it lost, it rose 282 points by the close * A lot of volatility in the oil markets; down yesterday and up above $30/barrel today * The bigger action today was in gold, up another $12 or so, the highest price for gold since the first week in November, last year * Gold stocks had a big up day today, but they still have to rise about 8% to get back to where they were when gold was the price it is today * Some of the battered down currencies in the commodities space had a good rally; the Canadian dollar and the Aussie dollar * I think what the markets are preparing for is some type of statement from the Fed tomorrow; they began their 2-day meeting today and they will release a statement - there's no press conference * People are looking for the Federal Reserve to acknowledge some type of change in the economy and therefore soften their stance on their 2016 rate increase projection * The last time we heard from Janet Yellen, the Fed was on track for 4 rate hikes in 2016, and since then, no one has said anything to contradict that, despite what has happened in the U.S. and global markets * Perhaps this recent market rally will give Janet Yellen a reason not to show her hand * Of course, if she disappoints the markets and continues to pretend everything is great, this market's going down hard and all the gains will be surrendered * Maybe she'll try to walk a middle ground by acknowledging the problems in China and in the oil market and say that the Fed is monitoring the situation in case there us unexpected spillover to the U.S. economy which is still otherwise in great shape * She may save face by suggesting that if these outside influences somehow wash up on our shores, and they effect employment and inflation, maybe it will adjust its policy *  I'm not sure if that will be enough for the market; if the market sells off, the Fed is going to have to come back and quickly release more dovish rhetoric * I read an article on Monday's Wall Street Journal and I posted it on my Facebook pageand it really was the equivalent of, This Time It's Different * The headline was, "Recession Signals are Flashing Red" - they've been flashing red for a long time and the WSJ has been ignoring it * The article says that, despite all the bad economic events and data that in the past have led to recession, that this time it's different * The article tells us why we don't have to worry this time, while acknowledging the bad data and events, they say we can rest easy because we have this really strong labor market, and in prior recessions the labor market wasn't as strong * Therefore, since the labor is so strong, we can ignore all the other signals that seem to be flashing recession * I have said many times on this podcast, there is no strong labor market; it exists only in the eyes of statisticians who simply look at a rate of 5% and ignore how we got there * They want to ignore the millions of people who have left the weak labor market and millions more who have settled for part time jobs * So the weak labor market is consistent with all the other data that the WSJ is acknowledging, but tells us to ignore * If we counted all the people outside of the labor market who are discouraged as unemployed, and we also counted all the underemployed people, and the unemployment rate was over 10%, then the WSJ would have to say, "Well, it's a recession!" * How can a recession wait for the government to decide how it ... Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

27 Tammi 201629min

* The U.S. stock market ended the week with a 2-day rally, in fact the Dow Jones closed better than 200 points today, to about 1690 *  NASDAQ, even stronger, up 119, closing at almost back up to 4600 * The rally actually began early yesterday morning, and not just in stocks * Oil had a huge rally, in fact, today alone, crude was up $2.72 back above $30, at $32.25 * What sparked the rally was comments made by Mario Draghi at an ECB press conference that followed their official statement that they were leaving interest rates unchanged - they are already negative * Right about that time, the Dow futures were already down 100 points and it wasn't looking good for the open of the U.S. stock market * But then, in Draghi's press conference, he said there was no limit to what the ECB is prepared to do to generate more inflation in Europe * He strongly hinted that in the next meeting in March, they may announce additional stimulus * He saw the weakness in the markets and decided to take one for the Fed, because ultimately it's the Federal Reserve who has to come out with the "Whatever it takes" comment" to shore up the markets * I don't think the ECB is going to be enough, even if Japan joins the party, it won't be a real party until the Federal Reserve shows up * This was enough to cause a small, short-covering rally * What's interesting, though, about the Draghi comments, is that he specifically addressed the problems of low oil prices and low food prices * Do you think the population of Europe worries that food is too inexpensive? * Is it really so important that gas is more expensive in Europe? * None of these are real concerns, and the proof is, if they really wanted the prices to be higher, they could just adjust the Value Added Tax to increase prices to exactly 2% * Why print all this money, hoping that the result is higher gas prices? * The truth is, the price of gas and food in Europe is not the problem - Mario Draghi knows its not the problem * He wants to create inflation to prop up the equity markets * But the press takes Draghi at his word, that inflation is the problem * Stock prices are the prices they are worried about being too low * They also want more inflation to mitigate the effect of government-mandated higher wages * So the one motivating factor behind Draghi's comments was not food or gas prices * Obviously lower food and gas prices help the European economy * All the markets went up on the hint that the ECB is going to further stimulate the economy * That proves that the only reason the stock market has rallied is because the central banks - it's not about the fundamentals * The Fed will have to capitulate and acknowledge that more stimulus is coming * The press is focusing on the idea that the Fed will slow down its initial goal of 4 rate hikes in 2016 * But that's not enough * If the Fed tightens more slowly, and the ECB and Japan are easing, then the story is still about the tighter U.S. monetary policy vs Europe and Japan, which will continue to create the global problem of a high U.S. dollar * We aren't going to get drunk on Europe's liquor - we need our own bartender pouring the drinks * Is it enough to get a short-covering rally? Sure. * Nothing goes down in a straight line * We don't know that Draghi will actually deliver stimulus in March. What if the price of oil goes up above $40/barrel before then? * Mario Draghi went out of his way to praise Janet Yellen, agreeing with the Fed's December rate hike decision * Ironically, the U.S. economy is doing better than Europe, but the U.S. economic data is getting worse, and in Europe it is improving * By the time all the revisions are done, Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

23 Tammi 201623min

* The bear market in global stocks continues, and I believe we're in a bear market in the U.S. * Technically the major averages are not quite down 20%, although some of the averages are * Transports were down 30% from their highs * The Russell 2000 was down more than 25% * Many individual sectors are way down into bear market territory, as are some individual stocks * IBM hit a new 6-year low; and, of course, IBM is the poster boy for share buy-backs * Imagine how much shareholder money has been flushed down the toilet buying back stock at over $200/sh and now we're looking at 12o and falling * But remember: all bear markets begin as corrections * The bear market of 2001, when the S&P was cut in half, and the NASDAQ fell by 80%, started as a correction * The same thing in 2008 - they were calling that a correction, too, until they realized that it was a bear market * In fact, the main thing I am hearing today is the comeback - the Dow had a huge comeback because it was down more than 560 points at the low and it closed down at just 249 * The NASDAQ was down more than 160 and it closed down only 5 * Had we closed at the lows of the day maybe we would be closer to a short-term bottom * This is another short-covering inter-day rally creating a slippery slope of hope for the market to continue to slide down * Today, we have hit the most 52-week lows in any month since September of 2008 * Earlier in the day, we were showing the biggest monthly point drop in the history of the stock market * It's not just the worst January, it's the worst month of any year, ever * The market has got to be telling us that not only are we in a bear market, but we are in a recession * The market is forward-looking: it is telling us that we are in a recession * The bond market is priced as if we are in a recession * Maybe that is because we are in a recession * All the economic data indicates a severe recession * The market is behaving as though something bad is happening - we haven't seen action like this since 2008, yet people are dismissing all of this evidence * If it walks like a recession, quacks like a recession, smells like a recession, it is a recession * There are now more people acknowledging that the Fed should not continue raising rates in the near future - an article in the Guardian says:"Janet Yellen and Fed left with face full of egg after interest rate rise blunder" accuses the Fed of raising rates too early * The problem isn't that they raised rates early, it is that they raised them too late * Actually the real problem is that they never should have lowered rates to zero in the first place * I said this from the beginning: They sealed their fate as soon as they dropped rates to zero - no matter when they raised rates it would be a disaster, and the longer they waited it would be a disaster * What is ridiculous is that the Fed wants us to believe that they can raise rates, after leaving them at zero for so long, and that we could sometime just be fine * The narrative that Ben Bernanke, Janet Yellen and the Obama administration have been selling is that they saved the economy * The economy is in much worse shape now than it was 7 years ago * Instead the Fed's poisonous cure made us sicker than ever - That is what I wrote in "Crash Proof" * When I forecasted the bursting of the real estate bubble and the Great Recession and financial crisis, I said the economy could withstand that * What would kill it was the Fed's cure, they came up with the exact remedy I was afraid they would and it is having this exact effect Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Tammi 201629min

*  The Dow  Jones ended another down week on a down note, dropping 390 points * The NASDAQ was down 126 points *  This is the worst January in the history of the stock market the Dow is off about 13% from its highs, the NASDAQ about 15%, firmly in correction territory * We are probably in a bear market right now, because ultimately these indexes will be down 20% * Some indexes are already firmly in the bear camp; the transportation average is down about 27.5%; the Russel 2000 is down aboutr 23% * Many sectors are in a bear market - the auto market, retailers, financials * Home builders not quite in bear market territory yet but they are at 4-year lows * Beneath the sectors there are many individual stocks that are down 30 - 80% - GoPro now down 82% from last year as a highly touted IPO * Yesterday we had about a 200 point rally because the Fed's Dudley, who saved the market in October of 2014 by hinting of QE4 causing the market to take off * This time, Bullard came out and did say something dovish, but not dovish enough, and did not want to say  there was something wrong with the economy, so he simply stated that oil prices were too low and inflation might not rise quickly enough, so the Fed should hike more slowly * Today, another Fed governor came out, William Dudley and contradicted Bullard, strongly optimistic, saying the market is going to grow above trend in 2016 and he said that some of the negative economic data that has come out recently (which may qualify as the understatement of the decade) should be ignored, in the context of a strong labor market * In other words, no matter what other negative data is out there, in the markets or in the economy, as long as we're still creating 200,000-300,000 mostly low-paying, part time jobs monthly, everything is fine * If everything is fine, and there are so many people with jobs, why are retail sales plunging?  Why are corporate earnings plunging? * Assuming all these jobs really exist, they won't for long because if sales and earnings are collapsing, what are companies going to do with their work force? * Walmart announced today they are closing about 150 stores in the U.S., laying off about 10,000 people * I have saying for a while I expected retailers to announce significant layoffs, but I think it is going to be across the board * Everything that was built on the Fed's bubble is imploding; all the phony wealth that was the result of QE is disappearing rapidly * It's amazing that the Federal Reserve believes in the wealth effect on the way up, but somehow it is oblivious to it on the way down * I think it is going to work even stronger in reverse; the amount of spending from cut backs will produce a reverse effect even larger than the one they tried to create with QE and zero percent interest rates * How could Bullard, in the face of all this negative economic data say that since the Fed raised rates, his outlook on the economy has not diminished at all? * It's so ridiculous that he must not believe it - he is trying to pretend that everything is good * The whole rate hike was about instilling confidence * Based on the data, they should not have hiked rates * Now, as the markets are imploding and the data is getting worse, Dudley is out there saying everything is great * How much longer can he get away with saying that? * Pretty soon, he is not going to have that much credibility * That's what is going on with the Fed, in fact JP Morgan today pushed back their estimate for the first rate hike in 2016 from March to June * That's how is started last year; everybody was looking for a rate hike, in March, then June then September, then they finally got it in December and now people are already dialing back estimates of the next rate hike Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

16 Tammi 201634min

* Last night I watched President Obama deliver the State of the Union Speech and probably the only good thing about the speech is that it was his last one * It will probably go down in history as the most clueless State of the Union Address ever * All he talked about was how great the economy is - how he created all these jobs * He even had the chutzpah to take credit for reducing the budget deficit! * President Obama will have doubled the national debt during his presidency * He added more debt than every president from George Washington to George Bush, combined, yet he's taking credit for reducing the deficit * At least when George Bush gave his final State of the Union Address he acknowledged problems brewing in the economy * He acknowledged concerns being addressed by the American people and validated them * He talked about the stimulus plan he had, which I did not agree with, but at least he knew the economy was in some trouble * Although he acknowledged that economic growth was slowing and that housing was down, he didn't come close to preparing Americans for what was about to unfold by the middle of the year * In fact, when the President delivered that State of the Union Address, the economy was already in recession, although the government had not acknowledged it yet * He had no idea how precarious the state of the economy was, we were on the precipice of  a big cliff and he was still optimistic, long term, but cautious given the slowdown in the economy and he wanted to come up with some kind of stimulus to mitigate the slowdown * He did not foresee or warn about the severity of the problem, but at least he acknowledged some problem * In contrast, rather than at least acknowledging weakness in the economy, President Obama claims victory over the Great Recession, that he restored economic health and vitality * The few problems in the economy are beyond his control because the economy is changing * What we do need is more government money for education, to train people for this new economy, we need a higher minimum wage, we need higher taxes on the rich, but other than that everything is great * President Obama's State of the Union Address is on the order of magnitude more clueless that George W. Bush's last SOTU on the eve of the Great Recession * We are now on the eve of a collapse even greater, yet President Obama is saying everything is awesome * What President Obama did is to lecture the American people as to why they have nothing to be concerned about - basically saying that anyone who says that the economy is in decline is peddling fiction. * Obviously the people who don't recognize the decline in our economy are in denial, or have a political agenda * What the President said is, "If you think the economy is headed in the wrong direction, if you think America is in decline, you're wrong, it's just that the economy is changing * Remember, you voted for me and I promised change * It's changing because it's getting worse, that's the change * President Obama points to technology as the problem in the economy - a transition that only makes you feel like you're falling behind even though you're not * The technological revolution did not begin with the election of President Obama * It has been no more transformative, even less so, than the industrial revolution * Machines put a lot more people out of work than computers but we saw an expanding labor force, but women left the labor force, because their husbands started making more money * Real wages were rising * The industrial revolution took place in a free market economy * The technological revolution is taking place in a government controlled economy * The reason so many people are suffering is not because so many techno... Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

13 Tammi 201629min