Shortly after the federal reserve's rate hike announcement on Wednesday, Peter Schiff appeared on Fox business alongside Moody's Chief Economist John Lonski and Fox Business correspondent Charlie Gasparino. For once, everyone seemed to agree with Peter that the Fed's decision does not actually mean the US economy is truly recovering. As Peter pointed out that everything from housing to sovereign credit is in a bubble, Lonski pointed to the terrible performance of the S&P 500 this year:
Even if we go to the S&P 500, throw out all the energy companies that got hammered in the third quarter, the remaining companies in the S&P 500 showing year-to-year sales growth of less than 1%. Believe me, there's no way in the world we're going to continue to see payrolls growing as rapidly as we did…”
Video Length: 00:04:23
Highlights from the conversation:
