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CNBC interviewed Bespoke Investment Group’s Paul Hickey and Euro Pacific Capital’s Peter Schiff regarding recent bullish comments by Warren Buffett and Jeremy Siegel.
Peter Schiff questioned whether bullish comments by Jeremy Siegel and Warren Buffett could be considered news. Schiff said he doesn’t argue that stock prices along with food and gas will be going up, but the question should be why.
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Jeff Macke interviewed Peter Schiff of Euro Pacific Capital to get his views on the dovish Fed’s policy of providing virtually free money. Schiff indicated it hurts seniors who live off interest and also said it damages the U. S. economy by preventing it from restructuring.
Schiff said the Fed doesn’t care about the long-term health of the economy but just wants to, “keep the music going until the next election.” When Macke suggested the Fed was apolitical, Schiff retorted that the problem is that the Fed is very political.
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While Peter Schiff, CEO & chief global strategist, Euro Pacific Capital, is certain we are already in a recession or very close to being in one, other forecasting methodologies are uncertain.
For example, the Philly Fed indicator, which provided a horrible reading last week, has given six false indications of recession since 1990.
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Peter Schiff was on CNBC with his outlook for 2010. Schiff predicts higher interest rates, higher unemployment and higher inflation. Schiff sees commodities and foreign stocks outperforming. Schiff also forecasts a weaker dollar with a possible currency crisis on the horizon.
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Peter Schiff was interviewed by Aaron Task and Henry Blodgett a few days ago and hasn’t changed his tune as far as gold and the stock market are concerned. Schiff believes U. S. stocks will fall by up to 90% in relation to gold, which he sees hitting $5,000 an ounce over the next several years.
Schiff believes one can make money in foreign equities; especially China where he sees an eventual de-pegging of the currency and a doubling or tripling of the renminbi in relation to the dollar. He said the gold bull market would eventually catch fire with gains of $100 a day because President Obama is trying to clean up the mess he took over by making a bigger mess.
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Another View of Muni Bonds
by Barron Maestro on January 14, 2011
Municipal bonds have been remarkably weak performers since August 2010. Over the past two days I’ve initiated a position in the ETF iShares S&P National AMT-Free Muni Bond Fund (MUB) in my discretionary account.
Rick Ashburn, Principal Chief Investment Officer of Creekside Partners, takes issue with the doom and gloom scenarios expressed by Meredith Whitney and Peter Schiff for this market.
Ashburn, after much additional commentary (see source below), concludes:
Source: Reuters
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