I would agree that I do not think the Nasdaq, or technology in particular is as overvalued now, as it was then, certainly compared to the rest of the market. But I think the market in general, not just the Nasdaq or technology, but the Dow Jones Industrials, the S&P 500 Index, I think the whole market is a gigantic bubble and I think the Federal Reserve has supplied a more air into the bubble this time than it did 15 years ago, because it needed to. I mean, it did not really need to, but to create the illusion of prosperity, it was forced to.
I think the U.S. Economy is much more screwed up now than it was 15 years ago, that it required a lot more air to inflate a bubble and there still are going to be dramatic consequences for investors and for the economy, if and when this bubble does in fact burst. And the only way it won`t burst is if the Federal Reserve decides it is really to big to burst and so it prints endless amounts of money.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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- U.S. Economy: A Gigantic Bubble
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