Obviously this economy is already back in recession and if its not in a recession its in the cusp of one.
You look at the data that came out, you got Industrial Production unless that came out, they were looking for a bounce, instead we got another true decline, they revised February down, we had big inventories build again this week, retail sales disappointed.
I think its clear that that we could be in a negative GDP quarter now and I think if the first quarter is bad the second quarter is going to be worse because the last couple of years we had a rebound in the second quarter because of very cold winters. Well, this winter was the warmest in 120 years, so there is nothing to rebound from. (SPDR S&P 500 Index ETF (SPY), SPDR Dow Jones Industrial Average ETF (DIA), Nasdaq 100 Index ETF (QQQ))
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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