Thanks to years of easy money policies, veteran market forecaster Peter Schiff thinks the Federal Reserve will be out of options to rescue the economy and stock market during the next downturn.
That’s the assessment from Peter Schiff, CEO of Euro Pacific Capital.
“They were successful in reflating yet another bubble but I think this bubble will be the similar fate as the prior two,” he said in an interview with TheStreet’s Scott Gamm, referring to the 2008 and 2000 market downturns. “The difference is, the third time is not going to be the charm – it’s going to be three strikes you’re out.”
“Let’s say the Dow goes to 30,000, if it gets cut in half, that’s 15,000 – that’s still a low lower than it is right now,” he said.
Full article: Federal Reserve Is Out of Tools During the Next Recession, Warns Peter Schiff (TheStreet)