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KEEP DOMINATING THIS ECONOMY. CONNELL: COVERAGE CONTINUES HERE. ON A DAY THE DOW IS DOWN 800. WHETHER A RECESSION IS COMING. WHAT THE PRESIDENT SHOULD DO AND THE FED, WHAT HAVE YOU. YOU I KNOW YOU HAVE A DIFFERENT AND UNIQUE PERSPECTIVE. WHAT'S THE PETER SCHIFF TAKE ON THIS? EVERYTHING THE FEDERAL RESERVE HAS DONE SINCE THE 2008 FINANCIAL CRISIS WAS A MISTAKE.
ALL THEY DID WAS SUCCEED IN MAKING ALL THE PROBLEMS THAT MAKE THAT CRISIS WORSE. THEYED IT UP BY INFLATING AN EVEN BIGGER BUBBLE THAN THE ONE HAT POPPED IN '08. BY TRYING TO SHRINK THEIR BALANCE SHEET THEY PRICKED THAT BUBBLE. NOW WE'LL COMPLETE ECONOMIC CRISIS THEY INTERRUPTED IN TWEET. IN -- IN 2008.
BUT THE BACK HALF WILL BE WORSE. WE ARE HEAD FOR A RECESSION. IT WILL BE WORSE THAN '08, THE FED IS GOING BACK TO ZERO. THEY ARE GOING TO DO QE AGAIN. BUT IT'S NOT GOING TO WORK. ALL THE INFLATION IS GOING TO THE SUPER MARKETS AND THE GAS STATION. IT WON'T GO INTO THE STOCK MARKET. THE DOLLAR WILL GO THROUGH THE FLOOR, IT WILL TAKE THE BOND MARKET WITH IT.
THE NEXT CRISIS IS NOT STUBB PRIME MORT AGES, IT WILL IN THE TREASURY MARKET. THIS WILL BE INFLATIONARY WHERE THERE IS NO WAY OUT. THE RECESSION WILL START BEFORE HE FINISHES HIS TERM WHICH MEANS HE WON'T HAVE A SECOND TERM. BUT THE WORST PART OF THE RECESSION WILL TAKE PLACE ON THE WATCH OF THE NEXT PRESIDENT.
IS THIS BILL MAHER? CONNELL: HOW DO WE GET THERE FROM HERE? IF THERE ARE SO MANY PROBLEMS AROUND THE WORLD WHICH WE KNOW THERE ARE. AND THE CAPITAL IS FLOWING INTO THE UNITED STATES FOR THE TIME BEING. THAT SUPPORTS OUR CURRENCY. SO HOW DOES THAT ALL -- WHAT HAPPENS? THAT CAPITAL IS GOING TO FLEE. PEOPLE MADE THE MISTAKE.
INITIALLY EVERYBODY BELIEVED FED WAS GOING TO NORMAL SIZE RATES. I KNEW THEY COULDN'T DO THAT. THE FEDS FINALLY ABORTED THE PROCESS. THE MARKET STILL BELIEVE WE SOMEHOW HAVE A BETTER ECONOMY AND OUR RATES WILL BE HIGHER AND WE'LL AVOID RECESSION BUT WHEN THEY REALIZE THAT'S NOT TRUE. WHEN THE FED SLASHES RATES, THEY WILL FLEE FROM THE DOLLAR.
ESPECIALLY WHEN INFLATION CONTINUES TO RISE. AS WE MOVE INTO THIS RECESSION, CONSUMER PRICES WILL RISE EVEN FASTER. EVEN IF THE DOLLAR STARTS TO FALL, IT WILL PUSH PRICES UP EVEN MORE. CONNELL: HOW DO YOU EXPLAIN THE FACT THAT WE HAVEN'T SEEN WHAT WE WOULD BY NOW HAVE SEEN ACTUAL INFLATION, MORE THAN WHAT WE HAVE SOONER IN GOVERNMENT DATA, THAT IT HASN'T BEEN MORE THAT THAN IT IS.
YESTERDAY WE GOT THE FIRST BACK-TO-BACK FIRST 3-POINT GAIN. SINCE 2001. BUT A LOT OF THE INFLATION THE FED CREATED SHOWED UP IN ASSET PRICES, STOCKS, HE'LL ESTATE BONDS. BUT THAT INFLATION IS GOING TO MOVE FROM ASSETS PRICES TO GOODS PRICES AS CONFIDENCE IN THE DOLLAR AND U.S. ECONOMY IS LOST AND WHEN THE MARKETS PRICE IN A TRUMP LOSS.
RIGHT NOW EVERYBODY THINKS A TRUMP VICTORY IS A SURE THING. JUST LIKE EVERYBODY THOSE COULDN'T WIN IN 2016, EVERYBODY THINKS HE CAN'T LOSE IN 2020. CONNELL: YOU THINK THERE IS AN INVESTMENT BET ON THE ELECTION. I REMEMBER NOBODY THOUGHT HE COULD WIN IN REALITY. PEOPLE THOUGHT IT WAS CRAZY. I WAS ONE OF THE FEW PEOPLE WHO CAME ON TELEVISION AND SAID I THINK HE CAN WIN.
NOW I THINK HE'S GOING TO LOSE. I THINK THE RECESSION IS GOING TO START BEFORE THE END OF HIS TERM AND IT WILL BE BLAMED ON HIM. GEORGE BUSH WAS ABLE TO GET RE-ELECTED. THE FED BOUGHT BUSH A SECOND TERM AFTER THE DOT COM BUBBLE BURST. WE ELECTED OBAMA. NOW THE FED WON'T BE ABLE TO INFLATE ANOTHER BUBBLE TO SAVE TRUMP.
IT WILL BLOW UP ON HIS FIRST TERM AND THE DEMOCRATS WHO FOLLOWS HIM WILL BE A SOCIALIST AND WILL BE MUCH WORSE FOR THE ECONOMY THAN OBAMA. CONNELL: YOUR POINT IS THE MARKET WILL TRY TO PRICE THAT IN, IF YOU ARE RIGHT. WE'LL SEE. ONE THING YOU ARE RIGHT ABOUT, THE TIMING OF THESE POLITICAL EVENTS. HIS FATHER WOULD HAVE LOVED BETTER TIMING BEFORE THE '92
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