Saturday, July 14, 2012

Peter Schiff on JPMorgan Losses and their impact on the Market

Jul 13, 2012 Euro Pacific Capital’s Peter Schiff and Better Markets Inc.’s Dennis Kelleher the impact of J.P. Morgan’s trade loss on the bank’s outlook.

Peter Schiff :"We'll never know until the position is fully closed out I knew the minute that they disclosed that The unrealized losses that they were gonna get a lot bigger. Especially when. The traders smell blood when they know what their position is they're gonna trade against it and so it gets more difficult once everybody knows your ends so I've always expected the losses to get bigger. But but clearly if you put him in the scheme of things it's a trade not all trades. Are profitable. They had other trades at more than offset this and of course somebody took the other side of that losing trade. For every dollar that JPMorgan lost somebody made that money it's a zero sum game some games I think we are certainly over reacting to it from a regulatory. Opposition. " says Peter Schiff
Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.

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