On Fox Business, Peter Schiff debated Andy Brenner, who argued that now is the time to be bullish on the US economy and stock market. Brenner pointed to the latest 5% unemployment figure as his main proof. Peter again made the case that unemployment data is a lagging indicator of economic health at best. While Brenner thinks the current stock market volatility won’t even come close to the dot-com or 2008 bubbles, Peter insisted that this bubble will be bigger than those previous two bubbles combined:

When you hear people say, ‘Oh, it’s contained to manufacturing; it’s just an industrial recession.’ Yeah, it’s as contained as the mortgage problems were contained to subprime. Or if you remember, when the NASDAQ bubble burst – by 2001, the S&P and the Dow still hadn’t rolled over. [It wasn’t] contained to tech. It wasn’t contained then, and it’s not contained now. People are still in denial. These are enormous problems, both in the markets and the economy…”

Video Length: 00:04:54

Highlights from the conversation: