00:10 GMT +324 October 2019
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    Cashing in Forward Earnings

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    On today’s episode of Double Down, Max Keiser and Stacy Herbert talk to Mitch Feierstein of PlanetPonzi.com about Wall Street earnings and the Mnuchin massacre.

    As stock markets soar in early 2019 after tumbling into the end of 2018 culminating in the 'Mnuchin massacre' of Christmas Eve when the US Treasury Secretary had issued a bizarre statement from his vacation in Mexico saying that the Working Group on Financial Markets was ready to rescue markets should they need them. As soon as markets fell hard enough, they began a V-shaped recovery and continue to rocket as market participants now expect the US Federal Reserve to begin cutting interest rates due to their bad quarter in 2018. While all is well and good in this fake market economy, what about the real economy where real voters have real needs, like eating and having a roof over their heads? If they can't afford to buy things then the tsunami of corporations reporting earnings this week could cause yet another market wobble. During earnings report weeks, as well, share buybacks are not allowed. Mitch Feierstein says these share buybacks not only load the companies up with debt but they are cashing in their forward earnings, so the future is looking more and more bleak. And, finally, speaking of ‘fake,' what exactly is happening with fake credit ratings and fake cash balance sheets in China and all that money printing from the ECB? Tune in to hear the answers.

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    Tags:
    earnings, credit rating, stock market, economy, US Treasury, The European Central Bank (ECB), Steven Mnuchin, China, United States
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