Peter Schiff joins Dennis Kneale and others on CNBC July 24, 2009.

There’s probably more legs in this move. I wouldn’t be surprised to see the Dow get up to 10,000. I don’t think that means anything about the economy. You had a 55% drop in the Dow, markets don’t go in a straight line, you’re gonna get bounces. But you know, a lot of the real value in of that advance is being taken away by weakness in the dollar. The dollar index closed at a new low for the move this week.

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 I own stocks. I own foreign stocks. I am not trying to give short-term predictions. Long-term, this is a bear market. Look at all of the bear market rallies we had during the 1970’s.

A great exchange between bulls and bears. Dennis Kneale, the host of the show, continues to keep the blinders on when the discussion of economic fundamentals comes up. Yes the stock market is rallying, but somehow, Dennis Kneale is unable to understand the fact the the economy and the stock market are two different things.

Whether or not the market rally continues, the end-game here will be a total collapse of either 1) the financial markets or 2) the buying power of the dollar. Of course, we may have both scenarios play out. In any case, the last place you want to be holding assets is in US equities or bond markets for the long-term. In my opinion, we more than likely have not seen the bottom yet.

Peter Schiff on CNBC July 24, 2009 (Part 1 of 2):

Peter Schiff on CNBC July 24, 2009 (Part 2 of 2):