Gloom, Boom, Doom: Marc Faber Says Prepare for an Epic Market Meltdown
Submitted by P.Au.L on Tue, 11/13/2012 - 12:10CNBC: The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday.
“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”
Video below:
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Meltdown in progress
http://bigcharts.marketwatch.com/default.asp?refresh=on
Tomorrow's Gold / Good Read
Meltdown. And maybe a melt-up to...
Faber see's the exponential ramp up. I think his book Tomorrow's Gold is still relevant, for those that may not have read it. He has an interesting style, fun read.
http://www.amazon.com/Tomorrows-Gold-Asias-age-discovery/dp/...
$50
wow - the book has done as well as the metal itself.
His fiscal cliff prediction
We're not going to have a fiscal cliff. We'll just raise taxes in 5 years and cut spending in 100 years bwahahahaha
Ron Says
Ron Paul stated we are over the fiscal cliff and falling.Faber must have listened to him.Some have prepared.Other just procrastinate.If you listened to Paul over the last two decades you will be fine.Paul is a modern day economic prophet.Many have profited off this man wisdom.
In other words - no single event - just a long drawn out
slide into lower territory that unless you use annual comparison charts, no one will ever notice is happening...
That doesn't quite qualify for "meltdown."
Tube of him on CNBC today
Marc Faber Global Markets Will 'Implode' - CNBC 11/13/2012
http://youtu.be/JlnWuD-aUB0
Faber is a constant source or alarmism
Corporate profits will be fine because they will be buoyed by the inflation of the dollar. I am actually very bullish short term (next 1-3 years), but after that all hell will indeed break loose. Don't liquidate that 401K just yet, ride it up on the back of bernankes bubble, just don't lose sight of the crash that is undoubtedly coming eventually.
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