Wednesday, January 27, 2010

Marc Faber Puts the D in Doom

Marc Faber was on CNBC Europe this morning. An article covers what he talked about. There is also a video embedded in the article. Both can be seen here.

The video is mostly a Moody's analyst talking about about Portgual and the problems there. So many problems I don't even know what Portguals story is.

Marc Faber thoughts on Obama: "I don't have a very high opinion of Mr. Obama," Faber told "Squawk Box Europe." "I was negative of Mr. Bush but I think Mr. Obama makes him look like a genius."

On banking reguation: "When someone tells me the government should regulate the banks, they shouldn't. It's a disaster. But they should have interest rates that are high, that curtail speculation," Faber said.

On the U.S. financial system: "In my opinion it's beyond repair. If the US were a corporation and had proper accounting, they would be 'Triple C, ' nobody would buy their bonds ," he pointed out.

"Having said that, in the near term I think the dollar could rally because the others are no better, the others are worse," said Faber. "I think that the dollar will rally now against the euro and against the pound sterling and probably against the yen."

On the reality of the situation: "When you look at the US… it's a total disaster, we're all doomed, we're doomed," he said.

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