Marc Faber goes bull fighting on CNBC
Posted on 24 April 2010 with 1 comment from readers
This is a vintage performance from Dr Marc Faber who explains why ArabianMoney readers should still be buying gold, preferably by the ton each month. He remains ultra bearish and floors the unfortunate bull in the other corner with a single flex of this unique combination of giant intellect and good humor.
He explains recent US profit rises in terms of job losses but wonders if they are sustainable with revenues falling. Goldman Sachs is a symbol of Wall Street and the attack is a political move by Obama. But timing is everything and markets can go much higher in the interim, so this is still a tradable market if you can get the direction right.
Do not hold cash says the good doctor as even stocks will hold their value better. The purchasing power of money will fall. China is completely unsustainable in the long-run. Government intervention has not solved anything and just postponed the real downturn. Caution in investment is a good thing.
1 Comment posted by readers:
There is another possibility why the government went after Goldman Sachs. They know that they will lose. Then the Government can say, “We can’t prove any of these other investment banks did anything illegal. This was our strongest case, and we lost in court. So please don’t plan any big march on Washington, when it happens again in a few years.” They all of them get a pass for their immoral, but legal, actions. And then FINALLY, the overworked employees of the Securities and Exchange Commission can concentrate on their real calling in life during their all too short existence on this Earth, searching the Internet for pornography at 6 digit taxpayer’s expense.
Picking on Goldman because they mostly Jewish, now that is a good one! Didn’t the SEC ignore warnings that Bernie Madoff was running a Ponzi scheme for at least 8 years? There are a million other ways the USA could send Israel a far more direct message, than bringing a civil action against Goldman.
A cynic would say that the Unites States Government purposefully looked the other way because Madoff was one of the richest Jews in America, who was apparently making great returns for many other wealthy, well connected, Jewish investors. I have seen a few wealthy people say, when asked on TV, why they never invested with Madoff, that something didn’t feel right about his consistent returns, even in market downturns. Any good investigator could have exposed Maydof as a fraud in LESS than a day with a few phone calls. That comes from sworn testimony of financial experts to the US Congress. Yet he was NEVER investigated for all those years. An expert sent the SEC documents that proved that Madoff was a crook, yet nothing was done.
You think Madoff forged the thousands of bogus documents that he delivered to thousands of investors all by himself? He must be able to type really fast, and like to work very long hours.