Remember the story of the nation’s wealthiest counties voting for Obama, well the fix is in, big time. To round matters off, Obama saved the auto unions from future worker contract cuts that would have resulted from normal bankruptcy procedures, as well as divertingt taxpayer money to nonprofitable green businesses and swelling the ranks of the food stamp crowd. That’s a demagogue populist does it, and the ill-informed lap it up like a pup on its mother’s teat.
Marc Faber’s Asset Protection Plan: “Buy A Machine Gun”, No Really, “You’re Right, Buy A Tank”
Trish Regan and Adam Johnson do their best to hold themselves together in this sublime rant by ‘Gloom, Boom & Doom’s Marc Faber on Bloomberg TV as he sees Obama’s re-election as “very negative for the economy”. From his view that the market should be down at least 20% – and maybe 50%, to the implied ignorance of both of the candidates, he believes fervently that the “standards of living of people in the western hemisphere will continue to decline.”
Faber views Obama’s re-election as one of many unintended consequences of market manipulation (since Democrat attacks on the wealthy were ‘enabled’ by their profiteering from Bernanke’s money printing) and sees the need to protect one’s assets “with a gun, a machine gun… or perhaps a tank.” He concludes with a stunner as he exclaims his view doubting Obama will make it through the whole four-year term because “there will be so many scandals” since “there is so much smoke, there must be some fire!”
The pre-amble is useful and well worth listening to as Faber describes exactly what is occurring in the world…
The good stuff begins around 7:30 as Faber goes Baumgartner… and gives the Bloomberg hosts a taste of reality we suspect they have not heard from their run-of-the-mill portfolio manager sheep guests…
Read the transcript of it all here at Zero Hedge