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Yesterday it was Jim Rogers despairing over Obama’s re-election, today it’s Marc Faber, are there any financiers out there who are happy with the results of the election?
In an interview with Trish Regan and Adam Johnson on ‘Street Smart’, Marc discussed his reaction to Obama’s victory, and what impact he sees the result having on the US economy in the future.
It turns out that Marc’s beliefs are very similar to those of Jim’s; maybe they are onto something, and these are not just the ramblings of gloomers and doomers. He said that “Mr. Obama is a disaster for business and a disaster for the United States. Not that Mr. Romney would be much better, but the Republicans understand the problem of excessive debt better than Mr. Obama who basically doesn't care about piling up debt. You also have in the background Mr. Bernanke, who with artificially low interest rates enables the debt to essentially escalate endlessly.”
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“It is a tragedy of life that both candidates did not lose the election. They would have deserved both to lose.”
The fiscal cliff is obviously the largest event on the calendar for investors, but Marc remains optimistic, in a way, suggesting that “they will solve it. They will increase cosmetically some taxes and they will cut cosmetically some spending and it will all be back loaded 10 years from now. So in reality, not much will happen.”
Investors tend to believe that Romney would have been better for the economy; expecting the markets to drop by at least 20%, according to Mr. Faber, as a result of the high level of manipulation that the Fed has been doing.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com