Marc Faber: Obama Is `Very Negative' for the Economy
Marc Faber, publisher of the Gloom, Boom & Doom report, talks about the potential impact of President Barack Obama's reelection on the U.S. economy and financial markets. He speaks with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg)
As a result of the reelection of Obama, there will be more regulatio and a disincentive for business men to hire people and higher taxes. You still have Ben Bernanke and because of money printing, you have very high corporate earnings. The global economic slowdown will affect markets negatively. At a minimum the market will drop at least 20 percent over the next few months.
Faber thinks there will be a year-end rally and a cosmetic deal with the fiscal cliff. He believes we are already in recession.