Friday, February 22, 2013

Marc Faber: 'Market Has Peaked Out'

Melissa Lee of CNBC inveterviews Marc Faber

February 21, 2013

Rough transcript highlights of interview:

stocks having their biggest two-day decline. should investors be prepared for a correction or even worse? joining us now on the fast line is marc faber. marc, good to have you with us. you're going to be pretty doomy and gloomy tonight, i'm guessing, but in terms of a pull-back, you've said in the past, a 1987-like correction. is that what -- is this the beginning of that? i don't think that's yet there. but i think we have made the top and it could be a longer term top. i don't think the market is overbought as it was in '87, so, i don't expect a crash. but i think, for the time being, the market has peaked out. and i think that in the meantime, bonds, which are extremely oversold, could rebound. so, let me get this straight, marc, just to be clear for the viewers out there. you don't necessarily think at this point in time, this two-day decline in the s&p 500, that you don't think that that is the beginning of a 1987-like crash, the parallels aren't quite there between now and '87? correct. what i maintain, in earlier interviews, is that either we have a correction now and then we go up further or we go straight up into hig in july/august from where we could crash, so, i welcome a correction here. the question will be, after this correction, we have to watch the markets rebound, where they can make a new high or not. maybe this high, which has had that 1530 on the s&p -- right. will prove to be a longer term high. so, marc, you know, i know that a lot of viewers listen very closely to what you say. they are loyal cnbc watchers and they have seen you on this network in the past predicting a similar-like correction or decline in february, in mayf

Tuesday, February 19, 2013

Ken Langone on CNBC Squawk Box: Obama Debt Solutions ‘Generational Theft'

The nation's debt as a percentage of the economy is going to cause a fiscal storm, Home Depot Founder Kenneth Langone told CNBC on Tuesday.

President Barack Obama's roadmap to reduce the deficit and invest in the future is "generational theft of an enormous magnitude," Langone said in a "Squawk Box" interview.

"The fundamentals haven't changed ... And we don't know when the storm is going to hit," he predicted. "It has to happen. If you look at our debt to GDP, eventually you reach a point where there's no turning back."

He used an analogy to make his point. "If you had one meal left, and you had your grandchild with you, would you eat if or give it to your grandchild?"

He said all people would say "give it to my grandchild."

But pursuing the president's vision, he argued, "[Is] eating the grandchildren's breakfast, lunch and dinner right now. And the [grandchildren] haven't been born yet."