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Archive for January 26th, 2011

When Matt Miller and Carol Massar of Bloomberg Television’s “Street Smart” asked investment analyst and entrepreneur Marc Faber—who predicted the October 1987 stock market crash one week before it happened and whose market advice since 2000 has been quite accurate—his thoughts on the Ruler, it’s obvious the interviewers were looking for more kowtow than candor.

How many investment analysts have the chutzpah to compare the Ruler to a prostitute before a live audience on Bloomberg TV?

MATT MILLER:  With the political constraints in mind that the President has to deal with, what do you think of the job he’s done and what do you think he needs to do from here?

MARC FABER:  I think he’s done a horrible job and I think that will continue. I think he is a basically dishonest person, intellectually dishonest and change … nothing has changed.

MATT MILLER:  Why do you think he’s intellectually dishonest … keeping in mind he is a politician?

MARC FABER:  [S]ome politicians are more honest than others. I don’t think that I have a very high regard for politicians. I have a high regard for businessman and for people who work, and not for people who abuse the system continuously. And in comparison to other politicians, I think that he came in on a platform as a president that would want to change the government in Washington, and actually he’s made it worse.

CAROL MASSAR:  To be fair, he came in at a time when we were smack in the middle of a financial crisis … You laugh, but he came in at a tough time; maybe now he’s going to start changing the system.

MARC FABER:  You are an optimist. Keep on dreaming. We foreigners, we just laugh about someone like Mr. Obama.

MATT MILLER:  What should he be doing?

MARC FABER:  I was very critical of Mr. Bush, but at least he had one line and he stuck to that line, and at least he set out to do a thing and he was relatively straight on the thing that he did. He may have been wrong, and I criticized him very frequently, but at least he didn’t change his mind continuously, and didn’t prostitute himself.”

CAROL MASSAR:  What should be the one line President Obama should put out there and stick to?

MARC FABER:  “I think what should happen in the US is for a president to tell the US, ‘you have to tighten your belts. We have to go through hard times for 5 years to repair the damage that was committed over 20, 25 years by the Federal Reserve, by the Treasury, by the politicians, and somebody has to tell the truth.’ But the politicians keep on fueling the illusion that you can spend yourself out of the misery, and that by printing money you will improve the economy, which is not the case.”

I.M. Kane

For more on the story, see the Bloomberg interview Faber Interview on U.S. Stocks and Marc Faber’s Most Provocative Interview Ever: Compares Obama To A Prostitute, Goes Long Treasurys.

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