Boom & Doom Report publisher Marc Faber spoke to FOX Business
Network (FBN) about his concerns regarding investing in the United
States. Faber states that he is bearish about practically
all assets near term and that were entering a
correction time. Faber further states that equities, gold,
and other commodities will face some profit taking.
Excerpts from the interview are below, courtesy of Fox Business
in todays economy:
a huge rally from around the low was a 1522 last December
and we are now over 1700 and I think we need a correction here.
In fact, I am now bearish about practically all assets near term
I think were entering a correction time where there will be
some disappointments, where stock markets, from the recent times
can easily drop 20%.
bearish on almost all assets in the near term:
not 100% in cash, for the simple reason that I could be wrong, but
in general I think that people that have a heavy exposure to assets
being that equities, or gold, or other commodities. I think they
will face some profit taking here.
or not the U.S. will enter a recession:
some people in the US, actually the ECRI already say that the US
is in a recession. But of course we have to consider the following,
an economy is a very large vessel, there are different sectors.
And some sectors are improving like housing in the U.S. is improving.
The problem with improvement in housing is that stocks have already
gone up very substantially, they more than tripled from their low.
And so we are ahead of ourselves. The Greek stock markets from its
low is up more than 60%, so a 20% correction is nothing unusual.