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November 13, 2012

Analyst: Stock Market Will Lose Another 20%, Even Assuming No Fiscal Cliff and No Greek Collapse

But we've got the free birth control pills. Those we definitely have. Those are pure profit. Just put that in the bank and smile about your winnings.

Everything else, though.... not so good.

“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”

...

Faber argued that the “fiscal cliff,” a rise in taxes and automatic spending cuts, would actually involve some minor tax increases in “five years’ time” and some spending cuts “in 100 years.”

...

Faber added: “In a democracy, they’re not going to take the pain, they’re going to kick down the problems and they’re going to get bigger and bigger.”


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posted by Ace at 01:17 PM

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