Marc Faber: Prepare for a Massive Market Meltdown

[Pointgold]

The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday.

“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.”

http://www.cnbc.com/id/49802535

 

[The Dude]

Yeah the 90 yr old fart has said that every year as the market doubled. Eventually he's right.
Run be scared

 

[Damocles]

You have evidence that he's predicted this every year since the crash?

 

[The Dude]

Obviously you don't know him!

 

[wanderingbear]

Ive found that if the markets collapse Id still be poor.Not much of a difference.

 

[cancel2 2022]

You have evidence that he's predicted this every year since the crash?

He is actually 65 but then maths was never Toppy's strong point. I found this statement by him which seems to make as much sense as anything I've read.

"The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part."[SUP][20][/SUP]

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[The Dude]

Poor people get scared by these fools.