Economist Marc Faber of the famed Gloom, Boom, and Doom report, spoke with Bloomberg television on Nov. 7 regarding the just completed presidential elections. In the interview, Faber had some very stark assessments of what he believes is in store for the economy, and for America. The well known economist stated that not only will the re-election of Barack Obama be bad for business, and a disaster for the U.S., but people should get a machine gun to protect what remaining assets they have.
“I am surprised with the reelection of Mr. Obama. The S&P is only down like 30 points. I would have thought that the market on his reelection should be down at least 50%...I think Mr. Obama is a disaster for business and a disaster for the United States. Not that Mr. Romney would be much better, but the Republicans understand the problem of excessive debt better than Mr. Obama who basically doesn't care about piling up debt. You also have in the background Mr. Bernanke, who with artificially low interest rates enables the debt to essentially escalate endlessly.”
“They should buy themselves a machine gun…I need to buy a tank. Joking aside, look, we have manipulated markets. Whenever you manipulate markets, you will get unintended consequences. i think the reelection is unintended consequence of money printing, that favors the so- called 0.25%. It was easy for the Democrats to attack the wealthy fat cats of Wall Street, the elite, and the privileged people to portray them as a profiteer of the system, which to some extent, they are. Not because they wanted to but because Mr. Bernanke enabled them to be profiteers. We have a situation where you have today Mr. Obama, I doubt he will stay at the presidency for another four years. I think there will be so many scandals, but that’s another story.” - Marc Faber interview on Bloomberg, Nov. 7
Maybe this more than anything is why both Smith and Wesson, and Sturm Ruger stock was way up on Wesnesday, even though the markets fell more than 300 points.