Trish Regan and Adam Johnson do their best to hold themselves together in this sublime rant by ‘Gloom, Boom & Doom’s Marc Faber on Bloomberg TV as he sees Obama’s re-election as “very negative for the economy”. From his view that the market should be down at least 20% – and maybe 50%, to the implied ignorance of both of the candidates, he believes fervently that the “standards of living of people in the western hemisphere will continue to decline.” Faber views Obama’s re-election as one of many unintended consequences of market manipulation (since Democrat attacks on the wealthy were ‘enabled’ by their profiteering from Bernanke’s money printing) and sees the need to protect one’s assets “with a gun, a machine gun... or perhaps a tank.” He concludes with a stunner as he exclaims his view doubting Obama will make it through the whole four-year term because “there will be so many scandals” since “there is so much smoke, there must be some fire!”
Video at Zero Hedge.
But it’s basically the same advice the Brain Gremlin gave back in Gremlins 2.
The good news is Walmart has been carrying ARs for a while now.
In other news, the DOW, NASDAQ and other markets are sliding, precious metals spiked a bit last night on international markets when his reelection was announced, and anecdotally, my job is hitting us with a pay cut across the board of about 25%.
I’d be mad, but I’ve been expecting hard times for years so I’m not really surprised, and I’ve planned ahead; and I feel really sorry for the poor defense industry workers who are about to get pink slips for Christmas, and had the Obama administration offer to pay their companies’ legal fees for violating the law and not informing them ahead of time… ‘cuz, y’know, they might not have voted for Obama if they knew he was firing them.