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Marc Faber says $250 billion dollar bailout is meaningless
CNBC:
U.S. Treasury Secretary Henry Paulson’s sweeping measures to bailout the financial system will probably fail, Marc Faber, editor & publisher of the Gloom, Boom and Doom Report, tells CNBC’s Asia Squawk Box.
"What I object to in all the bailout plans in the Western world is (that) they do not address the fundamental problem. And the fundamental problem is overleveraging,” Faber comments
Faber believes the U.S. budget deficit is going to stay at or above $1 trillion level because the government needs to print money in order to meet all the obligations they’ve made to rescue the financial…
The Socialization of the Mortgage Business
“Housing, Inflation both getting worse,” says a headline at MarketWatch.
The price of oil held steady yesterday – in the face of Saudi plans to pump another 200,000 barrels a day. The dollar held steady too. And the yield on the 10-year note rose to 4.24%. Gold jumped $13.
Unless you own an oil well or a goldmine, it has been a bad year. Out of the world’s 52 leading stock markets, 49 are down for the year. Ireland, for example, has lost 15% of its equity market value. Vietnam has been crushed…everyday is a down day in Hanoi.
In the United States,…
18Jun2008 | Daily Reckoning | Comments Off | Continued
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