“Dr. Doom”, Marc Faber believes $700 billion isn’t close to enough.
Marc Faber, editor & publisher of ‘The Gloom, Boom & Doom Report’, told CNBC’s Asia Squawk Box on Friday, he doubts that $700 billion would make any difference when you consider the size of U.S. credit markets.
“Looking at the size of the credit market in the United States, the equities market, the housing market and then looking at the size of the credit default swap market, which is around $62 trillion now, and the world wide derivatives market which is now $1,300 trillion dollars, I very much doubt that $700 billion would make any difference at all. In fact, I think it’s a bad proposal in the sense that it will distort market pricing,” Faber said. (Watch the complete Marc Faber interview on the U.S. bailout plan on the left)
See the complete article and the video here.
Burn the excess houses down? According to Faber, perhaps the idea is as valid as $700 billion making a difference. Some comments on executive pay at the end of the video.
