Tags: Faber | Bullish | Real | Estate | Bearish | Obama

Faber: Obama 'One of the Worst Presidents' Because Promised Changes Haven't Happened

Tuesday, 07 June 2011 02:10 PM

Economist Marc Faber says President Barack Obama is "by far one of the worst presidents" the United States has ever had.

"I’m very upset that none of what he said he would do, mainly change, has actually occurred," Faber told Insider Monkey. "So I think he’s certainly intellectually dishonest."

"And he’s probably made the geopolitical situation worse and also the economic situation worse," said Faber, publisher of The Gloom, Boom and Doom report.

"And he’s actually vote-buying through handing out money and through increased transfer payments."

Marc Faber
(Newsmax photo)
Faber's U.S. friends tell him they have to pay more and more tax for government officials to harass them and implement more and more regulation.

"And that of course is not a way to create prosperity," says Faber. "If you have a large corporation or a corporation, you are more likely to hire people outside the U.S. than in the U.S."

But Faber thinks real estate is reasonably priced now.

Faber notes that when governments print money, prices of assets such as houses initially go up too much before crashing and taking a long time to recover.

“I think that real estate value in America is reasonably cheap, but I don’t think that it will go up a lot,” says Faber.

“My advice would be to diversify heavily and have money in other jurisdictions than the United States, in other assets than U.S. assets,” Faber says. “And I would have some money in custody outside the USA, in Australia or in Singapore or in Hong Kong or in Switzerland and not have all my assets here in the United States.”

The Market Oracle reports that the ailing U.S. housing market passed a grim milestone in the first quarter of this year when house prices fell more than in the Great Depression.

Meanwhile, others agree with Faber’s dismal opinion of Obama and other government officials.

Stephen Moore, editorial board member and senior economics writer at The Wall Street Journal, told Newsmax.TV that everything the Obama administration has done to right the country from the Great Recession has misfired, and any change of the guard after the 2012 elections will be a welcome one.

Federal Reserve Chairman Ben Bernanke needs to go as well, as his money-printing campaign, known as quantitative easing, hasn't lead to a more-lasting economic recovery.

“First of all, anyone’s policies would be an improvement over this president’s policies,” Moore tells Newsmax.TV. “Really, everything that Barack Obama has done on the economy — with very few exceptions — has actually hurt the economy.”

Government spending has been excessive and has failed to fuel meaningful growth, taxes are on the rise, and dependence on increasingly more expensive foreign oil shows no signs of abating, Moore says.

Elsewhere, Americans' disapproval of how Obama is handling the economy and its growing budget deficit has reached new highs amid broad frustration over the slow pace of economic recovery, according to a Washington Post-ABC New poll released on Tuesday.

The ratings boost Obama received after the killing of Osama bin Laden has dissipated with his job approval rating back to 47 percent, Reuters reported. Forty-nine percent disapprove of his performance.

Obama's approval rating bounced to 56 immediately after bin Laden was killed last month.

Fifty-nine percent, a new high, gave Obama negative marks for his handling of the economy, up from 55 percent a month earlier.

Obama's approval rating on the deficit issue hit a new low of 33 percent, down 6 points since April.

The state of the economy poses a huge challenge for the president, whose re-election in 2012 may depend on his ability to convince voters that his economic policies have been successful.

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Economist Marc Faber says President Barack Obama is by far one of the worst presidents the United States has ever had. I m very upset that none of what he said he would do, mainly change, has actually occurred, Faber told Insider Monkey. So I think he s certainly...
Tuesday, 07 June 2011 02:10 PM
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