“The markets are going to go into meltdown soon so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday,” Holly Ellyatt reports for CNBC.
“‘I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ – because there won’t be a ‘fiscal cliff,'” Faber told CNBC’s Squawk Box,” Ellyatt reports. “‘The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.'”
Ellyatt reports, “Faber, who is known for his bearish views, cited tech giant Apple, a company whose disappointing earnings have caused its stock to fall 20 percent from its September highs and 14 percent in the past month.”
Read more in the full article here.
MacDailyNews Take: Only on Wall Street is quarterly revenue of $36.0 billion and quarterly net profit of $8.2 billion, or $8.67 per diluted share – Apple Inc.’s all-time record September quarter results – “disappointing.”
All the money they earn can’t be of much consolation to the people on Wall Street because every moment of their existence must be disappointing.
There is more entertainment in Wiley Coyote/Road Runner cartoons than Wall Street Predictions.
Note that Acme stands to record massive profits year over year.
Dump Apple! Buy Acme!
–Wile E. Coyote, Super Genius
Good one iNeuron. And by the way Mr. Gloom and Doom, thanks for scaring the shit out us again – ’cause we haven’t had enough of that just coming out of the recent electoral malaise of fear and mutual destruction.
Makes me wanna work even harder to more more stuff – oh yeah, and then there’s investing.
I wonder how much better off the market place would be in general if most of the Wall Street and political vocalists that so desperately try to plug themselves into my head would just shut up. I know – I’ll just stop listening.
Maybe we should be allowed to invest and see where it takes us personally and as a global market place – and then make adjustments accordingly. I’m positive we’d be no worse off than we are now, but I’m also suspicious we’d be measurably better off.
Elections have consequences.
Enjoy your double-dip recession, Obama-voting fools!
Four more years of misery, blight, and food stamps for everyone!
+1
Dear Red States:
We’re ticked off at your Neanderthal attitudes and politics and we’ve decided we’re leaving: “Legitimate rape” is almost reason enough!
We in Oregon intend to form our own country and we’re taking the other Blue States with us.
In case you aren’t aware that includes New York, Hawaii, California, Washington, Minnesota, Wisconsin, Michigan, Illinois and the rest of the Northeast.
We believe this split will be beneficial to the nation and especially to the people of the new country of The Enlightened States of America (E.S.A).
To sum up briefly:
You get Texas, Oklahoma and all the slave states.
We get stem cell research and the best beaches.
We get Andrew Cuomo and Elizabeth Warren. You get Bobby Jindal and Todd Akin.
We get the Statue of Liberty. You get OpryLand.
We get Apple, Intel and Microsoft. You get WorldCom.
We get Harvard. You get Ole’ Miss.
We get 85 percent of America’s venture capital and entrepreneurs.
You get Alabama.
We get two-thirds of the tax revenue. You get to make the red states pay their fair share.
Since our aggregate divorce rate is 22 percent lower than the Christian Coalition’s we get a bunch of happy families. You get a bunch of single moms.
Please be aware that the E.S.A. will be pro choice and anti war and we’re going to want all our citizens back from Afghanistan at once. If you need people to fight, ask your evangelicals. They have kids they’re apparently willing to send to their deaths for no purpose and they don’t care if you don’t show pictures of their children’s caskets coming home.
We wish you success in Afghanistan, and possibly Iran as well, but we’re not willing to spend our resources in these sorts of pursuits.
With the Blue States in hand we will have firm control of 80% of the country’s fresh water, more than 90% of the pineapple and lettuce, 92% of the nation’s fresh fruit, 95% of America’s quality wines (you can serve French wines at state dinners) 90% of all cheese, 90 percent of the high tech industry, most of the US low sulfur coal, all living redwoods, sequoias and condors, all the Ivy and Seven Sister schools plus Harvard, Yale, Stanford, Cal Tech, Long Beach State, CAL, San Jose State and MIT.
With the Red States you will have to cope with 88% of all obese Americans and their projected health care costs, 92% of all US mosquitoes, nearly 100% of the tornadoes, 90% of the hurricanes, 99% of all Southern Baptists, virtually 100% of all televangelists, Rush Limbaugh, Bob Jones University, Clemson and the University of Georgia.
We get Hollywood and Yosemite, thank you.
38% of those in the Red states believe Jonah was actually swallowed by a whale, 62% believe life is sacred unless we’re discussing the death penalty or gun laws, 44% say that evolution is only a theory, 53% that Saddam was involved in 9/11 and 61% of you crazy bastards believe you are people with higher morals then we lefties.
We’re taking the good weed too. You can have that crap they grow in Mexico.
Sincerely,
Citizens of the Enlightened States of America
Why do you want the Statue of Liberty, to remember what the country was like before you fscked it all to hell?
And, you can have the fake indian, too.
Good luck defending yourselves. Send in the San Francisco brigade and see how that plays out.
You are what we call a “Thicko” this side of the Atlantic, so I doubt if many reasonable people take your ill-informed views seriously.
YEEHAW!!!! Thank you Alcancun!
The sweetest moment in American political history was the realization that those money-grubbing, consumer-raping, women/gay/immigrant-hating Neo-Nazi billionaires (sorry for all the redundant terms here) had pissed away $300 MILLION and not been able to buy a single important election victory. Millions of voters still managed to make the right decisions. Watching all those shriveled gonads kicked between the ears of some scary people was a beautiful thing.
I can’t wait to watch your second Civil War. Hope it is as entertaining as Civil War 1 was.
So tens of thousands of people shooting, stabbing and blowing each other up is “entertaining”?
Wow, you are unbelievable.
Maybe we can round up some Jews and gas them for you and hand you a bowl of salted popcorn.
Wouldn’t be much of a war.
One side has all the guns and is self-reliant. The other side is high on pot and dependent on government handouts.
It’d be the “15-Minute War.”
Don’t you have some child molesting priests to make excuses for? Maybe some snakes to dance with? Wouldn’t your time be better spent listening to Pat as he listens to the things “god” tells him. (like Rmoney winning LOL)
Perhaps you could find some gays to torment or a person of color to lynch? Perhaps occupy yourself counting your money and laughing at the poor? Maybe you could go change your oil and dump it in a river?
Surely there are plenty of these conservative activities you can do instead of posting here.
No one likes you. STFU already.
Struck a nerve, I see. The truth cuts deep.
Have a nice day.
Struck a nerve?
About a thousand posts and two names ago, you dolt.
Tired of listening to your same tired BS. Give it a freaking rest.
War between the states.
A quick glance at the vote county by county might clue you in to the fact that your “socialist repubuick of amerika” might not be exactly what you think.
Have you ever read atlas shrugged?
Yeah- just like Paul Ryan, and you can see how that “worked out” for him and his running mate.
Good luck with the ESA. You’ve harvested and included the states closest to economic collapse (California and Illinois), that will expect your other members to bail them out. You’ve taken the most corrupt state and local political systems. You’ve gotten the urban areas with the most significant problems, including the worst educational systems in the current USA.
I’ve always been fond of Oregonians, although considering them a bit nutty. Apparently you’ve gone over the edge to the point of insanity. 🙂
Another evidence of that is your mention of Bobby Jindal and Akin in the same sentence. Bobby Jindal interned in my office the summer he graduated from high school. He’s a high level genius. That summer I was writing a database and had slowdowns in some procedures. Bobby looked at my code, sat down at a computer and rewrote the slow procedures in machine language, on the fly.
After graduating from Brown, Bobby went to Oxford as a Rhodes Scholar, like Bill Clinton.
I knew Bill Clinton in his younger days, and the first time I met him thought he might be presidential material. I had the same feeling when I met Bobby as a teenager – but Bobby is the more intelligent of the two. Both are personally engaging and both are policy wonks.
Returning from Oxford, Bobby headed a national health care study in Washington, in his early twenties. Still in his twenties, he was appointed Secretary of Louisiana’s Department of Health and Human Services. He was later elected to Congress (winning landslide reelection) and was credited with leadership in tackling the messy problems post-Katrina.
In his second term as Governor of Louisiana, Bobby Jindal has instituted major reforms in governmental efficiency and education and has been very successful in attracting new businesses to the state. He has an unusual ability to analyze problems and to manage addressing them through our political system.
My major disagreement with Bobby is that he supports alternatives to evolutionary theory in education. Don’t suppose that’s a redneck position in his case, based on ignorance. He’s taken that position on rather sophisticated philosophical grounds (but as a scientist I still disagree).
In sum, your new ESA will have the most serious problems of the current USA, but in more concentrated and pressing degree. You will need a President of exceptional capacity.
You would be fortunate if you could lure Bobby to accept that position. 🙂
Gotta pay the interest on the debt, gotta reduce “entitlements”, gotta raise taxes. All the money the leeches expected and the all the money taxed from working men and women will be sent to finance the People’s Republic of China. This leaves little money for local consumption.
Elitist fugging prick. Go back on the government tit. Like pigs at the trough. And now there’s a whole new generation of little piglets at the trough, yippeee!
Alcancun, Cut and paste much? That’s not your thought. i know. Romney lost by about 2 percent of the population. Considering 99% Blacks voted for skin color, (How dumb) and women stupidly bought into the War on Women, (as if republicans ALL want to ban abortion, or contraceptives, i’ve always said libtards, lower your carbon footprint, PLEASE don’t reproduce) and the youth vote acted emotionally, like this election was like picking a COOL celebrity or football team, Yes, we republicans will have to sit back and watch more pain set in.. before the average obama-idiot learns how the economy works, and that this country is BROKE, and that trickle down is really how a healthy economy really works. For instance, I can’t wait for the dumb asses that voted for OBAMACARE figure out that OBAMACARE is NOT FREE. I’m going to die laughing when poor blacks / women, hopefully single women, / and healthy kids figure out that they are being FORCED to buy inferior insurance now, OR be fined by the IRS.. probably neither of which they can afford. Every smart business is cutting staff to save money knowing Obamacare is coming, and who will be cut first? Blacks, then Women then KIDS.. ha hahahahaha… And I’m a hard working 1/2 Latino, granted amnesty by obama, who was pandering for my vote. Everyone knows, We take blacks jobs… Keep evolving Obama… oh we’ll figure out the media too, as the MSM becomes more and more irrelevant.
ONLY four more years. What a JOKE of a president, a shill. A Socialist.. The king has no clothes. He’s a celebrity at best. good luck.
Isn’t it time you got over it?
No.
And just what materially changed on Nov 6, “Superior Being”?
There was no step function in the economy on that date. Things have been repairing and slowly growing since the U.S. housing collapse and U.S. financial collapse (which started prior to Jan 2009) and the subsequent European budget crises. You are a nutcase if you believe that everything would magically improve under another President.
Obamacare.
No chance of repeal and replace, so now the true horror of it will come to pass. That’s what’s changed.
YUP, you’re so right, but guess what, Don’t think for a moment that people with money wont form pools and start their own network of doctors and medicine. You’ll still be able to pay of the best, even if that care goes “undergound” and the obamacare idiots will have the worst. For instance, my doctor has already told me he is going to opt out and go cash only. Makes sense. you’ll see, pools for those who want the best. Socialism is shared misery. remember. HAHAHAHA> I want to see more pain, more unemployment.. for those who voted for obama to teach them a lesson. I’m ready.
What does the re-election of the US republic’s executive have to do with Wall Street’s gambling? The last 4 years have been very good for Wall Street, as both the Democrat and Republican lapdogs know better than to bite the hand that feeds them.
If you think corporate profits are going to fall with the sky tomorrow, then you are clearly not fit to play the market. Better go back to visit your astrologist to see when it’s safe to come out from under your rock.
There is so little actual news to report in the 24 hour news cycle that most of what is reported is empty filler. Idiots like this take up time between commercials. Don’t waste your time with TV “news.” It is 99% moose poop, in the immortal words of Colonel Potter.
—Good, though. (In the immortal words of Garrison Keillor)
I believe his phrase was “horse hockey”
Wasn’t that “moose muffins” from ol Colonel Potter?
WS shysters make money both ways. In fact, they use the talking heads to push their agenda.
Just watch, Fabre will be negative of everything except oil. Exxon, their beloved will never be touched. $10 billion in buybacks, at 30 (60 if you count both sell and buy transactions) basis points, is 30 (60) million, just for pushing a button. Plus they get to cleanup in the commodities futures.
People are spending less and less. Wages for the average guy are stagnant, all prices are going up, result?…. people tighten their belts. Companies could easily see a fall in their turnovers. Not saying that the CB’s will allow the markets to fall too far, but a fall is possible.
Housing is recovering. Consumer sentiment is at a 5 year high. Corporate balance sheets are probably as solid as they’ve ever been. It sucks if you’re out of work, but businesses are running better than ever on leaner staffs. Multiples on stocks have been contracting for years making the market cheaper and cheaper.
Not sure what all the doom and gloomis about. I see opportunity. Hello, apple is trading at only 12 times earnings! Back out their 100 billion in cash, and they’re even cheaper.
Faber is a perma-bear. It’s an easy stance to take. You’re going to be right about 1/3 of the time. Historically, markets are in retraction about 1/3 of the time and in expansion the rest. If he’s wrong 2/3 of the time and people are doing better than he said, they’re not going tone upset.
Being so negative is an easy move with no personal downside for him. Understand the motivations. All he cares about is catering to the fearful and selling more newsletters by preaching to the choir. Pessimism sells, and it’s easier (lazier) than optimism.
Hussein Oscumbo was elected with the illegal votes from the 11 million illegal aliens living in the US. So yes, his presidency is ILLEGAL based on current US law.
“The illegal immigrant population of the United States in 2008 was estimated by the Center for Immigration Studies to be about 11 million people” – Wikipedia
http://en.wikipedia.org/wiki/Illegal_immigration_to_the_United_States
That’s not taking into account the massive voter fraud that the Dems are known for.
Are you high?
Actually, there are reports from both Ohio and Pennsylvania that, in several precincts, there was not ONE SINGLE VOTE for Romney, or a margin for Obama that was over 98% of the votes. This is improbable to the point that one can state with virtual certainty that something went wrong. No reasonable person expects that this would have any bearing on the outcome of the election, but it’s yet another thing that needs to be fixed in our country. We’re not perfect, but we’re far better than any other system out there.
At least so far.
The democrats are counting on guys like you to help them win future elections!
Carry on with the crazy talk sir.
This is what u sound like: “Waaaaaah, whine, waaaah…excuses….waaaaaah…”
I used to think being a weather man was the best job. You could be wrong 80% percent of the time and still keep your job.
But know I’m starting tothink Wall Street Analyst is a better job. You get paid obscene amounts of money to make wild as guesses. Then when your guesses turn out to be wrong 100% of the time. It’s the company’s fault, not yours.
Salute to you. And I do it taking a small, er, medium dose.