Marc Faber: 'The Banks Are Gone'

May. 29, 2010

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Marc Faber spoke with Bloomberg Television about his bearish views on markets yesterday, and they remain as bearish as always.

"The banks are gone," according to Marc Faber, and are only being kept alive by European Central Bank and government aid programs.

Faber, though, feels in the near term that things are oversold, and that there will be a summer rally. The bottom won't get here until October and November, when more stimulus should come in and challenge sovereign debt yet again.

Faber thinks the economy will settle much lower in the future.

Reprinted from Business Insider.

May 29, 2010

Dr. Marc Faber [send him mail] lives in Chiangmai, Thailand and is the author of Tomorrow's Gold.

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