Thursday, April 10, 2014
Marc Faber : Wall Street crash 'even worse' than 1987 is coming
"I think it's very likely that we're seeing, in the next 12 months, an '87-type of crash," Dr Faber told CNBC. "And I suspect it will be even worse."
"I believe that the market is slowly waking up to the fact that the Federal Reserve is a clueless organisation," Dr Faber said.
"They have no idea what they're doing. And so the confidence level of investors is diminishing, in my view. "This year, for sure - maybe from a higher diving board - the S&P will drop 20 per cent," Dr Faber said, before correcting himself.
"I think, rather, 30 per cent. Who knows? But all I'm saying is that it's not a very good time, right now, to buy stocks."
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
Posted by Nicole Bourbaki