Your Friday Faber


Dr Marc Faber with some sobering thoughts in this Bloomberg video (from 5.25.10):


Some key points:

Walmart stock is no higher than one year ago – perhaps they are telling us more than government statistics

Tax receipts are LOWER than in April 2009 – why? (Perhaps handouts and money printing created the feeling of a better economy?)

Markets could rally a bit through July and bottom in October – long term we’re doomed

In response to a comment from the reporter on why bail out AIG and perhaps giving them (AIG) time to recover was a good idea  – i.e. giving them bailout money to help them get back on their feet so to speak –  “I’ve been drunk many times in my life and the best way to delay a hangover is keep on drinking!”