Faber: Obama’s Meddling Makes Bush Look Like Genius

By: Gene Koprowski:

The Obama administration’s meddling in the market will not solve problems, but will foster uncertainty and harmful, unintended consequences, Marc Faber, author and publisher of the “Gloom, Boom & Doom Report,” said.

Faber, known as “Dr. Doom” for his persistently pessimistic outlook, commented on President Barack Obama’s proposed new limits on the size and trading customs of big banks.

Obama wants to prevent “excessive” risk-taking on Wall Street.

“I don’t have a very high opinion of Mr. Obama,” Faber told CNBC.

“I was negative of Mr. Bush but I think Mr. Obama makes him look like a genius. Basically I think everybody will agree that in an economic system, the market solves problems best.”

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