• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Marc Faber Responds To CNBC Mockery, Asks "How Has CNBC's Portfolio Done Since 1999?"

Tyler Durden's picture




 

Having provided his clarifying perspective on why the markets are extremely fragile and due for a 20-30% correction, Marc Faber was assaulted by CNBC's Scott Wapner reading off a litany of recent calls that have not worked out as planned. His response was notable: "I started to work in 1970, and over that career, somehow, somewhere, I must have made some right calls; otherwise I wouldn't be in business." What CNBC then edited out of the transcript was Faber pointing out his 22% annualized return in his publicly-viewable funds since then and asking - sounding somewhat frustrated at the anchor's mockery (and background snickers) - "I wonder what the CNBC portfolio would look like since 1999?" The response: silence.

 

Here are some recent thought summing up his view of the Fed:

It’s pointless to talk to Fed members about economics because they are academics who believe in money printing. Some of them believe they didn’t print enough, and so with these kinds of people, it is like running to the pope.

 

What do you want to tell them? It’s pointless to spend time with these people trying to convince them that their monetary policies have been very destructive.

 

They bailed out Mexico in 1994, and there was an EM bubble until 1997. They then bailed out LTCM (Long-Term Capital Management), which gave a signal to leverage up...then they had the Nasdaq bubble, then they printed again and had the housing bubble.

 

David Hume and Irving Fisher said bubbles are very destructive to the majority of market participants. They lose money, the minority makes money. The Fed doesn’t see it that way so it is pointless to talk to these people.

Faber on the health of the market, money-printing, and his recommendations...

At around 1:00, the tension rises... (before the hit phrase that incriminates CNBC in the bubble blowing falls to the cutting room floor as CNBC apparently decided the section about their own performance was not required).

*  *  *
It doesn't take long to remember various CNBC calls from the past that have not worked out too well ... or the treatment of Peter Schiff before the last crash to feel a sense of permabullish support for whatever cheerleader is advertising next.

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Mon, 07/28/2014 - 17:49 | 5014716 homiegot
homiegot's picture

Who's that bald CNBC fuck?

Mon, 07/28/2014 - 17:53 | 5014732 wee-weed up
wee-weed up's picture

Ha! Talk about a bitchslap!

Mon, 07/28/2014 - 17:57 | 5014754 DoChenRollingBearing
DoChenRollingBearing's picture

Ha ha ha ha ha ha!

Well done, Marc Faber!

5% - 20% in gold protects a LOT of wealth, think that over...

Mon, 07/28/2014 - 18:02 | 5014769 whotookmyalias
whotookmyalias's picture

Even a blind squirrel tells the correct time twice a day.

 

But if Peter Schiff and Mark Faber are expressing caution, those who dismiss it completely may someday wish they hadn't.

 

I can't believe CNBC is still around.  Just goes to show all it takes to satisfy our ADD society.

Mon, 07/28/2014 - 18:08 | 5014793 kaiserhoff
kaiserhoff's picture

Someone needs to ask the Fed why they are stealing ALL the interest income in this country, and giving it to the banksters.  Treason has consequences.

Mon, 07/28/2014 - 18:52 | 5014969 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Well put. Financial repression is basically a hidden tax on savers.

Mon, 07/28/2014 - 19:02 | 5015018 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Crushing insurers, MetLife just went on the NY Fed's "systemic risk" list. Not to mention what it's doing to Mom and Pop saver.

Mon, 07/28/2014 - 20:59 | 5015358 Drunk In Church
Drunk In Church's picture

Marc Faber rocks.  Fuck CNBC.  Bitchez.

Mon, 07/28/2014 - 18:12 | 5014813 kaiserhoff
kaiserhoff's picture

and yet, they can still sell advertising.  WTF?

Mon, 07/28/2014 - 19:06 | 5015016 Jack Napier
Jack Napier's picture

GE gives them plenty of overhead funding with all the money they save disposing of toxic waste improperly. They don't really have to make money on commericals.

Mon, 07/28/2014 - 18:15 | 5014825 Squid Viscous
Squid Viscous's picture

LOL at the "tensions rise" - "in this corner Scott Wapner who's last "fight" was when he was bitch slapped at Camp Hiawatha in the Catskills circa summer of  1986... vs.  ...whoever...let's get ready to RUMMMMBLE!

Mon, 07/28/2014 - 18:59 | 5015007 Amish Hacker
Amish Hacker's picture

Ah, yes, Chuck Wepner, aka The Real Life Rocky, (also aka The Bayonne Bleeder), went 15 rounds with Ali, and took such a pounding that ringside doctors were mystified how he was still standing.

Mon, 07/28/2014 - 19:52 | 5015151 Son of Loki
Son of Loki's picture

Wapner needs to discuss the issue of how well banks would be doing if they were not handed free money.

Mon, 07/28/2014 - 18:20 | 5014849 logicalman
logicalman's picture

CNBC is still around because it is part of the financial 'Ministry of Propaganda'

Mon, 07/28/2014 - 21:39 | 5015542 HardAssets
HardAssets's picture

That was the Ministry of 'Truth' . . . .
in 1984

Tue, 07/29/2014 - 01:20 | 5016417 Notsobadwlad
Notsobadwlad's picture

But they had to change the name from FNN (remember the financial news network) after losing all credibility.

Mon, 07/28/2014 - 18:02 | 5014770 DaddyO
DaddyO's picture

DoChen, your wisdom is pure folly of all those who follow CNBS and their ilk!

Why Faber and those like him tolerate the crap these statist shills puke out is beyond me.

This is not the first time we've had this discussion on ZH.

DaddyO

Mon, 07/28/2014 - 22:44 | 5015859 TheReplacement
TheReplacement's picture

I think Faber is understating how bad it will be.  I think he understands that if this thing goes belly up in a bad way that everyone, him included, is at risk no matter what they are invested in.  Waking people up and building a sort of bulkwark against what is coming is him just trying to hedge against worst case scenario.

Didn't someone say something about tanks in the streets last time?

 

Mon, 07/28/2014 - 19:52 | 5015148 Antifaschistische
Antifaschistische's picture

20% 30%?

Mr. Faber, are you saying a DOW in the 13,000 - 14,000 sounds like a fair value to you?

 

Mon, 07/28/2014 - 17:59 | 5014739 SoberOne
SoberOne's picture

CNBC: Long Lehman, Countrywide, and MFCorzine.

Mon, 07/28/2014 - 18:10 | 5014808 Squid Viscous
Squid Viscous's picture

Short: Wapner, another smug CNBS kike...

Mon, 07/28/2014 - 17:54 | 5014741 Escrava Isaura
Escrava Isaura's picture

No more soup for Marc Faber!

Mon, 07/28/2014 - 18:50 | 5014976 DoChenRollingBearing
DoChenRollingBearing's picture

He's probably good for CNBS ratings.  And maybe paid for just that...

Mon, 07/28/2014 - 17:58 | 5014757 Berspankme
Berspankme's picture

Always found that Wapner an irritating little fuckwad. Always has .gov jizm left over on his cheeks. Not a good look.

Mon, 07/28/2014 - 17:59 | 5014758 Greenskeeper_Carl
Greenskeeper_Carl's picture

I saw this. I don't see why peter schiff or faber still go on and talk to those people. Maybe they feel an obligation to save a few muppets from these people, i guess. Same with the daily show. I watched schiff and andrew napolitano on there, and the way they are treated, and have their words twisted adn taken out of context is appaling. I don't know why so many otherwise intelligent people think they are ever going to get a fair hearing out of these people. If you dpn't fit with their agenda, you arent allowed to get their message across

Mon, 07/28/2014 - 18:13 | 5014814 Captain Willard
Captain Willard's picture

You should view the increased level of Bear baiting on CNBC as a contrary indicator. Open ridicule of those questioning the monetary orthodoxy of the Fed and the upward trajectory of the market is now a media staple. So it can only mean that the top is in sight.

There are plenty of smart people questioning current market levels and Fed policy: Stan Druckenmiller, Jim Grant, Jeremy Grantham, Marc Faber, Rob Arnott, Felix Zalauf, John Hussman - I could go on and on.

All of the above are way more successful than their gasbag interlocutors on CNBC. Losers and wannabes yell, money talks and finally wealth whispers. 

Notice that today, CNBC talked with Henry Blodget, the rehabilitated Internet stock tout, as if he were an elder statesman. Faber was ridiculed. You decide.

Mon, 07/28/2014 - 18:48 | 5014970 Greenskeeper_Carl
Greenskeeper_Carl's picture

ya i here you. I just still don't get why some of those guys go on there. I guess, at least in schiffs case, he can get some more footage for the next "peter schiff was right" youtube video, which will probably come out midway through 2015, after this fed-induced bull(shit) run is over. And i have been thinking a top wa in for a while. I pulled my money out of the S&P indexed IRA at S&P 1894. I bought some SPXS a couple weeks ago, and have watched it lose about 8%. I get the whole 'this time is NEVER different' thing, but i think we all may be underestimating just how manipulated and artificially propped up this thing is. Could go on a lot longer than we think possible. We get a negative GDP print, and the labor force participation rate continues to collapse, and half the world is either at war or at the brink of one, and all these conflicts involve pretty much every major economy on the planet, yet stocks keep hitting new highs every day, and gold goes no where. They just may sacrifice what little value to dollar still has left just to keep the S&P/Dow reaching new highs.

Mon, 07/28/2014 - 19:10 | 5015030 Jack Napier
Jack Napier's picture

Schiff and Faber still have businesses to run and clientel to market to. Any publicity is good publicity when you're in the business of selling something. It worked. We're here giving them fanfare. BTW, did you know Schiff is an Illuminati namesake?

Mon, 07/28/2014 - 20:41 | 5015299 Tulpa
Tulpa's picture

With the Daily Show, if they don't go on they get accused of cowardice and/or secretly knowing that their opinions are wrong.  The problem is the stupid audience; you can't get around that.

With CNBC I agree with you because there is no audience to be concerned with.

Mon, 07/28/2014 - 18:19 | 5014842 Kirk2NCC1701
Kirk2NCC1701's picture

The CNBC bald guy with the soul patch?  I'm guessing he's Soulman.

Mon, 07/28/2014 - 17:50 | 5014723 Sinnedi
Sinnedi's picture

I love these 30 second commercials for 1 minute videos. Welcome to the future!!

Mon, 07/28/2014 - 17:51 | 5014725 orangegeek
orangegeek's picture

chinese market breaks to upside - sure, because china has solved their debt crisis and the economy is expanding again

 

shanghai is making a move up, but take a look at a monthly - consolidating and ready for more downside

Mon, 07/28/2014 - 17:59 | 5014760 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Any stock market in a bubble economy is dangerous.

Even dangerous (especially dangerous) to short.

Mon, 07/28/2014 - 19:13 | 5015046 Jack Napier
Jack Napier's picture

Not any more dangerous than sitting on a pile of FRNs, or a stock market not in a bubble.

You either have tangible assets or you have someone else's promise thereof.

If anyone thinks the promise of one crook is less risky than the promise of another crook, they're in line for a rude awakening.

Mon, 07/28/2014 - 17:52 | 5014730 souljaboy
souljaboy's picture

There are two reasons CNBC was ever popular: Maria Bartiromo's nipples.    

Mon, 07/28/2014 - 17:56 | 5014750 Rainman
Rainman's picture

jeezus, man, you just made me upchuck my cheetos.

Mon, 07/28/2014 - 18:02 | 5014772 whotookmyalias
whotookmyalias's picture

Even my wife knew her by "honey money".  Me, I called her butter face bart.

Mon, 07/28/2014 - 18:15 | 5014823 kaiserhoff
kaiserhoff's picture

Moved to Fox Business,

which hasn't been right since Wild Man Cody left.

Mon, 07/28/2014 - 18:19 | 5014846 Kilobar
Kilobar's picture

Maria Buttafuoco

Mon, 07/28/2014 - 18:00 | 5014764 Berspankme
Berspankme's picture

Now  she has to unbuckle her pants to see her nips. Saggy tits

Mon, 07/28/2014 - 18:10 | 5014804 NidStyles
NidStyles's picture

Nothing special about her. She looks like every other bitch I've encountered in my life.

 

You know the type, they come from that one tribe and are above everyone else.

Mon, 07/28/2014 - 20:42 | 5015306 Tulpa
Tulpa's picture

Druish princess?

Mon, 07/28/2014 - 18:16 | 5014824 1stepcloser
1stepcloser's picture

They were better indicators on Fed day than Greenspan's briefcase indicator... Both Stiff, easing. One stiff no change. both soft rate hike.  She's been stiff for years now..

Mon, 07/28/2014 - 18:17 | 5014830 SheepDog-One
SheepDog-One's picture

Way back in the day I used to stop on CNBS to see Erin Burnett for a bit, she's disgusting to me now though, just another gussied-up media ho.

Mon, 07/28/2014 - 18:18 | 5014840 1stepcloser
1stepcloser's picture

You know u'd still hit it...but even harder

Mon, 07/28/2014 - 18:31 | 5014889 SheepDog-One
SheepDog-One's picture

Nah she's pretty enough, but she's got the body of a 10 year old boy.

Mon, 07/28/2014 - 18:48 | 5014964 Spitzer
Spitzer's picture

B cups Burnette ?  I think she got a boob job now.

Mon, 07/28/2014 - 18:32 | 5014896 NidStyles
NidStyles's picture

Before or after you found out she was a Goldmanite? Notice her degree is basically worthless but I'm sure that meant less than her membership of the 'crowd' that likely got her into the door at Goldman. 

Mon, 07/28/2014 - 18:45 | 5014958 Spitzer
Spitzer's picture

Probabaly has some dark WOP pancake nipples but I'd still motorboat them. Not sure what it would cost me though...

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