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Marc Faber: Prepare for a Massive Market Meltdown

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« on: November 13, 2012, 05:32:33 pm »

Marc Faber: Prepare for a Massive Market Meltdown

The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday

“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”

rest: http://www.cnbc.com/id/49802535
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« Reply #1 on: November 13, 2012, 05:33:12 pm »

Wealthy Dump Assets Amid Worries About Going Over 'Cliff'

For many of the wealthy, 2012 is becoming a good year to sell.

They're worried about the "fiscal cliff," which is when tax cuts expire and spending cuts are set to go into effect at the end of the year.

Fearing an increase in capital gains and dividend taxes, many of the rich are unloading stocks, businesses and homes before the end of the year.

Wealth advisors say that with capital-gains taxes potentially going to 25 percent from 15 percent, and other possible increases in the dividend tax, estate tax and other taxes, many clients are selling now to save millions in taxes.


“Under almost any scenario, it makes sense to take the gains this year,” said Gregory Curtis, chairman and managing director of Greycourt & Co. “Clients aren’t selling willy nilly. But if they can and they have a huge gain, they’re selling now.”

If the Bush-era tax cuts expire, taxes on capital gains would revert back to its previous rate of 20 percent from its current 15 percent.  Another 5 percent may be added from health-care levies and changes in itemized deductions, bringing the rate to 25 percent for many high earners.

rest: http://www.cnbc.com/id/49792979
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« Reply #2 on: November 13, 2012, 05:42:03 pm »

Will The Wealthy Race To Dump Stocks And Other Financial Assets Before The Fiscal Cliff Kicks In?

The election results made it abundantly clear that taxes are going to be going up, and right now a lot of wealthy people all over America are trying to figure out how to best position themselves for the hit that is coming.  There are a whole host of tax cuts that are set to expire on December 31st, and many analysts are now speculating that we could see a race to dump stocks and other financial assets before 2013 in order to get better tax treatment on those sales.  Of course it is still possible that Congress may reach a bargain which would avoid these tax increases, but with each passing day that appears to be increasingly unlikely - especially regarding the tax increases on the wealthy.  Whatever you may believe about this politically, the truth is that we should all be able to agree that these looming tax increases provide an incentive for wealthy people to sell off financial assets now rather than later.  After all, there are very few people out there that would actually prefer to pay higher taxes on purpose.  If the race to dump financial assets becomes a landslide, could this push stocks down significantly late in the year?  Already there are all sorts of technical signs that indicate that stocks are ready for a "correction" at the very least.  For example, the S&P 500 has already closed below its 200 day moving average for several days in a row.  Could the "sell off" that has already begun become a race for the exits?

A lot of Americans have heard about the looming "fiscal cliff", but most don't really understand the specifics.

For investors, there are several key changes which will happen unless Congress does something by January 1st.

First of all, the tax rate on capital gains will go from 15 percent to 20 percent.  For those with high incomes, the rate will be even higher than that thanks to a tax increase that our politicians managed to sneak into Obamacare.  So, some wealthy individuals will see their capitals gains taxed at nearly 24 percent in 2013 unless something is done.

For dividends, the outlook is even more frightening.  The tax rate on dividends will increase from 15 percent right now to over 43 percent for the highest income earners.

We have already seen these tax increases play into business decisions that have been made in recent months.  For example, it is being reported that George Lucas potentially saved hundreds of millions of dollars in taxes by selling Star Wars to Disney this year rather than next year.

Anyone out there that wants to take advantage of the current tax rates on capital gains and dividend income better do so now, because these tax rates look like they are going to go away and they probably will not be back for a very, very long time.

According to CNBC, this makes the next couple of months an ideal time to dump stocks and other financial assets...

For many of the wealthy, 2012 is becoming a good year to sell.

They're worried about the "fiscal cliff," which is when tax cuts expire and spending cuts are set to go into effect at the end of the year.

Fearing an increase in capital gains and dividend taxes, many of the rich are unloading stocks, businesses and homes before the end of the year.
And the truth is that stocks simply did not have much higher that they could possibly go anyway.  Anyone that is trying to "get out while the getting is good" should take heed of what Marc Faber recently told CNBC...

"The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view."
In fact, Faber is absolutely convinced that a full-blown stock market crash is coming no matter what happens with the fiscal cliff...

"I think the whole global financial system will have to be reset and it won’t be reset by central bankers but by imploding markets — either the currency [markets, debt market or stock markets,” he said. “It will happen — it will happen one day and then we’ll be lucky if we still have 50 percent of the asset values that we have today."
Politics and economics have always been deeply intertwined.  The results of the most recent election are going to have some very deep consequences.  Already we have seen a large number of businesses either announce layoffs or that hours for their workers will be cut back.  You can find a bunch of tweets from small business owners talking about how they won't be hiring anyone or that they will be forced to reduce hours right here.  You can find a bunch of tweets from average citizens all over the country talking about how their hours are already being cut back right here.

With each passing day, our country is getting poorer, it is getting even deeper in debt and our economy is becoming even more unstable.  We are on a path that will only lead to total economic disaster, but the American people just voted for more of the same.

So now we will get to see how this all plays out.

Is there anyone out there that is still optimistic about what is coming next for the U.S. economy?

http://theeconomiccollapseblog.com/archives/will-the-wealthy-race-to-dump-stocks-and-other-financial-assets-before-the-fiscal-cliff-kicks-in
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« Reply #3 on: November 19, 2012, 05:42:52 am »

The Worst Economic Numbers In More Than A Year

With everything else that is going on in the world, a lot of people have failed to notice that we are seeing some of the worst economic numbers that we have seen in more than a year.  For example, it was announced on Thursday that initial claims for unemployment benefits have hit their highest level in a year and a half.  Hopefully this is just a temporary blip in the data, because initial unemployment claims tend to have a very strong correlation with the overall performance of the economy.  We also continue to see poverty statistics rise.  According to government statistics released earlier this month, the number of Americans living in poverty and the number of Americans on food stamps are both at all-time record highs.  Meanwhile, the Dow and the S&P 500 are both down more than 5 percent since the election and the U.S. government rolled up 22 billion dollars more debt in October 2012 than it did in October 2011.  The unfortunate truth is that things are not getting better.  The U.S. economy continues to become weaker and more unstable, and there are a whole lot of reasons to be very pessimistic about our economic situation as we move into the winter months.

Let's take a closer look at some of the troubling economic numbers that have been released in recent days...

Initial Claims For Unemployment Benefits

The optimism that many analysts had about jobs is rapidly dissipating.  Over the past few weeks there has been a huge wave of companies announcing layoffs.  Just check out this article and this article.

But now we are actually seeing a significant rise in the number of American workers applying for unemployment benefits.  Initial claims for unemployment benefits soared to 439,000 for the week ending November 10th.  This is the highest level that we have seen in more than a year.  The last time initial claims were this high was April 2011.  It is interesting to note that the largest numbers of new unemployment claims came from the swing states of Ohio and Pennsylvania.

Record Food Stamp Numbers

In dozens of articles I have carefully documented the steady rise of poverty in America and the steady decline of the middle class.

Even though our politicians insist that we are in the middle of an "economic recovery", the number of Americans dependent on the government for their very survival just continues to keep going up.

A few days ago, the latest food stamp numbers were released.  It turns out that the number of Americans on food stamps increased by 420,947 from July to August.  That was the largest one month increase that we have seen in a year.  At this point, an all-time record 47.1 million Americans are enrolled in the food stamp program.  What would that look like if all of those people had to actually stand outside in bread lines like in the old days?

Stunning Stock Market Declines

A few days ago, I wrote about how many wealthy Americans are dumping stocks and other financial assets in anticipation of the looming "fiscal cliff".

Well, if things get much worse we may soon have a "market crash" on our hands.

The Dow and the S&P 500 are both down by more than 5 percent since the election and many are wondering if things are about to get a whole lot worse.

Shares of Apple are down by 25 percent since late September.  Some analysts are actually using the term "panic selling" to describe what is happening to the stock.

Slowing Economic Activity

All over America there are indications that economic activity is starting to slow down.  Is Superstorm Sandy responsible for this, or are there other factors at work?

According to the Federal Reserve Bank of New York, economic activity appears to be contracting in areas that were hit particularly hard by Superstorm Sandy...

The Federal Reserve Bank of New York’s general economic index was minus 5.2 this month after minus 6.2 in October. Readings of less than zero signal contraction in New York, northern New Jersey and southern Connecticut.
Things appear to be slowing down in the mid-Atlantic region as well.  According to CNBC, manufacturing activity in the mid-Atlantic region has contracted much faster than analysts were projecting...

The Philadelphia Federal Reserve Bank said its business activity index slumped to -10.7 from 5.7 the month before. The fall was much steeper than economists' expectations for slippage to a reading of 2.0, according to a Reuters poll.

Any reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey, and Delaware.
New Poverty Numbers

More American families are falling out of the middle class every single day.

New numbers that were just released by the U.S. Census Bureau show that the number of Americans living in poverty rose to a new all-time record of 49.7 million last year.

Once upon a time, people would have laughed at you if you suggested that someday 50 million Americans would be living in poverty.

But here we are.

Soaring Government Debt

Anyone that follows my columns on a regular basis knows that government debt is one of my major pet peeves.

Well, despite all of the "budget deals" that have been made between the Republicans and the Democrats, the amount of debt that we are accumulating just continues to balloon in size.

The federal budget deficit for October 2012 was 120 billion dollars.  That was a huge increase over the October 2011 federal budget deficit of 98 billion dollars.

How long can we possibly continue to do this?

Things In Europe Are Getting Worse Too

In case you had not noticed, the economic situation in Europe continues to unravel as well.  The eurozone is officially in a recession once again, and unemployment in the eurozone is at an all-time record high.  Violent protests and rioting happen on an almost daily basis over in Europe now.  The largest economy on the planet continues to implode right in front of our eyes, and this is another factor that will continue to drag down the U.S. economy.

So is there anyone out there that actually still believes that things are "getting better"?

The brief period of economic stability that we have been experiencing is rapidly coming to an end.  The "recovery" turned out to be extremely disappointing, and now the next major downturn is almost here.

http://theeconomiccollapseblog.com/archives/the-worst-economic-numbers-in-more-than-a-year
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« Reply #4 on: November 19, 2012, 08:33:49 am »

Looks like the last phases to implement Socialism and/or Riots in America is taking place right now - again, doubt if the dollar system will "crash" per se, but by next year we could see Congress/White House implement deep bailout bills for corporations struggling, which could spark riots in America.

Look at Greece and the rest of Europe - their system hasn't "crashed" per se, but what their respective governments are doing are provoking just that, which seems to be the agenda the NWO minions are wanting.
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