Investor Marc Faber, publisher of the Gloom, Boom & Doom Report, talks about the future of Fannie Mae and Freddie Mac, the global economy, and the outlook for stocks and commodities. Faber said Freddie Mac and Fannie Mae should close down their business or split into private companies and not get government aid.
00:00 "The world is in recession already."
01:35 Earnings to "decelerate"; technology stocks
02:59 Need to close down or split Fannie, Freddie
05:11 Concerns about technology stocks
05:41 S&P 500 forecast; outlook for interest rates
07:50 "The Fed is totally ineffective."
08:39 Outlook for oil prices, commodity markets
10:35 Credit crunch, impact on economy
11:24 Overseas interest in U.S. assets; China
13:46 U.S. resource companies "attractive" to Asia
14:47 Worst case: "colossal bust with inflation"
Faber Says Fannie, Freddie Should Split Up, Not Get Aid
Bloomberg, July 23, 2008 07:22 EDT