Feedback
European Shorting
My Portfolios
Browse Gurus
Print
Email
Bookmark
Watch the latest video atvideo.foxbusiness.com Excerpts from the interview are below:
On whether he is more worried that the United States will go over the fiscal cliff because President Obama was reelected:
“Well, in principle I think that actually Mr. Obama is not that bad for reducing the fiscal deficit and continuous monetization and that’s why treasury bonds are rallying. But as I said, he is not good for business so stocks are selling off because the stock market is expecting a hard time for corporate profit and essentially economic weakness, which is reflected in a strong bond market and weak stocks. As I said before, I think from the peak, the market will drop at least 20 percent. I think we will revisit the lows of June at 1,266 on the S&P.”
On the market reaction to the United States presidential election:
“I’m not surprised the market is selling off because technically the market was weak already for a couple of months and we are in a downtrend and Mr. Obama’s economic policies are obviously not very good for an economic expansion and I think small businesses and even medium-sized businesses will be very reluctant to hire people given Obamacare. I think among people who are investors, the reelection victory of President Obama was actually a surprise because I have so many friends who are Republicans and who are investors and they were betting on Mr. Romney. So I think for some people it is actually a surprise. And I think what people are also concerned about are increases in capital gains taxes.”
**CREDIT: FOX BUSINESS NETWORK**
Subscribe RSS
RSS