Marc Faber: Obama's Job Package 'a Complete Joke'
Pimco’s Mohamed El-Erian might like what he sees inPresident Barack Obama’s $447 billion jobs packagebut not Marc Faber, the author of the Gloom, Boom and Doom report, who is not happy about the President’s plan.
The package is “another complete failure of Keynesian economics and corrupt interventions,” Faber told CNBC.com on Friday morning.
Other economists have welcomed the plan as it attempts to boost employment.
Faber's major problem is that governments around the world should be attempting to cut spending, not spend more.
“This all amid talk of deficit reductions,” said Faber. The package is a “complete joke.”
On Thursday Nomura raised its third-quarter growth estimate for the US economy to 2.6 percent while Goldman Sachs’ chief economist Jan Hatzius told CNBC on Thursday that he may have been too bearish.
Hatzius said growth “now actually looks like it might come in a little stronger than” the 1 percent he had previously predicted.
“The bond and stock markets seem to have a different view,” said Faber.