Sept 9, 2011
Pimco’s Mohamed El-Erian might like what he sees in President Barack Obama’s $447 billion jobs package but not so 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 are attempting to cut spending, not spend more.
“This all amid talk of deficit reductions,” said Faber. The package is a “complete joke.”
This article was posted: Friday, September 9, 2011 at 4:12 am