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Marc Faber Believes $700 Billion is Not Enough

By on September 27, 2008

Marc Faber does not think a $700 billion bailout (rescue according to Bush) will be sufficient to prevent the economy from imploding. Faber believes that $5 trillion will be required because of the over-leveraged economy. He cites the $62 trillion credit default swap market and $1,300 trillion worldwide derivatives market.

Faber mentions the appalling fact that, “Wall Street last year in total received a compensation of $69 billion – $38-39 billion of which were bonuses paid to the executives essentially of Wall Street.”

Sources:

http://www.cnbc.com/id/26895741

http://www.businessandmedia.org/articles/2008/20080926110602.aspx

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