Faber: Believing Bernanke Like Believing in Santa

Marc Faber, publisher of the Gloom, Boom and Doom Report, told Bloomberg Television's that believing in Ben Bernanke is like believing in Father Christmas. He said, "If you say that if he means what he says, then you believe in Father Christmas… As I said already three years ago, we are going to go with the Fed to QE99."

Faber said, "I think the market is on the high side, corporate profits are inflated and we could easily, from the recent high, May 22 at 1687 on the S&P, drop by 20% to 30%, easily."