Marc Faber the author of the newsletter “The Gloom, Boom & Doom Report,”zoomed into the national spotlight for all the wrong reasons.
Faber in his October missive had this to say about colonialism and the founding of America:
This is what happens when a Swiss citizen living abroad in Thailand weighs into areas that don’t coincide with their expertise.
The 71-year-old former Drexel Burnham Lambert managing director, who correctly called the 1987 stock market crash, was a frequent commentator on TV with his dire predictions of another stock market crash.
Faber received swift retribution for his remarks as he was forced to resign a board position at Sprott Asset Management, where he was an advisor of Asian funds. Both Fox Business and CNBC, where Faber was a frequent guest, said they will no longer book him on their networks.
When the story broke on Tuesday, we joked in the newsroom that the next statement from Faber or his spokesperson was that he was suffering from some malady that made him think that what he wrote was appropriate. However that did not come as Faber defended his thoughts further.
Also on Tuesday, former White House aide and hedge funder Anthony Scaramucci had to issue an apology for a Holocaust poll placed on his new media site.
The Mooch, as he is known, had a query on his site asking readers how many people died in the Holocaust.
Scaramucci — who had a cup of coffee as the Communications Director for the Trump Administration — apologized for the poll and in a tweet said he was donating $25,000 to the Simon Wiesenthal Center. As an afterthought in the tweet he said “I hoped I spelled that right,” referring to the Center.
All I have to say to these two gentleman as well as any other Wall Streeter thinking he can opine on things not financial, DON’T.
People can barely tolerate your field as it is. If the Dow was at 15K instead of 23K there might be pitchforks in the streets, so stick with what you allegedly know and leave the weightier topics to others.