Investor Faber: At Least Bush Didn't Prostitute Himself

International investor Marc Faber, who publishes the Gloom, Boom & Doom report, gives his opinion of President Obama.

We foreigners just laugh about someone like Mr. Obama... I was very critical of Mr. Bush, but at least he had one line and he stuck to that line, and, at least, he set out to do a thing and he was relatively straight on that thing that he did... but at least he didn't change his mind continuously and didn't prostitute himself.

“I think what should happen in the US is for the president to tell the US you have to tighten your belts. ‘We have to go through hard times for 5 years to repair the damage that was committed over 20, 25 years by the Federal Reserve, by the Treasury, by the politicians, and somebody has to tell the truth. But the politicians keep on fueling the illusion that you can spend yourself out of the misery and that by printing money you will improve the economy, which is not the case.”

Here's some background on Faber from Wikipedia.

Faber was born in Zürich and schooled in Geneva, Switzerland, where he raced for the Swiss National Ski Team. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. degree in Economics magna cum laude.[1] Faber is best known for the Gloom Boom & Doom Report newsletter and its related web site featuring "Dance of Death" paintings created by Kaspar Meglinger. During the 1970s Faber worked for White Weld & Company Limited in New York City, Zürich, and Hong Kong.