Marc Faber: “I think a lot of banks are already bankrupt”

“I think a lot of banks are already bankrupt.” “And a lot of insurance companies and financial institutions, but they hide their rotten assets in level three asset categories, where you don’t need to value them.”

“I think the financial sector by and large has much larger problems than is perceived by the investment community. The stock market to some extent is telling you that, is giving you the price signals.”

Street Talk, 10 Jul 2008

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