U.S. President Barack Obama is a “moron” charges Howard Davidowitz, head of one of the most successful American retail investment companies.
A favored guest of the Daily Ticker financial platform, he told the interviewer that President Obama’s spending is going to cause a bust in the dollar that will result in a stock market crash of 50 percent from current levels.
Davidowitz, who previously has called Obama the “worst president” in American history, declared, "The government has gone mad and they are spending us into oblivion. The only who is going in this lunatic direction is Obama."
“When companies get into financial trouble, they usually fire current management, analyze and streamline their operations, and restructure their debts,” Davidowitz explained. “America is currently in financial trouble, but the only step in the turnaround process that we seem to be capable of taking is firing current management [recent midterm elections]. After that, it's just finger-pointing and bloviating and business as usual.”
He said that that the tax cuts instituted by then-president George W. Bush, whom he also thinks was "an idiot," should be eliminated, and that spending on Medicare and the military must be cut.
Davidowitz said his plan would hurt the economy but only in the short term, while preventing a long-term financial catastrophe.
In the meantime, he recommends buying commodities, high-dividend stocks, gold – real gold – silver and diamonds. “The key is the dollar. Everything you have is in dollars. I am telling you the dollar has never been at greater risk. “