Posted on 10/10/2008 11:49:20 AM PDT by maccaca
Markets do not trust the governments' plans to keep struggling banks alive and investors will only calm down when the companies with bad assets are allowed to go bankrupt, legendary investor Jim Rogers, CEO of Rogers Holdings, told CNBC on Friday.
"The way to solve this problem is to let people go bankrupt," Rogers said.
... The current rescue plans, which will force governments to issue more debt, print money and flood the markets with liquidity, will flare up inflation after the crisis is over and will create worse problems, Rogers warned.
"We're setting the stage for when we come out of this of a massive inflation holocaust," he said.
... We had the worst excesses we had in credit markets in world history. We're going to have to take some pain," Rogers said.
"Many people bought 4-5 houses with no money down and no job… you think we'll just say well, that's too bad, we'll start over and nobody loses their job? Be realistic."
People should not look to the upcoming G7 meeting with the hope that the leaders of the strongest economies will find a solution.
"What they (G7 leaders) need to do is go down the bar and leave the rest of us alone," Rogers said.
What about all the people in countries that minded their manners, saved their money, didn't get overextended and now all of a sudden they're being asked to bail out a bunch of guys on Wall Street who were incompetent at best and some of them crooks?"
"I thought it outrageous that anybody has to step in a bail out a bunch of 29 year olds driving Maseratis," he said.
Ask Jimmy Rogers how his long China an long commodities positions are doing.
Don’t “kill the bailout” (which it ISN’t)....world monetary markets need calm...not a “do-over” by the US.
Buearecrats can be fixed in good time... Now is the time for calm.
He is wrong. The Fed will WITHDRAW the liquidity as the market stabilizes. This is the kind of stupid professing that really damages the markets.
Is Rogers a pal and or business partner with soros? ....I don’t know, but I heard he might be.
Oh...plenty WILL go bankrupt...he’ll get his wish.
IS THIS THE SAME JIM RODGERS WHO USED TO BE WITH C.D. & R. Who has run many companies into the ground.
When the rob Peter to pay Paul - you get the vote of Paul
Very few, not many.
yep!
Rogers is a self centered jerk. When he says something, it is for his benefit, not others.
He used to be a partner in Quantum with George Soros.
Everybody get down on the floor and remain calm and nobody will get hurt.
That line about 29 year olds in Maserati’s is so much fantasy. Illegal Aliens buying homes thanks to Jimmy Carter and Bill Clinton, put into overdrive thanks to Barney Frank and Franklin Raines, then turbocharged with Investment Bank leveraging caused this problem. And we ain’t done yet.
saying it louder...doesn’t make it right....
now is the time to CALM world markets...not rile them up again.
I agree. Now is the time. Calm world markets by killing the bailout.
yeah...I had to laugh at that....there’s no doubt that a bank-robbery is taking place....but after they’re gone....we’ll send in the Marshall...hope we have McCain in that role...he’s always hated “Pork”....
"Very few, not many."
Well there was that Congress women from Sacramento CA. LOL, A Democrat of course.
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