Skip to comments.Jim Rogers: We Need More Lehmans
Posted on 09/10/2009 8:43:44 AM PDT by george76
"Letting Lehman fail was perhaps the only thing governments have done right during this whole drama,".
Rogers argues that the government's actions to rescue Long Term Capital Management ten years ago created systemic risk based on the assumption that the government would ride to the rescue.
"Had the central bank allowed the failure of Long Term Capital Management to run its course, Lehman, Bear Stearns, et al would still be here,"
(Excerpt) Read more at businessinsider.com ...
Over the past 20 years Messrs Greenspan and Bernanke introduced crony capitalism to the West which is leading to a lost decades.
Market fundamentals are that failures should collapse and be replaced by creative new forces rather than being propped up as zombies.
Not just financial companies, either.
GM and Chrysler ought to be liquidated in bankruptcy too.
Unfortunately, over 90% of Americans are economic illiterates and won’t understand any of this.
sure...except it put us and teh rest of the world on the brink of global financial collapse. Other than that, I’m all for another three or four of those things.....
BWAA HAAA HAAAA . . . If that's what you choose to believe ... LOL
The only thing -- however it proves these sharks will sell each other out if the price is right. Citibank, Chase, Wells Fargo, Bank of America, Goldman Sachs and the rest of the big banking crooks should have gone down the drain coupled with being fully prosecuted for ruining the economy, and never simply handed billions & trillions in tax dollars, while millions of tax payers lost & continue losing their jobs, as the insider banking CEO's greatly enriched themselves even further via the so-called 'bailouts', along with ongoing, excessive 'banking fees'.
The public is being set up for the 3rd banker 'bailout' by Obama Inc.