Jim Rogers: We Need More Lehmans

the Financial Times ^ | Sep. 10, 2009 | John Carney

[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,"

[george76]

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.

http://www.ft.com/cms/s/0/15030bea-9d6a-11de-9f4a-00144feabdc0.html?nclick_check=1

[Nervous Tick]

Not just financial companies, either.

GM and Chrysler ought to be liquidated in bankruptcy too.

[bankwalker]

Unfortunately, over 90% of Americans are economic illiterates and won’t understand any of this.

[irish guard]

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.....

[org.whodat]

Over the past 20 years Messrs Greenspan and Bernanke and Henry Paulson introduced crony capitalism to the West which is leading to a lost decades.

[bankwalker]

except it put us and teh rest of the world on the brink of global financial collapse.

BWAA HAAA HAAAA . . . If that's what you choose to believe ... LOL

[M. Espinola]

"Letting Lehman fail was perhaps the only thing governments have done right during this whole drama,".

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'.

'Timmy here has the same banking friends who gave me this job'

The public is being set up for the 3rd banker 'bailout' by Obama Inc.