Maria Bartiromo recently interviewed legendary investor Jim Rogers on the financial crisis. He makes several great observations: Freddie Mac makes Enron’s accounting look honest… Obama is clueless… let bankrupt companies go bankrupt…
He has many other good observations, including:
“What would I like to see happen? I’d like to see them let these people go bankrupt, let the bankrupt go bankrupt, stop bailing them out. There are plenty of banks in America that saw this coming, that kept their powder dry and have been waiting for the opportunity to go in and take over the assets of the incompetent.
Likewise, many, many homeowners didn’t go out and buy five homes with no income. Many homeowners have been waiting for this, and now all of a sudden the government is saying: “Well, too bad for you. We don’t care if you did it right or not, we’re going to bail out the 100,000 or 200,000 who did it wrong. I mean, this is outrageous economics, and it’s terrible morality.”
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