Saturday, August 30, 2008

Jim Rogers says Let Freddie and Fannie Fail.

In an interview with CNBC, Jim Rogers opined that Freddie Mac and Fannie Mae should be allowed to fail and that recessions were a way of clearing out the bad so that the good can remain. He feels that using bad debt to provide safety nets for the people will only worsen the situation that America was in. He said that the big players in Wall Street should be allowed to fail to safeguard the long term interests of 300 million Americans.

Other points that Rogers brought up are that investment bankers have been going bankrupt over the years.... 29 year olds are driving around in their Maseratis in Wall Street...Why should 300million Americans be made to pay off $6 trillion dollars of debt that they did not incur?

Jim Rogers also does not entirely agree with China's $54billion stimulus package. He feels that to tackle inflation, they should be looking at other ways such as deregulating their currency.

When asked about the 2 presidential candidates Barrack Obama and John McCain, Rogers replied that both of the candidates did not know enough about economics and currency markets. He said that though it might be a better time in this 4 years, America and the rest of the world will be worse off in 4 years.

Jim Rogers whose full name is James B. Rogers, Jr. (born October 19, 1942) is an American investor and financial commentator. He is co-founder, along with George Soros, of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI).

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