From Mister Rogers Neighborhood
Jim Rogers, 65, said in an interview from Singapore:
I don't know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae.
So we're going to bail out everybody else in the world.
And it ruins the Federal Reserve's balance sheet and it makes the dollar more vulnerable and it increases inflation.
These companies were going to go bankrupt if they hadn't stepped in to do something, and they should've gone bankrupt with all of the mistakes they've made.
What's going to happen when you Band-Aid and put some Band-Aids on it for another year or two or three?
What's going to happen three years from now when the situation's much, much, much worse?
They're ruining what has been one of the greatest economies in the world.
(Bernanke and Paulson) are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this."
FYI: Rogers said he had not covered his short positions in Fannie Mae and would increase his bet if it were to rally.
Last November 8th, Rogers urged investors to divest their dollar holdings and criticized Bennie & The Fed's congressional comments regarding debauchery...
"He is a total fool. He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified."
Bernanke said: the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars,
"would be their buying powers, it makes imported goods more expensive."
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up. That affects you.
He doesn't understand the economy as far as I can see. If you have dollars, I urge you to get out."
Hattip to Bloomberg here and here.
I don't know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae.
So we're going to bail out everybody else in the world.
And it ruins the Federal Reserve's balance sheet and it makes the dollar more vulnerable and it increases inflation.
These companies were going to go bankrupt if they hadn't stepped in to do something, and they should've gone bankrupt with all of the mistakes they've made.
What's going to happen when you Band-Aid and put some Band-Aids on it for another year or two or three?
What's going to happen three years from now when the situation's much, much, much worse?
They're ruining what has been one of the greatest economies in the world.
(Bernanke and Paulson) are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this."
FYI: Rogers said he had not covered his short positions in Fannie Mae and would increase his bet if it were to rally.
Last November 8th, Rogers urged investors to divest their dollar holdings and criticized Bennie & The Fed's congressional comments regarding debauchery...
"He is a total fool. He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified."
Bernanke said: the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars,
"would be their buying powers, it makes imported goods more expensive."
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up. That affects you.
He doesn't understand the economy as far as I can see. If you have dollars, I urge you to get out."
Hattip to Bloomberg here and here.
Comments