- Prison Planet.com - http://www.prisonplanet.com -

Bailout Would Only Prolong Crisis: Jim Rogers

Posted By admin On October 1, 2008 @ 10:38 am In Money Watch | Comments Disabled

CNBC [1]
Wednesday, October1, 2008

The $700 billion bailout package that Congress is scrambling to pass will only prolong economic woes, legendary investor Jim Rogers, CEO of Rogers Holdings, told CNBC on Wednesday.
“History shows these plans don’t work. What does work is to let the market clean itself out,” Rogers told “Worldwide Exchange”.

Federal Reserve Chairman Ben Bernanke, like his predecessor Alan Greenspan and together with Treasury Secretary Henry Paulson have been intervening in the markets and preventing them from acting naturally, he added.

“Capitalism is where the market does its work. These guys, for the last 8 to10 years, have refused to let the market do its work to clean itself out,” Rogers said.

Bernanke and Paulson, have been “dead wrong” for the past two years for telling the public that overall the US economy was fine, “why would anybody listen to them?,” he added.

(ARTICLE CONTINUES BELOW)

Rogers cited the examples of Russia and South Korea, both marred by crises toward the end of the 1990s, and which afterwards enjoyed years of rapid growth.

“You let things collapseā€¦and you have a clean growth afterwards,” he said.

FULL STORY CLICK HERE [1]


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/bailout-would-only-prolong-crisis-jim-rogers.html

URLs in this post:

[1] CNBC: http://www.cnbc.com/id/26969555

[2] ‘I Expect a Currency Crisis or Semi-Crisis’: Jim Rogers: http://www.prisonplanet.com/i-expect-a-currency-crisis-or-semi-crisis-jim-rogers.html

[3] Another Bottom for Stocks Coming: Rogers: http://www.prisonplanet.com/another-bottom-for-stocks-coming-rogers.html

[4] Gold Will Hit $2,400 Bubble: Jim Rogers: http://www.prisonplanet.com/96809.html

[5] Dollar’s Days Numbered, Buy Commodities: Jim Rogers: http://www.prisonplanet.com/dollars-days-numbered-buy-commodities-jim-rogers.html

[6] Oil at $200, Stocks Can Keep Rallying: Jim Rogers: http://www.prisonplanet.com/oil-at-200-stocks-can-keep-rallying-jim-rogers.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.