Jim Rogers tells CNBC to F* OFF

[W4rl0ck]

Rogers is smarter than Einstein.

He may be the smartest being in the entire universe that wears a bow tie.

 

[pismo10]

Quote from hughb:

WTF???? I never watch CNBC, but now I see why so many people complain about it. I had to turn that video off after 2 minutes. That was by far and away the worst interview I've ever seen by a "professional broadcaster". He knew damb good and well what Rogers meant by "bankrupt" and he's nitpicking at it like some doofus elementary school valedictorian who keeps getting beat up on the playground.

That's the way most of the interviews go. Have to create drama somehow....

 

[Daal]

In the interview rogers was sorta endorsing that the fed should have pumped liquidity in the 30's to prevent failures based on friedman's work. now if he were to read friedman works a bit further he would realize that milton endorsed the 30's RFC, which is what the paulson plan does(equity into banks)

 

[rodmike9]

Quote from makloda:

From what I gathered in all these Rogers interviews he proposals include

a) Dissolve the Federal Reserve with immediate effect. Bernanke should resign.
b) If a bank or any other company fails, so be it. No bailouts, ever. This would help "clear out the system" asap so "we can start with a clean base".
c) Let the market forces deal with any problems. No regulation needed. Markets are self-correcting and always efficient according to Rogers.

You know, for all I know we could right now be drifting into Great Depression #2 right now. But with all the action by global Central Banks and Governments at least there is a faint chance of avoiding the severity of an outright Depression (-10% GDP) and it might end up 'just' being a nasty, long recession and lengthy period of readjustment.

But with Rogers convoluted ideas of libertarian free market ideas there is no doubt whatsoever we'd already be in the middle of Great Depression #2 right now, complete with a total freeze of the global banking system, corporate short term debt market completely disfunctional for months or years, thousands of bank failures, bank run panics worldwide etc.

If Rogers at least was honest on TV and said "Look, I want the Fed dissolved, I want them to stop tampering with the system. This will likely cause a Global Depression and panic-induced bank runs, GDP will shrink 15%, Unemployment in the US will goto 15% but it's necessary to heal our economy in the long term".

Why can't he spell it out like that? The truth hurts too much?

WOW

Still brushing up on that macro econ theory?

 

[Raptor Deus]

Quote from Daal:

In the interview rogers was sorta endorsing that the fed should have pumped liquidity in the 30's to prevent failures based on friedman's work. now if he were to read friedman works a bit further he would realize that milton endorsed the 30's RFC, which is what the paulson plan does(equity into banks)

http://online.wsj.com/article/SB122428279231046053.html?mod=djemEditorialPage

 

[turkeyneck]

Quote from hughb:

WTF???? I never watch CNBC, but now I see why so many people complain about it. I had to turn that video off after 2 minutes. That was by far and away the worst interview I've ever seen by a "professional broadcaster". He knew damb good and well what Rogers meant by "bankrupt" and he's nitpicking at it like some doofus elementary school valedictorian who keeps getting beat up on the playground.

That's CNBC Europe. Wait till you see those morons at CNBC US. They'll make you want to pull your hair out.

 

[TraderJoe08]

Quote from makloda:

LOL that's a great video.

Rogers finally gets called on his "Just let all the banks fail, stop bailing them out" BS and then the next second says the "the Great Depressoin was caused by bank runs where people pulled all their deposits from banks".

What a tool.

Milton Freidmans wife had an article on bloomberg. It's 100% spot on.

Let those shitty banks with shitty balance sheets fail. Period the end.

It's amazing how many people can not think objectively during volatile times. I still can't believe how many complete morons we have in office that are "ivy league" educated. Man i was ignorant to that for a long time.

Also Rogers has great ideas but his timing is terrible. So if you're a good trader he is extremely valuable.

 

[number22]

Quote from W4rl0ck:

Rogers is smarter than Einstein.

He may be the smartest being in the entire universe that wears a bow tie.

I am Jim Rogers supporter. But you know who else wears a bow tie?

Joker; and Clown.

On the other hand: Maestro

 

[jficquette]

Quote from Daal:

In the interview rogers was sorta endorsing that the fed should have pumped liquidity in the 30's to prevent failures based on friedman's work. now if he were to read friedman works a bit further he would realize that milton endorsed the 30's RFC, which is what the paulson plan does(equity into banks)

The reasons for bank failures are different between now and then.

In 1929 is was runs on banks. In 2008 its massive mal investments by banks.

Ok to help banks when they are victims of mania but not ok when they fail because of incompetence.

That was the point Rogers was making but it went over the guys head.

 

[Muddy Farmer]

Here's how to fix the crisis: let the CNBC journos run the Fed, Treasury and White House.

They're the smartest guys in the room.

They'll know what to do.