Jim Rogers tells CNBC to F* OFF

[bro59]

He's very sharp on markets.

His problem is with the Bottle. He never discusses Ethanol, its too close to home.

CNBC guy got his fight....and he lost.

 

[Ivanovich]

Yeah, back in October 2008.

Any reason you saw fit to resurrect such an old thread?

 

[piezoe]

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?

Makloda, what I find ironic in all this is that it was the Fed's NON-tampering, hands-off approach that led directly to the current financial fiasco. And yet we have all these calls for doing away with the Fed! Well had we really had a Fed that was doing its job of regulating the financial and mortgage markets we might have avoided most of the current mess --not all because we still are left with government fiscal irresponsibility. We don't necessarily need more regulations than we had during the early Greenspan years and before that asshole Gramm killed Glass-Steagall; what we need is regulators at the Fed and SEC who will do their job and regulate.

 

[turkeyneck]

 

[SkepticTrader]

Quote from Landis82:

It's questioned because there are people out there that worked closely with Rogers while he was at the Quantum Fund . . . and who were still at the Quantum Fund ( as traders ) well after Rogers had left. They ( and their contacts ) were privy to where people "cleared" their trades through. Rogers never showed up on the "radar" . . . anywhere.

I wouldn't be surprised one bit that he took his share of partnership money from Soros and put the money into bonds.

But let's face it.
The guy frequently appears in the financial media and NEVER EVER admits to having a losing trade in the last 27 years . . . To my knowledge, he is not managing OPM and his association with the Beeland Fund is in name only.

Rogers was a bear on US stocks during the entire decade of the 90s. He went negative on Japanese stocks in the mid 80s around 12000 just as they were about to soar to 38000. As a member of Barron's Roundtable his picks were always the worst as per a study done by Norman Fosback