SuperGenius Jimmy Rogers on the NEW bailout.

Quote from Joab:

Excuse me, but you don't have a clue what your talking about.

I've been trading for over 25 years and have studied the markets since the beginning of time.

Crashes and collapses are a necessary evil.

Without crashes and bankruptcies you don't have Capitalism you have socialism and if you think that is good then move up here to Canada for a few years and see for yourself how bad it SUCKS.
More...

I was sarcastic, Joab. :)
 
Quote from asap:

LOL

don't be so gullible. there is life beyond rogers worthless comments. no one will ever profit systematically from these calls, because, on average, only 50% are right... stop thinking about how much did he make as well. he made what he made and that didn't turn him into a genius. just a statistical outlier. his opinions are meant to recruit a legion of followers (typically social misfits and long time losers that need scape goats to justify their miseries), and to self-aggrandizement purposes. this is very important for him because he doesn't have anything else to do with his shattered life. so, provided that he makes many calls and many sensationalist claims, he is able to perpetuate his presence and get a sense of success that otherwise would never have.
More...

Give me a fucking break.

Rogers was right about Commodities, the Dollar, Investment Banks, Banks etc.

If he had mastered the lost art of trailing stops, he'd have made a shitload!

Calling fundamentals 3 to 10 years in advance takes an exceptional mind and mastery of economics.

Dude has hundreds of millions, if not Billions.

Proof is in the Pudding.

As for his personal life, how the fuck do you pretend to know anything about that?!

Now he's a one-time loser shilling his non-existent Beeland fund to "Con" unwitting investors?!

Yea, Right! LOL
 
Quote from gnome:

I think that's the BIG secret... They DON'T get paid out! That's because everybody is expecting to get paid by someone who can't pay because he can't get paid from somebody else.

Nobody set aside reserves to honor their obligations if called upon... they simply bought their own CDS to cover their liability.

I think this is what's behind all of these $Trillions in bailouts.... holders of CDSs are trying to shift the loss to the taxpayer... and there are some $50 Trillion of them around the world.

Of course, they won't tell us THAT! And perhaps the banks are blackmailing the Gummint, Treasury, Fed... saying, "Buy all of my crap paper or I won't start lending"... ??
More...

Oh, I completely agree!

But if Government underwrote the bad mortgages to begin with, all the CDS and derivatives on tranches, and by proxy, Corporate Debt, would have never come due!

Mortgage debt underlies the entire crisis. Mortgage default > Tranche Default > CDS Tranche Payout > Corporate BK > Corporate CDS payout.

Nip it in the bud, with backstopped Mortgages, and that whole negative feedback loop wouldn't happen!

That said, I think someone out there is MAKING A FUCKING SHITLOAD off the taxpayer.

I highly doubt EVERY BANK was net-short CDS.

Whoever went net-long - just a buyer - well, thats where our money is going.
 
Quote from jdeezero05:

While I was in favor of the original TARP and feel this last 800 billion out of a hat is getting out of control, I'm still not sure we would be better off with testing the limits of society by letting everything fail.
I think we easily forget how wealthy we are as a collective. A trillion dollars is alot of money but its still only 3k a head in the US if we set up a donation fund.
More...

Who says everything will fail?

Thats the con Job.

No, everything will not fail.

There are plenty of banks and finance companies that wern't heavy subprime or short CDS.

Those companies take-over from Citi, JP, Goldman, or whoever.

Thats it.

Yes, unemployment goes to 15%. But thats gonna happen regardless. Besides, we've got Unemployment Benefits. People won't starve. Its not the end of the world.
 
"Yes, unemployment goes to 15%. But thats gonna happen regardless. Besides, we've got Unemployment Benefits. People won't starve. Its not the end of the world."

not if the currency is worthless.
 
Quote from achilles28:There are plenty of banks and finance companies that wern't heavy subprime or short CDS.

Those companies take-over from Citi, JP, Goldman, or whoever.

Thats it.
More...
What about all (not just financial) companies that rely on short term financing via the commercial paper market (which came to a stand still)? Unemployment to 15% is one thing (bad enough, but we'd survive), LIBOR to 15% another (apocalypse).

Without a working commercial paper market you'd see tens of thousands of companies worldwide be unable to make payroll, pay suppliers, cancel orders etc.

1929 had treasury secretary Mellon propose "Let all the banks fail that need to fail, let's turn off the liquidity spigots, let's get speculation and excesses out of the system." Today we have Jim Rogers saying the same BS. Didn't he say doing the same thing and expecting different results is insanity?

http://en.wikipedia.org/wiki/Andrew_Mellon

Many economists today (such as Milton Friedman and Fed Chairman Ben Bernanke, to give two prominent examples) partially attribute the collapse of the American banking industry to the popularity among Federal Reserve leadership of Mellon's infamous "liquidationist" thesis: weeding out "weak" banks was seen as a harsh but necessary prerequisite to the recovery of the banking system. This "weeding out" was accomplished through refusing to lend cash to banks (taking loans and other investments as collateral), and by refusing to put more cash in circulation.
More...
 
You must log in or register to reply here.
Back
Top