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Jim Rogers on the plan

Sandhusker

Well-known member
The new financial rescue plan may not work and could even make things worse because it plunges the US further into debt and it is designed by the same people who failed to forecast the crisis and take measures, legendary investor Jim Rogers told CNBC Tuesday.

Treasury Secretary Timothy Geithner will unveil a long-awaited package of measures to help the financial sector at 11 am New York time.

But Rogers said Geithner, who was president of the New York Federal Reserve Bank, "has been dead wrong about everything for 15 years in a row," and so was President Barack Obama's economic advisor Lawrence Summers, who acted as Treasury Secretary at the turn of the century.

"It is mind-boggling to me," Rogers told "Squawk Box Europe."

"If I were on your show 15 weeks in a row and was wrong, you'd probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it's going to make it worse."

He said he was not contemplating investing into financials, as bankruptcies were still possible, and banks were still trying to find out how affected they were by the crisis.

"What's happening is they've all panicked, cutting back everything, trying to see what they've got," Rogers said.

Big companies such as AIG (NYSE:AIG - News) or Fannie Mae (NYSE: fnm) as well as other US banks don't know how to value their assets, he said.

"Everybody is frozen, trying to figure out ok, what are we worth, what do we do?"

In addition, the recent shifts towards protectionism are harmful, Rogers warned.

"This is very dangerous, that's what caused the great depression in the 1930s. If it happens again, then you'd better sell all the stocks, you'd better sell a lot of everything and bunker down," he said.

"We already have a lot of social unrest developing. If protectionism comes back, you'd better be really, really careful," Rogers added.
 

Tam

Well-known member
Fox says the markets are taking a hit because of Giethner bombing at his first Press Conference . Fox was noting about what was on Twitter and how Giethner's Credibility is so low they figure it is going to damage Obama's popularity. Not a good showing for a genius that is the only man smart enough for the job. :shock: :wink:
 

Sandhusker

Well-known member
Wall St. tanked because Geithner showed them that he doesn't really have a plan. It's all poke and hope (and spend, spend, spend) with this administration.
 

Mike

Well-known member
Fox says the markets are taking a hit because of Giethner bombing at his first Press Conference

Not only Fox news, but CNN & MSNBC said those same exact things.

When MSNBC says something negative about Obama, look out.
The world is coming to an end.
 

Tam

Well-known member
Mike said:
Fox says the markets are taking a hit because of Giethner bombing at his first Press Conference

Not only Fox news, but CNN & MSNBC said those same exact things.

When MSNBC says something negative about Obama, look out.
The world is coming to an end.

Wonder if Chris Matthews had a tingle going up his leg when he saw Turbo Tax Tim bomb and take Obama's creditability down with him. :wink:
 
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