Rogers is not who he presents himself to be on CNBC . . . Ever notice how he has NEVER had a losing trade? That's because he does not TRADE. Period.
he didn't say let all the banks fail.what he said was let the incompetent banks fail so the competent institutions will prevail Its called economic DARWINISM cheers john
I used to believe that he did not trade either. His statements to the media, in all forms, newspapers, televisiong, etc., seemed to indicate he would have been banrupted several times over if he was actually trading his words. But we know from the Refco fiasco that he had an account there, and nobody had a reason to have an account with Refco unless they were trading. His words in the media were either misleading, or he has an endless supply of cash to burn through.
His name is attached to a commodity fund as a General Partner in NAME only. In fact, the fund "Beeland" actually sued Rogers at one point last year I believe. Walter Price is the CEO of Beeland Management Company, the operator of the Rogers International Raw Material fund and the Rogers Raw Materials Fund. Again, I believe that Rogers' name was used for "marketing" purposes ONLY! http://members.forbes.com/forbes/2006/1030/044a.html
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?
Jim looked like he had a few under the belt.. or he is sick, or both. I hope he hasn't lost too much, like the KK guy with FORD and GM. Yes, he lost much, he said he holds "oil"
you know, all those humanity things are against the nature why zoos sometimes bring wild animals to refresh blood? because animails stop look like real wild animals just after 3-4 generations without allowing to fail there won't be future growth rewarding failure is the shortest way to collapse
Excellent point. But he will never say that because he will be "pinned" into a corner and everyone will remember him as the "Boy Who Cried Wolf" when the economy was able to avoid the Great Depression #2. He's more concerned with "looking like" he is RIGHT, than being honest. It's all a marketing parade for Jim. And it's always on CNBC. Ever notice that?