Rogers is smarter than Einstein. He may be the smartest being in the entire universe that wears a bow tie.
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)
That's CNBC Europe. Wait till you see those morons at CNBC US. They'll make you want to pull your hair out.
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.
I am Jim Rogers supporter. But you know who else wears a bow tie? Joker; and Clown. On the other hand: Maestro
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.
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.