Is this why Jim Rogers left Quantum? Rogers: "let the free market work" Soros: "Governments need to intervene." Rogers: "commodities are not a bubble." Soros: "commodities are a bubble." Rogers: "I'm long airlines." Soros: "I'm short airlines." etc... They must hate each other badly.
Its very likely that Rogers got out of the quantum because of their differences regarding free markets and uncertainty. Soros said that his ex-partner "had no problem seeing the flaw in others but couldn't see his own's" or something to that effect
I think it was simpler than that. Rogers' personality isn't exactly something pleasurable to be around.. If you've made billions, why have work partners that make life miserable? Maybe the answer is that Soros wasn't enough of a masochist.
The only way paulson could have saved lehman was to use the $50b treasury currency stabilization fund. So they would have to argue to congress that they bailed out lehman because they were worried about the dollar. Imagine what kind of political dynamite would that be, the same people ripping paulson now would say he is a criminal helping his friends in wallstreet. I bet that blogger Felix Salmon would have shred paulson to pieces if he had done that, of course since he let LEH go, he now shreds him to pieces by calling him irresponsible and other names
How is that? You don't subscribe to the Soros is evil mantra? Also, did you know you can mail Mr Rogers and he replies to most of these mails personaly? Not exactly the acts of an asshole, no? I've been thinking about mailing him but I don't have anything interesting to ask him other then what his thoughts are on the price of gold.
What is interesting to consider is if Lehman had been bailed out and its assets insured, would there still have been pressure on other banks/etc to open the trap door to the black hole of self reinforcing spiral that we're in right now... I think so. In the end, the timing may have been slightly different but the consequences ultimately the same. Even if they had bailed out everyone superfluously, it would have been something else to unhinge.. ie the dollar..
The "real question " which has not been posed to Soros is exactly what instruments were used in order for him to earn over $3 Billion and just what methods were utilized.... Case in point.... Let's say one is looking for "vulnerable" securities.... What would the likely outcome be if one had access to $billions and utilized these funds to "naked short sell" relatively illiquid securities ? What if one knew that a 5% move downward of these instruments would cause utter panic as well ? "All is fair" right ? Even though there were no "current rules" against the practice ? And that the outcome would be devastating to many "innocent victims " ? Perhaps this is where Rogers drew the line in the sand.... ........................................................................... However one must view the "Oil Futures " speculators no differently.... Cramming 4x or better the actual market size on the paper demand side.....which in turn created misery and poverty for millions throughout the world....for the benefit of the likes of Harvard, Blankfein, Mack...etc.... F'em all.... May they get their due.... .................................................................... There are regulations..... And there are regulations..... Too many irresponsible, blind, and greedy assholes are around.... There is speculation....and there is speculation....
I like Soros, just same as Rogers, both are talking frankly and less PR trash, however I don't agree his approach in East European by supporting color revolutions. And I always suspicious about if he wasn't doing that in Eastern European, he can't be serious critical on Bush's agenda, and therefore, helping government in different way without facing problem of SEC or IRS raiding his offices. Maybe he is the other tool, just like Buffet.
Perhaps Mr. Soros and Mr. Obama planned this whole crash and burn scheme together. Mr. Obama will start talking positively about the economy once George gives him the nod that he has covered his short positions.
Coudln't agree more. If it wasn't LEH the 'fear contagion' would have been triggered by something else So even though it was probably a mistake to let them go it turned out not to be that big of a deal in terms of counterpary risk,cds etc. The money market fund that broke the buck was invested in corporate assets, it would break that buck anyway as the government wouldn't be able to bailout everyone. Plus it took two days for the government to insure the whole thing and solve the problem Peoples moods were already just looking for an excuse to pull back big, leh was the perfect excuse. Pabst prime was making the point the LEH made no difference to the avg person back during the BK, turns out that was correct, its only when people used that as an excuse to stop taking risk/spending that things became bad