Jim Rogers totally fires off on CNBC’s market cheerleaders. Watch this spectacular video:
Most notable quotes:
“if you’re blaming all this on short sellers, then you should have another job.”
“last weekend we doubled the national debt”
the first quote he was responding to a comment by Bertha Coombs of CNBC, but this comment could easily apply to SEC Chairman Christopher Cox, a majority of our Congressmen, the President, the Treasury Secretary and Ben Bernanke. Of course I think these are smart people, so perhaps this whole bailout of Fannie and Freddie, banks, brokers, foolish home “overbuyers,” as well as blaming the bogeymen (short sellers, “evil” hedge funds, etc) for all of our problems are just smokescreens to try to prevent a recession (or worse) during their watch.
Just a hint – not going to happen. Why? Let me count the ways:
1. enormous federal debt FINALLY coming home to roost
2. said enormous debt handcuffs us – if rates go up, then our interest cost (already about 20% of our annual budget) goes wildly HIGHER
3. Foreign governments stop buying our debt – then we really have to balance the budget! (omg as the teens would say)
4. House prices are still too high on average for the AVERAGE person to buy them – this is still an overpriced market and with rates rising, prices will drop further
5. More banks will fail and can not be bailed out – when your assets are not worth much, you go bankrupt.
6. US is in a recession headed for a possible depression (I’m not a negative person, just a realist – I am a big fan of my country but not the clowns running things and I can’t seem to do anything about it because my fellow citizens keep re-electing said clowns to higher office)
7. Our dollar is plummeting – foreign countries decreasing our debt purchases, low interest rates, and low confidence in our economy by world markets are increasing costs to the average American exascerbating points2,3,5,6 above
8. I’m tired of writing all these – but let me call again for TERM LIMITS. For some reason, in my opinion, we don’t attract the most talented, magnanimous people to political office. When you have term limits, you can help ensure that your elected leaders are not making decisions to create short term happiness in order to stay in office – right???
I’m finally reading the biography of John Adams by McCullough (see Yale review here). Being a big fan of history (it was one of my majors at Tufts and is an excellent educator), I have read a lot of bios and reading Adams, I sincerely wish our leaders loved our country as much as he did – and it’s not that I agree with every decision Adams made, but he had principles and thought he was doing the right thing – and he would have abhored the seemingly lifetime appointments our politicians get – and the apathy of the average person today would have also drawn his ire.
Just some thoughts to ponder…Jim Rogers cares about the USA – which is why we see him on TV more over the past 2 years than in the previous 20. He was George Soros’ partner in the 1970’s and made HUNDREDS of millions of dollars by age 37 in 1980. I’m sure he would have preferred the quiet lifestyle and he certainly doesn’t need the money. I appreciate these folks who are stepping out there, people like Rogers and T. Boone Pickens who, though they don’t need more money, get out there and take action for our country. Too bad no one is listening.
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