Monday, March 16, 2009

An educational 30 minutes

I know my drumbeat of bearish news probably gets old, but if you can stomach it, I strongly recommend this interview with Jim Rogers. He pretty much echoes my read on the situation (or probably more correctly considering his stature, I have been echoing his read).

You'll notice he thinks the bailouts are as damaging as I do. I'll go a bit further and tie in the recent infuriating news about AIG. If AIG had been allowed to die as it should have, none of those bonuses would have been paid, nor would we have the spectacle of taxpayer money flowing to banks, both domestic and more troubling, foreign.

The bailouts need to end. Insolvent banks need to die. Insolvent insurance companies need to die. Insolvent auto companies need to die. A recession is capitalism's natural way of clearing out the dead wood. The longer we wait to allow that to happen, the bigger the final inferno is going to be.

1 comment:

Restless Native said...

Hello? Hell-oooo? I know I am the only feminine hygiene product that works in that industry, but I have been hotting and hollering (perhaps not in this forum, I am remiss) but these pieces of garbage should feel the burn,