"What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent. What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics." -Jim Rogers, Jim Rogers Calls Most Big US Banks "Bankrupt"
The current economic and political system makes me so unbelievably angry.
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This time, the problem is that most people are at least partially affected, even the competent ones. Also, the failing institutions are absolutely gigantic. Small groups of competent people, even the richest ones, can't pull off a buyout or leveraged buyout this time around.
Ben,
What's going on up there???
Canada to help bail out Big 3 automakers: report
http://www.marketwatch.com/news/story/Canada-help-bail-out-Big/story.aspx?guid={BD3E0AB8-1311-4A4A-9AC3-9D099654B350}&dist=hplatest
Hey Ben, I'm angry too. Who's to blame for the Canadian auto bailout? Who should I contact to complain? I want to let those politicians responsible know that I will never vote for them in their UAW sponsored campaigns.
has chapter 11 restructuring become passe? big 3 auto co's timing for begging for a bailout (loan) just happens to coincide with Paulsons bailout request of 750 billion for finance institutions, which has actually grown to over 7 trillion, with no upper limits? this is indeed a trainwreck. there will still be layoffs at the big three even if the big 3 get a loan.
I smell a revolution amongst the populace! Bastille Day is coming!
I used the exact same sentence for a blog post of mine today with similar comments (in Italian).
http://castellidicarte.blogspot.com/2008/12/jim-rogers-quello-che-economicamente-e.html
That's how you turn a bad "recession" into a full blown "depression".
Guillotines, yeah!
Jim Rogers is so tiring. He sits in his ivory tower in Singapore and rants and raves about the injustices against the American people. But what has he ever done for this country and its citizens? Jack sh*t is what. He has for decades been riding the wave money resulting from the movement of good paying jobs from the US to Asia (often done thanks to tax breaks to US companies for such activities), laughing to the bank all the way. All the while Americans have run themselves deeper into debt to buy the junk now being shipped in from China. He may be correct per se in many of the things that he says, but he and much of the rest of investing class, are just as culpable in the destruction of the American industrial base which is now leading the country to the brink of ruin as the people in business and government he now calls incompetent.
Hi, you might be right about the bad economy and poor judgement, but what purpose does it serve to keep ranting about it now after the fact. We get it.
nice post!!
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