Wednesday, October 01, 2008

Jim Rogers to Bloomberg: "let banks fail"

Jim Rogers appeared on Bloomberg TV yesterday to denounce the Treasury's $700 bailout bill that was voted down Monday in the House.

If you didn't happen to catch this in yesterday's post on the bailout madness, we're posting it right here, front and center.

From what I hear and read, it seems that a great many Americans are confused about the merits of this proposed bailout package, and why it is supposedly needed. This is no surprise given the dearth of intelligent reporting on this issue.

So for those who would like a brief, simplified explanation of what is likely to happen as a result of these proposed bailouts, we offer you Jim Rogers' take:

"This is terrible for America and for the world. Why should 300 million Americans bail out a few thousand people in the financial community? I just don't understand this. Taxes will go up, interest rates will go up, inflation will go up, the US dollar will go down...why is this good for the world?"

To hear Jim's response to questions about what will happen without a bailout for the financial firms, have a look at the Bloomberg clip above. If you like what you hear, pass it on to your friends who would like an honest, rational explanation of this issue.