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Wednesday, February 11, 2009

Jim Rogers: Geithner clueless (Bloomberg TV)

Jim Rogers joined Bloomberg TV to discuss the Treasury's bank rescue plan, confirming the Wall Street consensus that Tim Geithner's proposal is a bomb.

Rogers heaps scorn on Treasury Secretary Geithner, citing Geithner's role in fostering the financial crisis in the first place, and his efforts in crafting TARP and other "absurd bailouts" last year. He says Geithner "has never known what he's doing", and this is something that everyone (including President Obama) will soon find out.

Once again, Jim points out that America is making the same mistakes Japan made in the 1990s, and that efforts to prop up the banks with "government money" will prove disastrous. Press play and we'll let JR tell the rest.

Related articles and posts:

1. Marc Faber speaks with Bloomberg TV about bailouts - YouTube.