Going back to the time of former Fed Chair Arthur Burns, Jim Rogers said the idea he had that nothing should be allowed to fail is rearing its head again in the current economic climate in Washington.
Further, Rogers called the bailout plan by Treasury Secretary Henry Paulson "astonishing, devastating, and very harmful for America."
Newt Gingrich concurred saying, "I think you have a Goldman Sachs chief of staff to the President and the Goldman Sachs secretary of the Treasury, and they convinced the President that the American people ought to send $700 billion to Wall Street.
"I think it's a very, very bad idea, and I would argue a very un-Republican idea. I don't understand what they think they're doing."
Rogers added that it's "embarrassing" to watch the scenario unfold, as it reveals how little not only the Bush administration misunderstands economics, but both presidential candidates as well.
As far as Rogers' investments, he's been moving money back into Chinese stocks.
No comments:
Post a Comment