Friday, March 27, 2009
Jim Rogers' Interview
"In 1970 a young Wall Street named Jim Rogers hooked up with George Soros to start the legendary Quantum Fund. ... He has harsh words for former Fed chairman Alan Greenspan, suggests President Barack Obama and his economic team are not up to the task, and think tough love is the answer for America. ... It's pretty embarrassing for President Obama, who doesn't seem to have a clue what's going on--which would make sense for his background. And he has hired people who are part of the problem. ... These are the people who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans. ... What would I like to see happen? I'd like to see them let these people go bankrupt, let the bankrupt go bankrupt, stop bailing them out. ... They all took huge, huge profits. Who was the head of Citigroup? Chuck Prince? I mean, how many hundreds of millions of dollars did other Citibank executives take out of the company? ... Look at the guy at Fannie Mae, Franklin Raines. He did worse accounting than Enron. Fannie Mae and Freddie Mac alone did nothing but pure fraudulent accounting year after year, and yet that guy's walking around with millions of dollars. What the hell kind of system is this? ... But I really think agriculture is going to be the best place to be. Agriculture's been a horrible business for 30 years. The people who produce real things [will now be on top]", Maria Baritromo interview of Jim Rogers at Businessweek, 9 March 2009.
I don't know if agriculture will the "best place to be", but it will be a lot better place than Wall Street.