Rogers Says U.S. Should Let Banks Fail, Clean Out System

Rogers Says U.S. Should Let Banks Fail, Clean Out System

Sept. 30 (Bloomberg) -- Jim Rogers, chairman of Singapore-based Rogers Holdings, talks with Bloomberg's Carol Massar and Erik Schatzker from Frankfurt about the proposed $700 billion bank rescue package, his position that allowing banks to fail will provide a necessary cleansing of the financial system, and investment strategy.
"Clowns" in Washington doing "wrong thing."
Consequences of not implementing rescue plan0
Criticism of Paulson, Bernanke, Tim Geithner
Rogers' strategy: "sitting and watching"
Rogers' plan to "sell" rally if plan passes

Running time 07:50
Last Updated: September 30, 2008 08:09 EDT

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tjhinkh 01/10/2009
By rescuing Wall Street, the recovey period will be longer. History have shown that in 1970
Wall Street was bailed out and the 1970 went through terrible times. Japan bail out their
banks in 1990 and the are still talking that 1990 is a lost generation.
But Korea and Russia just let it fail and pubish those people that did wrong. They have
a recession for a year or two and they are now a thring nations.
If the US government bail the market, there will be a rally and Jim is planning to short it
in the future. One week, one month or one year later.