Friday, February 13, 2009

Rogers Renews Bets
U.S. Stocks Will Slump

by Chen Shiyin and Lori Rothman - February 11th, 2009 - Bloomberg News

Jim Rogers, chairman of Rogers Holdings, said he renewed bets that U.S. stocks will drop as the government’s economic revival plan is a “disaster.”


[Treasury Secretary Timothy] Geithner is attempting to revive a U.S. banking system throttled by $756 billion in credit losses and an economy that lost almost 600,000 jobs last month. His new approach comes four months after the start of the $700 billion so-called TARP, the Troubled Asset Relief Program, which both Democrats and Republicans have criticized as ineffective.

“He caused the problem all last year,” Rogers said on Bloomberg Television. “He came up with TARP, and he came up with all these absurd bailouts. Mr. Geithner has never known what he is doing. He doesn’t know what he is doing now and pretty soon everybody is going to find out, including Mr. Obama.”

This is probably as hostile a criticism as you will find of the Magic Marxist Messiah's Treasury Secretary, but Rogers is not the only person who is convinced tax-cheat Geithner is over his head.


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