Over the weekend the Daily Newscaster wrote about how the government taking of the U.S. mortgage market was a move toward socialism for the purpose of benefiting the rich and powerful who control Washington D. C. Well known fund manager Jim Rogers goes on step further.
Jim Rogers says, “America is more communist than China is right now,”
Rogers told CNBC’s “Squawk Box Europe”, “You can at least have free markets in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. Its bailing out the financiers, the banks, the Wall Streeters.”
The Rogers Holdings CEO had little confidence that Democratic presidential nominee Sen. Barack Obama, Ill., or Republican vice-presidential nominee, Alaska Gov. Sarah Palin, would be able to do anything to steer Fannie or Freddie on a more stable path.
“This is a big huge mess and neither one of them has a clue as to what to do next year,” Rogers said. “Bank stocks around the world are going through the roof, that’s because they’ve all been bailed out. You don’t see the homeowners in Kansas going through the roof because they’re not being bailed out.” , Said Rogers.
Side Note: The financial fraudster and clown Jim Cramer host of CNBC’s “Mad Money” Called the bailout, “a homerun plan” on MSNBC’s program “Morning Joe.”
IndyMac Bank transfered all operations to the FDIC last Friday, the 32 Billion dollar bank was headquartered in Pasadena, California.
The Office of Thrift Supervision has determined that IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition.
The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
IndyMac collapsetriggers dollar decline - “The dollar slipped a bit Monday after ailing mortgage lending giant Freddie Mac’s regularly scheduled auction highlighted fears about the U.S. financial sector.”
ABC News Video: Sunday - July 13, 2008 covering the collapse of IndyMac. There are warnings of other banks in danger of financial collapse - Feds fear a depositors run on the banks.
Two years ago there were 50 banks who were showing signs of trouble on a private govt list, today, there are 90 plus and some such as IndyMac who was not on the list.
Updated: July 15, 2008
ABC News July 14, 2008 - Bank run footage and interviews.
Rep. Ron Paul (R-TX) of the Financial Services Committee questions Fed. Chairman “Bilderberg” Ben Bernanke & Treasury Secretary Henry Paulson.
The dollar has lost 20% in value just in the last two years and the private bankers running the Federal Reserve have created 4 Trillion in new dollars out of thin air.
Congressman Paul asks Secretary Paulson why he tells America he wants a strong dollar yet goes to China and says he wants a weak dollar.
Paulson goes on for two minutes about how the U.S. economy is experiencing a “rough patch” and how China becoming a superpower will be great for America. This type of none answer is what is passing in our Congress as oversight.
Updated: July 11th @ 5:03 PM - EST
Congressman Ron Paul talks about his confrontation with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke at the Financial Services Hearing, July 10, 2008.
Jim Rogers well known investor and commentator discusses Asia rising and how the privately owned Federal Reserve will put an end to the U. S. Dollar.
Jim Rogers, “The U.S. Dollar is a terribly flawed currency. I am trying to get rid of my U.S. Dollars. I hope by this time next year I do not own a single U.S. Dollar.”
Rogers blames “Bilderberg” Ben Bernake and Treasury Secretary Paulson for debasing the America currency.
Jim Rogers, “It is embarrassing he [Henry Paulson] going around the world saying we want a strong dollar then he goes to China and Japan says please make the dollar go down.”
He goes on to say the U.S. Federal Reserve is a disaster and will probably not be in existence in a decade or two.
Barclays Bank of London has released a warning to its clients that the world is facing global recession because the U. S. Federal Reserve has released the “inflation genie.”
Barclays Capital said in its Global Outlook that increased inflation will require the Fed to begin raising rates by August and will need to raise rates another six times by the end of 2009.
They go on to say the Fed’s monetary policies are responsible for propelling oil to $140 a barrel, confirming that oil is reacting as the “anti-dollar” and is a market reproach to Washington’s easy-money policies.
The bank says it will take another year for the full damage to unfold. “The core issues have not been addressed.”
Supporters of the Ethanol scam love to say it is a cheaper, cleaner burning fuel - nothing could be further from the truth. Ethanol is not only a poor solution to the energy problems America faces but is actually making things much worse.
Ethanol will only produce a 2:1 return on energy compared to Cane-sugar which will provide a 8:1 return. When you add the costs of increased food prices and realize your tax bill goes up as a result of Ethanol being another subsidized industry it makes no sense at all.
Ethanol is just another way for big business to take your tax dollars and provide you with an inferior product all in the name of environmentalism, fighting the war on terror or any other excuse the need to rob you.
Why provide a valuable product at a fair price in the open market when you can use the force of government to require consumers to purchase your products?
“Fascism should more properly be called corporatism, since it is the merger of state and corporate power.” -Benito Mussolini
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