Jim Rogers: Let AIG Go Bankrupt or USA Finished
Posted on September 8, 2009
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http://www.patriotinternet.com American International Group should be allowed to go bankrupt because keeping it and other sick financials alive on government support risks ruining the US economy, legendary investor Jim Rogers told CNBC Tuesday.
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AIG [AIG 0.443 0.023 (+5.48%) ], whose $61.66 billion fourth-quarter loss was the largest ever for a US company, received $30 billion more in government funds Monday. The insurer’s financial health hasn’t improved despite getting as much as $150 billion from the government last year.
“Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt,” Rogers said. “AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we’ll never start over.”
On Monday, CEO Edward Liddy told CNBC that the insurer is far more stable and secure than it was last fall but acknowledged that it was “difficult to say” if AIG will need even more money from the government in the future.
Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world’s biggest economy, Rogers said.
“I think it’s astonishing, they’re ruining the US economy, they’re ruining the US government, they’re ruining the US central bank and they’re ruining the US dollar,” he said.
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25 Responses to “Jim Rogers: Let AIG Go Bankrupt or USA Finished”
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Anyone who lives by …
Anyone who lives by gambling doesn’t really help society.
Don’t you think that there is a common good in society?
Why is it ok for parasites like this to horn in between a man trying to make a living and the essential goods and services that he needs to survive?
Would you allow douchebags like Rogers to speculate on your mother’s heart medication? Where do you draw the line?
How much money does these parasite thieves need?
GS isn’t a hedge …
GS isn’t a hedge fund, it’s an investment bank.
Well, actually they do although you may not understand (and neither do I tbh) the role they have in price-discovery. A modern economy needs investment banks to effectively direct capital flows.
If you want to blame someone for the oil price fluctuations it is the OPEC cartel
Of couse they play …
Of couse they play a “valuable role”
But that does NOT justify “hedge funds” which drive the price of oil to 150 / barrel then it collapses to 30, then doubles again….
How does this serve the common good?
Why can a bunch of jewish lunatics like Goldman Sachs work against our middle american military class which is trying to stabilize the price of oil?
Can’t you see how sinister this is? GS is NOT a fleet trucking firm….Not United airlines. What common good does GS serve?
Exactly, you proved …
Exactly, you proved my point. We are a former socialized theocracy. Ya know Socialism didn’t work out too well with corruption running rampant, unemployment at 20% and 50000 emigrating every year.
Thankfully we have come a long way. We have the best labour flexibility in Europe, lowest corporate tax and the second highest per capita income. The smoking ban was a brilliant idea. Second-hand smoke is a neighbourhood effect.
Ah, Ireland, that …
Ah, Ireland, that hotbed of liberalism. legalized birth control In 1993. Divorce? 1995. And smoking is now illegal in the pubs. those liberals.
Oh Ireland!! You …
Oh Ireland!! You know the country of origin is visible on every profile!! lol
I’m wondering when …
I’m wondering when you say “my country”, what country that would be?
Sorry I can’t find …
Sorry I can’t find the comment you were referring to
Actually bankers …
Actually bankers play a valuable role in allocating capital, which a modern economy requires. Consultants such as McKinsey enhance and help rationalize corporate cost structures, among other services.
The Left had taken …
The Left had taken over my world a long time ago…since the foundation of my country in fact. We are actually going in the right direction (pun intended)
Europe is liberalizing and the US is going down the drain I don’t give a tbh it’s you who will suffer. G’luck
On the contrary, …
On the contrary, the left is taking over this world, and you and your right wing buddies had better get used to it.
It isn’t a ing …
It isn’t a ing private interest I don’t care who they are acting in the interest of. Oh and you wrapped your reply in a film of classic left-wing ideology too. Go cry into your pillow and lament this evil world
Bankers and …
Bankers and consultants honestly believe that they deserve the money they steal.
The truth is that a simple man shoveling horse from a stable does more for society that these thieves.
The men who sit on …
The men who sit on the Federal Reserve Board are bankers and act in the interest of the banks, not the voters or the public. The result is that the government pays interest to print money, a right which is given to the government by the Constitution. Also, the banks do not fund projects which give a low return, like public works (e.g., the dikes in New Orleans, bridges, roads, schools,…) but we have thousands of skyscrapers and lots of football stadiums…
Well, it is in this …
Well, it is in this instance. What you basically said was “Your ertion that the Federal reserve is a national bank is wrong because it’s not the Congress or Executive branch who have full control but a committee of bank representatives”. Look at the Federal Reserve Act of 1913. You are being absurd and pedantic. If an institution is not private it is state-owned. It’s as simple as that by defintiion
Yea right, like …
Yea right, like everything is just black and white. Do a little research.
It’s not a private …
It’s not a private concern, therefore it’s nationalized. You may think it has little oversight, or is influenced by special interests, but it is nationalized. End of story.
The FED is not a …
The FED is not a federal agency. Yes, the head (currently Bernanke) is appointed by the President, but that’s about it in terms of government control. The big banks put there reps on the board, and the banks run it. Anytime the government needs cash, the FED buys bonds, then prints the money. The government then pays interest on the bonds.
Nationalize the FED …
Nationalize the FED? The FED is the Central Bank already :S
You’re a ing …
You’re a ing loser
– Thank you ” …
— Thank you “Demon” who destroyed USA , USA rot in .
I forgot to mention …
I forgot to mention the psychopath bernie madoff. A mormon? no A protestant? no
a muslim? no an atheist? no
hmmmm what culture produces these thieves?
Jewish Lunatic …
Jewish Lunatic Greed has destroyed wall street
Hank Greenberg of AIG
Fuld of Lehman
Michael Milken
Ivan Bosky
How much money do these guys need?!
become a farmer? …
become a farmer? maybe so. At least I’ll have enough to eat.
You are right. Let …
You are right. Let AIG and all the banks over invested in derivatives go down in flames. Set up a safety net for workers who lose their retirement. Nationalize the FED and have state banks give credit like in North Dakota, the only state not in financial crisis.