Jim Rogers calls most large U.S. banks “bankrupt”
December 12, 2008 – 9:15 am by JohnJim Rogers spoke at the Reuters Investment Outlook 2009 Summit:
Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt.
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What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent,” he said. “What’s happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics.
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The way things are going, we’re going to have a lost decade too, just like the 1970′s.
Hat tip: Lew Rockwell.
