Jim Rogers: Let the Banks Fail!

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• Description : 02/11/09 "Mr Geithner's been bombi...(more)ng for 15 years. Mr Geithner caused this problem. Mr Geithner has been head of the New York Fed for several years - that was the office that was supposed to be supervising Wall Street and the banking system." "He caused the problem." "Then all last year he came up with TARP. He came up with all these absurd bailouts." "The way you deal with this is you do what America told Japan to do in the 90's - you let them go bankrupt. You clean out the system. You wipe everybody out who's insolvent and then the solvent people take over and start over." "You wanna know why they're making it worse? They want to support their friends on Wall Street and the bankers so they can all keep their Maseratis or their Ferraris or whatever they're driving." "If doesn't do any good to take money from over here - that you either print, borrow, or tax - and put it over here. Of course the guys who get it, love that you're doing all that" "Look at what's worked in history - South Korea, Russia, Mexico - they all took their pain. It was horrible pain for a year or two, but then they came out of it and every one of those countries became rapidly growing, fast, sound economies for several years." "The countries that did it our way never came out of it until a long long time later if at ever" (less)