Thursday, September 10, 2009

Quote Of The Day: Jim Rogers

From a Financial Times piece:

The idea that a problem of too much debt and too much consumption can be solved by more gigantic debt and consumption is ludicrous. Would that governments stop interfering with fundamental principles and let the market clean out mistakes! Marx is singing in his grave there in London as the US government now controls the auto, mortgage, insurance, banking, et al industries and he has not fired a shot. Letting Lehman fail was perhaps the only thing governments have done right during this whole drama.

Unfortunately, too few people share this view. In fact, one of the key lessons learned by our experts seems to be that Lehman should have been bailed out. We've missed a wonderful opportunity to get this country back on a solid economic footing. Instead, we're simply laying the foundation for the next crisis as government debt takes the place of private sector debt.

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