Jim Rogers

26 SEPTEMBER 2008

Bail out a few friends on Wall St
welfare for rich friends

haveto bite the bullet at some stage
1990s Japan zombie banks

1970s US - propping up everything

let people go bankrupt

1966 - every fir in JApan went bankrupt
OK afterwards

1907 every firm in US went bankrupt

only down 25%, what will they do if its down 50%

who knows
bought agriculture, airlines, swiss frank, yen, china
overseas airlines

I've covered Citi, other banks, investment banks still short
no one discovered big oil fields in 40 years,
oil will be higher in next years

neither presidential ones has a clue
people are embarrasing