Jim Rogers: Short Selling Scum

Why does Bloomberg give Jim Rogers a platform in this climate to rip Paulson’s plan and essentially declare Fannie and Freddie dead? And when did Rogers suddenly become such a populist (he’s attacking the potential government bailout on behalf of taxpayers)?

Most reasonable people are against government bailouts of public companies, but we’re all also hoping to have jobs this winter and feed our families, problems Jim Rogers never has to worry about. This douche bag scumball just wants to cover his shorts, regardless of the damage this panic is doing to our banks and economy. Right now, we’ve got to throw down as many sandbags as we can and pray that the waters recede. Jim Rogers is hoping that we all drown.

I was so disgusted by this article I was tempted not to link to it. Shame on Bloomberg for running it.

P.S. It’s for reasons like this that Michael Bloomberg could never be president.

P.P.S. To protect myself from libel, I want to state the obvious: this blog post is just my opinion. I don’t really know if Jim Rogers is a douche bag scumball. In my opinion, he is acting like one.

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10 Responses to Jim Rogers: Short Selling Scum

  1. Errol says:

    That#s just the point, pal. By bailing out all of these government organizations and helping large financial companies, we are ruining the dollar and deeping our debt to otehr countries. Its not about covering shorts and making money, its about the collapse of our economy. By lowering rates over the past 6 years, we’ve flooded the market, caused depreciation and killed the power of the dollar. In turn, oil has gone up tremendously since world demand is more than supply and since oil is traded based on the dollar. Rogers has been anti-fed action since Greenburg’s time in the early 90s.

  2. nahnopenotquite says:

    Point taken about his history of opposing Fed action. And frankly, I agree under normal circumstances. But these are not normal circumstances. What are you suggesting? We let our economy collapse? What has to happen here is that Bernanke, Paulson, and crew have got to find a way to manage this situation until we’ve got some kind of stability (a bottom for housing would be a start) and then figure out how to fix the system. I am in total agreement about Fed action to stimulate the economy, inflation, and government bailouts – but only when we’re not in danger of a genuine economic apocalypse.

  3. hasgr7 says:

    yeah, baby…all these fuckers should burn

  4. Errol says:

    You’re right that these are not normal circumstances. Housing prices inflated beyonf belief over the past 6 years. Do you really think that a house worth 200,000 six years ago has added value to double, even triple in price on occasion? As a country, we have moved against savings. We are tkaing out increasingly large lines of credit on anyhting possible – homes, cars, etc…where does this credit come from? The problem is all of these derivitaves of credit could and are now looking like lost value because people simply can’t pay them back. So as a business, yes, I think financial institutions made a huge blunder in issuing all of this credit to unworthy people and now they need to pay the price. I’m not sure of Benanke’s relationship to Bear Sterns, blah blah blah, but I do know that when a business makes an error it needs to suffer the consequences and burn the shit out…think of how much more skeletons are in teh closet. We still haven’t seen large commercial real estate get burned yet, but all of those apts beiing built in so call, miami, ny, think what’s going to happen there. I’m def. not boom and gloom, but so long as we impose unheard of restrictions on drilling – which would be a huge stimulus to the economy as far as jobs and growth, and as long as our savings rate is negative, brother we are on a downward spiral. Giving money to these financials is a bandaid. We need to let the crap get cycled out and unfortunately that#s going to be very painful for us. Cheers.

  5. jamie says:

    I can’t believe people can be critical of old Jimmy boy!!! He is one of the few straight shooters on wall street. He’s been warning of what has been unfolding for a long time. Jim’s been trying to help you, fool. Wall street is looking out for their best interest, the fed doesn’t have the minerals to do what is needed, and the government is more interested in acting as is nothing is wrong. Jim deseves a standing O. God save Jim Rogers should be U.S.A.’s new national anthem.

  6. R.Sole says:

    Don’t shoot the messenger. Rogers was warning about lax Fed policy, lax regulation, and the housing bubble for several years. If people had listened to him, the USA would not be in this mess now. It’s ridiculous to blame a guy who calls it like it is.

    Bailing out Fannie and Freddie will increase socialism and the national debt and devalue the dollar – how can this be good for the average American? The companies should be wound down, and all the government should do is facilitate that to make sure it is an orderly process, not a disorganized panic. That’s all Jim is saying.

    If that makes him “short-selling scum” then IMHO we could do with a few more of them.

  7. Tom Mullen says:

    Short sellers are healthy for markets. They are what put in the bottom when a stock starts to fall. Any experienced trader will tell you that today’s ban on short selling financials will create a market with no legs in the financial sector and they are going to drop like a stone once the reality that you can’t print wealth hits. This is the last gasp, the last, desperate bubble.

    By the way, when the financial markets collapse, as they MUST because of, not in spite of, this move, all of the people presently employed in unprofitable business ventures (a result of Fed money creation) will be unemployed. Unlike previous recessions, there are no longer manufacturing jobs or other real, wealth-producing jobs for them to migrate to. This is going to be ugly, and they are going to blame capitalism, which is almost funny if it wasn’t so tragic.

  8. Jeff Fielhauer says:

    There’s absolutely no way you can criticize Jim because if the government actually followed his advice, he would lose money! He shorted Fannie and Freddie and said the government shouldn’t snatch them up. The government took them both over and their stocks dropped over 75%. Jim made a killing because the government didn’t listen to him! You can’t fault someone for speaking the truth and investing realistically.

    I’m in the same position. I’m voting for politicians that will save the dollar but at the same time I’m investing in gold and silver because I know the government will continue printing money. I’ll do my part to help the country but I’m not going down with the ship. For some reason the majority of America seems to have this backwards. They vote for people who make the situation worse and they invest in companies that they want to do well.

    VOTE IDEALISTICALLY
    INVEST REALISTICALLY

  9. Daniel says:

    Rogers has been warning about the situation for years now, so if this whole thing came as a shock to you, you have to stop scratching your ass and do some fucking homework!

    Greenspan and Bernanke are running an inflationary system, creating bubbles, and people keep falling it for every single time. Savers get screwed from the inflation that the FED creates, and then Borrowers get screwed after the artificial business cycles takes a nosedive (usually happens when the fed does somethign stupid like raise rates deep into a recession before having to rapidly cut them by 1/2 percentage points at a time).

    Now our elected officials are using our money to give to the banks so that they can lend money back to us at interest!

    Given the facts here,,, if you’re outraged at Jim Rogers? well then you are the reason why this country is in the shape that it’s in.

  10. captbluto says:

    I feel shorting has its place!! Especially in good times when companies work themselves into a 50 P/E and think their chit doesn’t stink. But to short the heck out of the markets in times like this, Just because one huge short with unlimited resources shorts just to spite the gumpies, and just further the deterioration of what is left of our financial systems, Just doesn’t make much sense. Kinda reminds me of a song, The enemy within”,
    Heck Jim if you have this all figured out, drop a call to them and advise to what will work!!, This new TARP/stimulus plan has its flaws, and I sure as heck don’t have all the answers, but please don’t help kill what is already almost dead!!

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