2009-03-11

Here, Here

Jim Rogers: Let AIG Go Bankrupt, Not America - CNBC.com: "Japan's economic 'lost decade' was caused by trying to bail out the banks, and the West risks running out of money if it doesn't let the bad banks fail now' Rogers warned.... 'The idea that you have too much debt, too much borrowing and too much consumption and you're going to solve that problem with more debt, more consumption and more borrowing? These people are nuts.'"

No one asked me how many billions of dollars I would have given to AIG last year, but it seems to suddenly be the popular "See I Told You So" attitude to say "Zero. Zero billion dollars to the company that mismanaged their assets so terribly." It's a free market, baby. This would have fixed itself and Uncle Sam wouldn't be out $700 billion for their troubles.