Jim Rogers Calls Most Big U.S. Banks 'Bankrupt'

Jim Rogers Calls Most Big U.S. Banks 'Bankrupt'

www.reuters.com

"Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor.

"What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics."

(visit the link for the full news article)

Man, this guy doesn't pull punches. He comes out and tells it like it is.

This endless chasm of tax-payer funded bailouts is going into nothing but already filthy-rich "banksters" and CEOs bonuses, and doing NOTHING to fix what created the problem in the first place.

And just today, B of A announces it's STILL planning to lay off 35,000 employees! But hey, Joe CEO is still getting his $20 mill bonus, so all is going great for the ruling class extortionists!

"Governments are making mistakes," he said. "They're saying to all the banks, you don't have to tell us your situation. You can continue to use your balance sheet that is phony.... All these guys are bankrupt, they're still worrying about their bonuses, they're still trying to pay their dividends, and the whole system is weakened."

www.reuters.com
(visit the link for the full news article)

I am not usually big into c/t thing but, this whole thing is starting to stink like fish guts!

$700 billion was allocated to the banks to buy up bad loans and get the banks to free up some credit, instead it has been used by the banks to buy up other assets doing the public no good.

At the same time the PTB are quibbilling over $14 billion for the auto makers that has the potential to keep million of Americans from joining the ranks of the unemployed.

While $14 billion is a large sum, it should be put into perspective $14 b is 2% of $700 billion.

It is starting to look like there may be "grand plan" to colapse the economy.

A lot if not ALL companies and Banks recieving loans or funds from the Governments bailouts are being bought up by the Governments themselves so they can be majority shareholders and dictate what charges and fees to be applied.
Bank that have 'bad' mortgages that recieve funding are basically giving your mortgage to the Governments , that means your home and all your belongings is now owned by TPTB.
They now own you and your family, you've become a wage slave. Give it another couple of years tops and the NWO will be in power as Governments 'collapse' due to the strain of the credit crunch which has been engineered to make sure that you are kept in servitude by allowing the Governments to 'step in and help' ( note the word 'help' actually means take control and chain you to debt.)

I love Jim Rogers. He pretty well sums it up. As I have mentioned before I feel bad for the banks who did play by the rules. How do you compete with to big to fail. These banks who played by the rules should of been able to go in and buy the assets of the failed banks exactly LIKE what happened with Lehman. Nope if your part of the good old boy network the government has your back. Sad times for America.

reply to post by DimensionalDetective


These banks are bankrupt in the US only. All the bailout money is going to China. Bank of America is investing 7 billion dollars in some sort of Chinese construction company. The next emerging economy will be China, and all the banks are jumping ship before it capsizes. The best way for them to protect themselves at this point is to say "Screw you America" and reside in China where they will get returns on their investments.

[edit on 12-12-2008 by projectvxn]