Thursday, February 28, 2008

Jim Rogers Says..................

“The U.S. is in recession," Jim Rogers told reporters on a visit to Dublin yesterday. "It is going to get worse. They [the U.S. central bank] are printing money and are trying to prevent the recession -- they are putting on Band-Aids,” he said.
“The Japanese did it and the Japanese still have not recovered 18 years later. As long as the [U.S.] central bank and the federal government keep making the mistakes, you will have a longer period of slowdown and it will be perhaps one of the worst recessions we have had in a long time in America.”
“History shows,” Rogers wrote, “people who save and invest grow and prosper, and the others deteriorate and collapse.
“Artificially low interest rates and rapid credit creation policies set by Alan Greenspan and the Federal Reserve caused the bubble in U.S. stocks of the late 1990s… Now policies being pursued at the Fed are making the bubble worse. They are changing it from a stock market bubble to a consumption and housing bubble.
“When those bubbles burst, it’s going to be worse than the stock market bubble. No one, of course, wants to hear it. They want the quick fix. They want to buy the stock and watch it go up 25%… because that’s what they say on TV.”

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