“This whole problem was not caused by Lehman Brothers or Lehman Brothers failure. Lehman was an effect not a cause.”
Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said the Fed and the US Treasury should have let 10 banks fail, not just Lehman Brothers, for the financial system to clean itself up.
Speaking to CNBC Wordwide Exchange today Rogers said
“All the government officials and bureaucrats loved the fact Lehman failed, because they could all jump in and support banks.”
“We’re going to have zombie capitalism for the next 15-20 years. How long are you going to let the bureaucrats run the thing so we can’t have a clean system?,”
