Jim Rogers is a legendary investor and partner of George Soros. He is known for being blunt, and, I've found from watching what he says, usually quite correct. He is now saying most major US banks are bankrupt.
But it worse than that, he says. The government is rewarding the venal and incompetent and punishing those who saw the debacle coming.
"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."
It's a theftocracy, with the venal and politically well-connected being rewarded with billions of dollars even though they clearly shoulder much blame for the current credit crisis and recession.
Bloomberg has sued the Fed to get information on who they are loaning to. The Fed is stonewalling.
David Merkel on why the Fed might want to find this information
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