Legendary investor and truth teller, Jim Rogers says, “We haven’t seen the worst yet,” and “we should have let them fail!” If you are someone who does not know much about Wall Street and wants to avoid snake oil salesmen like you see on CNBC every day, then study Jim Rogers.
- “The real problem over the past 10-15 years has been that regulators have not let people fail. Had they let people fail we would have solved this problem a long time ago. I don’t know why they’re not in jail.”
- “You can get rid of them (toxic assets) by giving them bonuses to bankers. Most of the toxic waste came from the bankers, let them have it. Pay regulators in toxic assets as well.”
- “When people fail, new bankers rise and take over. In my lifetime on Wall Street 20-30 banks failed.”
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I would have to agree with Mr. Rogers. More regulations are not the best answer. Enforcement of the regulations we have in place is a better road to travel.
The exception is adding additional controls to police rogue mortgage brokers, property appraisers and lending institutions. Please consider the mortgage lending business is one of the oldest professions and has been largely operating unrestricted in recent years. That is what got us here, it will be a new world come January 1 when the new mortgage laws take root.
I am also one for eliminating all of the late night infomercials coaching people to buy properties on credit cards for quick flip profits. These tactics have artificially boosted home prices only to result in the reality of understanding the true value of a property is also correlated to salaries.
If you want to regulate something, regulate all of the get rich quick real estate tactics that helped to get us in this mess!
He´s great! His forecasts are spectacular!
greetz
TBX http://blog.taipan-online.de