- For the Jobless, 10% is Harder Than Before
- Week Ahead: Stocks Search for Catalyst in Quiet Week
- Outlook: Dollar Likely to Ride Higher on Bleak Jobs Report
- Geithner: More Stimulus, Not a Bank Tax
- Windfall is Seen as Bank Bonuses are Paid in Stock
- Buffett's Berkshire Hathaway Says Net Income Tripled
- Cramer: Earnings, IPOs Dominate Next Week
- Buying Fear: How to Own Volatility
- Administration Rejects Plan to Buy Fannie Mae Credits
- Food Network, HGTV Drive Scripps Networks' Upside Surprise
- Tommy Lee, Medical Tourism and Nasty Santa, Your Emails
- U.S. Markets Gain 3% for the Week Despite 10.2% Unemployment
- Disney's 'Carol' Tests Widest 3-D Release Ever
- Stimulus II? Jobs Tax Credit=Cash For Clunkers
- Rockwell Automation Earnings: What Options Are Saying
- Gold Will Touch Higher Lows and Higher Highs: Analyst
- Is Misery Alive And Well in Your Office?
- Consumers Haven't Changed, They Are Just Pickier
MOST SHARED
- US Becomes Top Country Brand Under Obama: Survey
- Solar Market Heating Back Up?
- Realty Execs See Pain Ahead
- Sweeping Health Care Overhaul Bill Passes House
- Easy Money & Stocks
- Want the Homebuyer's Tax Credit? Here Are Some Tips
- Administration Rejects Plan to Buy Fannie Mae Credits
- Israel: Leader of Business Innovation
Text Size 
The $700 billion bailout package that Congress is scrambling to pass will only prolong economic woes, legendary investor Jim Rogers, CEO of Rogers Holdings, told CNBC on Wednesday.
"History shows these plans don't work. What does work is to let the market clean itself out," Rogers told "Worldwide Exchange".
Federal Reserve Chairman Ben Bernanke, like his predecessor Alan Greenspan and together with Treasury Secretary Henry Paulson have been intervening in the markets and preventing them from acting naturally, he added.
"Capitalism is where the market does its work. These guys, for the last 8 to10 years, have refused to let the market do its work to clean itself out," Rogers said.
(Watch the Jim Rogers interview on CNBC above).
Bernanke and Paulson, have been "dead wrong" for the past two years for telling the public that overall the US economy was fine, "why would anybody listen to them?," he added.
Rogers cited the examples of Russia and South Korea, both marred by crises toward the end of the 1990s, and which afterwards enjoyed years of rapid growth.
"You let things collapse…and you have a clean growth afterwards," he said.
Rogers said he was back into buying Chinese shares over the past weeks as the country's monetary policy had started to loosen up, and that commodities offered better returns than stocks.
Print
Email
- Rumors abound that Oprah will leave her show to start a new network. What would this mean for daytime TV?
- A private equity specialist sponsored a stand-up comedy troupe in New York to prove that CEOs can, in fact, be funny.
- Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
- Did Hideki Matsui’s performance make it more likely that the Yankees will pay to have him back?
- Which wines should you bring—or serve—with holiday meals this year? Ask a connoisseur.
- Two competitors in this year’s World Series of Poker in Las Vegas have stories fit for Hollywood.
Data is a real-time snapshot *Data is delayed at least 15 minutes