"They have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this," Rogers tells CNBC.
Elsewhere in the financial industry, Washington Mutual — destined to be bought out by JPMorgan Chase — ousts Kerry Killinger as its CEO, planning to replace him with Alan Fishman, currently chairman of mortgage broker Meridian Capital Group, according to The Wall Street Journal.
What You Were Reading:
Stocks careen in a way that would become all too familiar to investors through the autumn: The Dow jumps at the opening bell, surging more than 300 points, before pulling back to a more modest mid-200 gain. The S&P 500 and Nasdaq were also higher.
Financials lead the market with sharp gains for those that own a lot of Fannie and Freddie debt, including AIG , Citigroup and Bank of America . Homebuilders also rally.
Fannie Mae and Freddie Mac , however, plunge about 89 and 83 percent, respectively—but their debt soars, as investors bet that the bailout will wipe out the companies' stockholders but fully guarantee their bonds. Trading in the stocks is suspended in US pre-market and overseas trading.
Tony Crescenzi of Miller Tabak says the bailout was already priced into the market. Where you should be looking, Crescenzi writes, is at the dollar. The bailout will help keep the U.S. dollar's rally going, he says.
The dollar index hits a one-year highagainst a basket of currencies following the news.
What the Experts Were Saying: