Applesauce » Famed investor says Fannie-Freddie bailout makes U.S. “more communist than China”

Famed investor says Fannie-Freddie bailout makes U.S. “more communist than China”

September 8th, 2008 at 09:58am Pat Cunningham

World-renowned investor and financial commentator James B. Rogers Jr. SAID today that nationalization of mortage giants Fannie Mae and Freddie Mac makes America “more communist than China is right now.”

Rogers called the bailout “socialism for the rich.”

“This is madness,” he said. “This is insanity, 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 said the takeover of Fannie and Freddie is going to make it “harder and harder to get a mortgage.”

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8 Comments Add your own

1. MDH | September 8th, 2008 at 10:39 am

The Bush administration certainly was asleep at the switch on this issue. It would be hard for anyone to argue differently. Zero down, zero employment, interest only loans were/are and always will be economic suicide.
Any day in which we massively grow the government is indeed a very BAD day.
2. Milton Waddams | September 8th, 2008 at 10:55 am

We had an “ownership society” for a short time, the problem was many of the new owners should have stayed in the “renter society”.
3. Kaus | September 8th, 2008 at 11:26 am

I am sure James Rogers will agree with my assessment of Obama ….marxist.

This whole problem with financial loans given to anyone started with our friend Bill Clinton….no one wants to remember that fact. The trend? 5% ($35 billion) in 1994 , 9% in 1996 13% ($160 billion) in 1999. Of course Bush was sleeping at the wheel as well (20% in 2006).
4. Peter Gunn | September 8th, 2008 at 1:22 pm

Ah ha ha ha

Here we go again with the Republican Wing-Nut Default Answer to all of Americas ills.

“Clinton Did It”

(You Remember, A President from the later part of the Twentieth Century.)

The only Ownership Society these so called Free Market Republicans care for is the one in which they own everything and everyone else is subjected to their economic authority.

Want to know where the Ownership Society really is ? …..

Follow the Tax Breaks, Incentives, Privateers and War Profiteers and Commodity Speculators whose fingerprints are all over the crime scene

Follow those who OWN the Media
not the ones who just work there.

Follow the Money and it will lead you directly to the so called Republican Ownership Society

These Club House Republicans like John McCain who has no idea how many Homes he owns.

The same guy who has to ask an aide what kind of Car he drives.

The would be heir to the throne of the Boy King Bush Jr.

The same Dunce who believes that the Middle Class earns about Five Million per year.

“Clinton Did It” ????

Out of touch ????

Hell, These people aint even in the same friggin dimension as the rest of Americas working folk.

They look at the SuperDome Refugees during Katrina and proclaim how well they have it, How much they like it.
Hell of a Job, Georgie.

This is Republicanism at it’s best
The True Face of Compassionate Conservatism.

These people need a reality check
And Obama is the one to give it to em.
5. Billybeermonicagar | September 8th, 2008 at 1:52 pm

You are right Pete. Everybody should feel the pain. Even the hard working guys and gals that have no control over those terrible Republicans. Most of us do have real jobs and work hard for everything we have. I hope we ALL learn a lesson if we elect Obama.
6. kaus | September 8th, 2008 at 9:23 pm

To post 4, your long winded post does not refute the obvious fact that Ninja loans STARTED with Clinton.

I see Obama is finally softening on his tax increase stance, maybe he is seeing the light , Marxist that he is.

“Peter Gunn”…..guns will be illegal in an Obama world.
7. Peter Gunn | September 9th, 2008 at 1:14 pm

@ kaus Lets see………

1. Clinton Did It

2. Obama’s now a Marxist
( A Muslim Marxist at that)

3. Obama’s gonna take dem Guns away boy !

4. ?????

You ALMOST did it, You ALMOST got the Republican Talking Points Down Pat Dude.

But Almost only counts in Horseshoes and Hand Grenades

Ya Forgot GOD !!!!

No Soup for You !
Back to Indoctrination

By the way, I’ve one of those Pesky Questions those Far Right Wing Nuts such as yourself are always complaining about

What was the debt owed to China during the Clinton Administration ?
8. Billybeermonicagar | September 9th, 2008 at 5:26 pm

The debt must have been secrets, because Bill gave up enough of them to finance his ‘lifestyle’.