Wednesday, July 15, 2009 9:41 AMBy: Dan Weil
Investor extraordinaire Jim Rogers has harsh words for the government’s interventionist economic policy.
That policy, which he dates back to the Bush administration, verges on communism, he told Moneynews's Dan Mangru in an interview.
“America now owns the car industry. America owns the mortgage industry. America owns a lot of the insurance industry,” Rogers said.
“Karl Marx must be somewhere standing up in his grave cheering.” And why is that? “America has become a socialist and maybe even communist nation in many ways,” Rogers said.
In Asia, by contrast, “they’re not doing that. In Asia, they’re getting rid of state and government ownership,” he said.
As for stimulus, Rogers said that President Bush approved two packages, President Obama one, and now there’s talk of a fourth.
“The first stimulus didn’t work. The second stimulus didn’t work. The third stimulus hasn’t worked,” he said.
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