Jim Rogers: Crude Bull Market Has ‘Years to Go’

Jim Rogers on Banks & Commodities:

Click for video
Jim_rogers_on_commodities

Excerpt:

"Jim Rogers, chairman of Rogers Holdings, said the increase in the price of crude oil has "years to go” as known sources of petroleum are dwindling. "I know that unless someone discovers a lot of oil, it can go to $150, $200” a barrel, Rogers said in a Bloomberg Television interview. "The facts are the world is running out of known oil reserves.”

Rogers said he bought airline stocks around the world today, saying bankruptcies show the sector may be nearing a bottom. "Bankruptcies are signs of bottoms, not signs of tops,” he said. 

He also said he was shorting Exchange Traded Funds for investment banks, and specifically Citigroup Inc. and the Federal National Mortgage Association, or Fannie Mae. "I am short all the investment banks,” Rogers said on the phone from his home in Singapore. "I know they’re all in trouble, most of them have phony accounting.”

Source:
Rogers Says the Crude Bull Market Has `Years to Go’
Todd Zeranski and Betty Liu
Bloomberg, June 5  2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXaqxlra5b3M

Category: Commodities, Energy, Psychology

Deception and Abuse at the Fed

Category: Books, Federal Reserve

Trichet 3, Bernanke 0

Category: Commodities, Currency, Energy, Federal Reserve

Gasparino vs Einhorn, Kohn & Ritholtz

We have a rugby scrum! ProBanks, ProLehman:  Dick Fuld (Lehman CEO), Charlie Gasparino (CNBC), Doug Kass (Seabreeze Partners), Thomas Brown (Bankstocks.com) Anti-Banks Anti-Lehman:  Donald Kohn (FOMC), John Roque (Natixis), David Einhorn (Greenlight Capital), Jim Rogers, Yves Smith (Naked Capital), and little ole me. > Fear vs. Facts on Lehman click for video Note: We have…Read More

Category: Corporate Management, Credit, Derivatives

Lacker: The Fed Risks Moral Hazard

From today’s WSJ, we see this critique about the Bear Stearns Bailout from an insider: Federal Reserve Bank of Richmond Jeffrey Lacker’s, made in a
speech in London on Thursday. Lacker, along with former Fed Chairman Paul Volcker and others, have
raised concerns about the Fed’s rescue of the
Bear Stearns. 

The WSJ described it as a "striking insider’s critique."

"The danger is that the effect of recent credit extension on the
incentives of financial market participants might induce greater risk
taking, which in turn could give
rise to more frequent crises, in which case it might be difficult to
resist further expanding the scope of central bank lending."

-Federal Reserve Bank of Richmond Jeffrey Lacker

It is unusual for a sitting Federal Reserve policymaker to critique the lending programs of the central bank.

The moral hazard of the extraordinary steps the Fed has taken is "distort private markets, encourage risky behavior, and could
endanger the Fed’s independence."

>

Sources:
Lacker Speech on Financial Stability
June 5, 2008 11:00 a.m.
http://online.wsj.com/article/SB121267597764948549.html

Fed’s Lacker Raises Concerns About Deal to Rescue Bear
GREG IP
WSJ, June 5, 2008 11:17 a.m.
http://online.wsj.com/article/SB121267589442648547.html

Text of the full speech after the jump

Read More

Category: Federal Reserve

TheStreet.com Goes Flash Video

Bogof_flyer1Kudos to TSCM for moving to flash, rather than that crappy WMP video, they used to use. (Hey Bloomberg! How about you?)

I’m told that’s been running a couple of months, which shows you how often I’m at that part of the site.

Let’s pull a random, video to show — hey, how about this one? We showed you the ad for "Buy One House, Get One Free" on Tuesday; Later that day, TheStreet.com had an interview with my friend, Paul Kedrosky — who not only is a Real Estate guru (WTF?!) but loves the smell of Napalm in the morning !

Aside from that slight shift in title (from college professor and VC to love guru, here’s the accompanying video:

Previously:
California: Buy One House, Get One Free (June 03, 2008 | 09:00 AM)    http://bigpicture.typepad.com/comments/2008/06/california-buy.html

Source:
Two Homes for the Price of One?

Brittany Umar
& Paul Kedrosky
TheStreet.com, Tue 06/03/08 17:42 PM EST
http://www.thestreet.com/video/index.html#1577987862

Category: Financial Press, Real Estate, Video

ISM Prices (May 2008)

Category: Economy, Inflation

Moody’s to Cut Ambac, MBIA AAA Rating

Category: Credit, Derivatives

Dirty Tricks at Lehman?

Category: Corporate Management, Legal, Short Selling

US Agriculture Secy: Food Inflation to Hit 43%

Category: Commodities, Inflation