Free Republic

NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept...

Keeping track of the ever mutating bailout debate is becoming increasingly difficult. With the Federal money spigots now thrown wide open, and with no one of influence advising restraint, the only debate is where to direct the torrent. During the past week, the talk began with Detroit and Citigroup, but by Friday had shifted to a massive "stimulus package" to bail out consumers. The early buzz includes some very large figures. But first, a bit of a recap: On Monday, the $300 billion Citigroup bailout took center stage. Once again Henry Paulson decided to throw taxpayer funds into a bottomless...

According to Subhra Jain, a freelance reporter in New Delhi, she bumped into a very senior Indian Military official in a nightclub in New Delhi. While talking what she came to know will make the rest of the world sit up all night. According to her, Extra Terrestrials have been visiting India and the rest of the world for thousands of years. In recent days most of the super powers have been formally contacted. India is no exception in recent days. ’They always contact through the ground radar stations of the military’, she says. Indian Himalayas and Ladakh (China-India) border...