I agree with Rogers Holding CEO Jim Rogers that the Freddie Mac/Fannie Mae takeovers are socialistic:
“America is more communist than China is right now,” Rogers told CNBC Europe’s “Squawk Box Europe” September 8. “You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”
I made the same comment with the Northern Rock takeover, and that adventure pales in comparison to this. And the Chinese capitalist urge has survived many years of communism to boot; it’s a hardy strain.
But, take a good look at how he characterises the presidential race:
The Rogers Holdings CEO had little confidence that Democratic presidential nominee Sen. Barack Obama, Ill., or Republican vice-presidential nominee, Alaska Gov. Sarah Palin, would be able to do anything to steer Fannie or Freddie on a more stable path.
So much for voting for McCain! And forget about Biden!