Thursday, August 02, 2007

Jim Rogers says what everybody's thinking.

Bloomberg: U.S. Housing Is one of History's `Biggest Bubbles,' Rogers Says.


``This was one of the biggest bubbles we've ever had in credit,'' Rogers, who predicted the start of the global commodities rally in 1999, said in an interview from Hong Kong. ``I have been and am still short the investment bankers in America. I'm also short homebuilders.''


``This is only time in world history when people were able to buy houses with no money down and in fact, in some cases, the builders gave them money for a down payment,'' Rogers said. ``So this bubble is the worst we've had in housing and it's going to be the worst we've had cleaning it out.''


I've been meaning to read the book Bubble Man, about Alan Greenspan, but I've got a few books to go before I get to it.