What’s not good about 400 points on the Dow? I’m usually not one for much financial TV, but occasionally CNBC delivers a real treat. For me, one of the most powerful moments in recent memory occurred a mere four months ago when Maria Bartiromo interviewed Jim Rogers on March 12, 2008. At the time, the Federal Reserve had just pumped $230 billion into the financial system. The market, already oversold, went bananas with the Dow rallying 400 points in a single day—one of the largest single day moves in history. The talking heads—of whom Bartiromo is one of the most famous—were euphoric, praising the Fed’s ingenuity, as though pumping billions into the market required some kind of special insight. Rogers, a self-made multimillionaire investor and former partner of George Soros, is one of the more outspoken critics of Fed policy. The March 12, 2008 interview was no different. Within 30 seconds, he had commented that “Bernanke just goes from bad to worse.” Bartiromo, shocked that anyone could see a rally in the market—even one that fed inflation, hurt taxpayers, and was aimed solely at aiding Bernanke’s buddies on Wall Street—retorted with the above quote.

Last 5 posts by Graham Summers

• We're Soooooooo Close! - October 9th, 2009
• Kiss the “New Bull Market” Theory Good-bye - October 8th, 2009
• The One Investment That Might Be About to Bottom - September 30th, 2009
• What the Fed Doesn’t Want You To Know About US Debt - September 30th, 2009
• How to Prepare For China’s Coming Derivative Default - September 13th, 2009