Barton Biggs Supports Endless Bank Bailouts: "We Need A $400 Billion Euro TARP, I'm Not An Advocate Of Hegel's Creative Destruction"

Video - Morgan Stanley's Barton Biggs said the following yesterday on Bloomberg:

• "We're on the eve of a new financial crisis."
• "Nowhere is safe to invest."
• "I wish I were not in the markets."
• "I want to see an important stimulus program in the United States, combined with major reform in social security, Medicare and our defense budget.  If we did that, we could have a 20 percent rally."

Start watching at the 3:30 mark for comments on Euro TARP and Hegel.

Though he's likely correct this time (what do they say about broken clocks?), keep in mind as you listen that Biggs was strongly bullish a month ago when the S&P was 10% higher.  I've been watching this clown for 23 years and he's been more consistently wrong than any other strategist.  What happened to the Wall Street retirement requirement for being a decades-long dumbass?

Comments

[DailyBail]

A much bigger step would be to write down—that is, partly forgive—mortgages for those whose houses probably will never be worth as much as they borrowed. But deciding who swallows the loss is such a hot issue that no one in Washington will touch it yet. Will it be the banks? The securities holders? The taxpayers?

http://online.wsj.com/article/SB10001424053111904563904576584653560747470.html

Pretty good chart in here.

[Josie]

LOL, DB

[robertsgt40]

Funny Biggs doesn't mention the 800lb gorilla in the room. That would be spending a trillion a year to level the rest of the planet that doesn't toe the line.

[TR]

@robertsgt40
You may have seen this.

http://www.youtube.com/watch?v=sDkhzHQO7jY

[Dave]

I'll have the B. Briggs Greenwich footlong with tarp tart side instead of the chips. I also have a side of hefgefundies. Make that two. ; )