Deep changes are needed in the U.S. system and big Wall Street banks should not be rescued by the authorities when they run into trouble, to avoid moral hazard, [Jim] Rogers told CNBC Europe. “They’re bailing out Wall Street, because all their friends are on Wall Street,” he said. “When Ben Bernanke gets a phone call from the head Lehman, he takes the call, but if some poor school teacher in Oklahoma calls him, he doesn’t take the call. He’s dealing with his friends on Wall Street trying to save them when in fact he should let them fail. That would be the better solution, at least for 300 million Americans,” Rogers added. More
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