Reuters - Video

EDITION: U.S. | U.K. | IN

Freeland Fast Forward

Jim Rogers: Wall Street is doomed

Monday, 11 Feb, 2013 - 03:34

Massive competition, increased regulation and staggering leverage make a career in Wall Street the wrong choice, says Jim Rogers, CEO of Rogers Holdings and author of “Street Smarts.” Rogers tells Reuters Consumer News Editor Chrystia Freeland that aspiring MBAs should dump their degrees and go into farming.

▲ Hide Transcript

View Transcript

Finances Spanish so those guys who got the NBA's. Made terrible mistakes. Certainly in two or three decades leading up to -- eight. The real action in the US. Some in Silicon Valley but a lot of action was on Wall Street and across the ocean in the city Atlantic. Is you know of the financial crisis and the healing is happening. Slowly. But it seems to be happening are we going to see a revival of Wall Street in this city or is that hero for no. I'm afraid it's finished. We've had long periods in history when the financial types were in charge. Followed by long -- from the people who produce real goods were in charge mormons miners. Lumberjacks. People followed by long periods in the financial -- chart. In the 50s60s and seventies. To achieve your amazement as you I don't remember what it was a -- -- when I was at Oxford in the sixties. And my professors used to say this while we didn't care about -- Why do you care about the city of it's not relevant for the world economy and I didn't over the visiting Michigan and you're wasting your time and out. Now of course every Kid -- -- -- -- hedge fund in his dorm room. But in that we had the ball mark in the eighties night is this -- but. It's finished. In 1958 America produced 5000 in the -- the rest of the world -- and last year we produced 200000. Is. The rest of the world produce thousands more this massive competition and has. At a time -- this staggering average. In the old days nobody in the in the finance world had an average -- so it was very average and no governments are very much against all of us. Politicians love to blame us for everything. -- -- special -- special regulations that's what taxes finances Spanish those guys -- that MBAs. Made terrible mistakes they should go and try and demand for agricultural degrees. My guess farmers so I will call him up that you think you only about the S review can go back to the farm I -- you you know that it. You could become the agriculture report from Reuters. It's just at that point. It's declined finance. Don't have it's a good thing or bad things always happen that happened throughout history we've had these these big cycles I suspect. It will be because it too much leverage in the system now he needs something to clean up that bridge. So fun the government won't let that leverage it -- they won't let people failed. Hopefully people fail clean up the system and start over. If that can happen hopefully. Yes it's going to happen yet though it may you may not headaches why's he going bankrupt which you're going to have. The -- move from. Financial -- To that produces real good it. Does that worry and I think you are in financial. I don't think your time and now it's yeah I understand what's happened and I have a thing we I -- at the wrong place. We are the wrong place. At this particular point in history but. That doesn't mean the people came into successes in and that's when I went to Walters a bachelor. Some people make great successes -- -- Adobe people -- great success in finance but the wind is in your face. The hurricanes and you face now you need to be looking at other places. If you want to be with a win -- at your back.

Jim Rogers: Wall Street is doomed

Monday, 11 Feb, 2013 - 03:34

Editors' Picks »

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, 16 Jul, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, 25 Jun, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, 02 Jun, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, 27 May, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, 08 May, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, 05 May, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, 08 Apr, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, 24 Mar, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, 17 Mar, 2014 - (7:38)

Oddly Enough »

Masked hero sweeps clean Masked hero sweeps clean

Tue, 26 Aug, 2014 - (1:10)

Right muddy mess at World Bog Snorkeling Championships Right muddy mess at World Bog Snorkeling...

Tue, 26 Aug, 2014 - (1:11)

Hello Kitty conquers space Hello Kitty conquers space

Mon, 25 Aug, 2014 - (1:11)

Japanese zoo welcomes red panda cub Japanese zoo welcomes red panda cub

Mon, 25 Aug, 2014 - (0:42)

Is it a plane? No, it's a hoverbike Is it a plane? No, it's a hoverbike

Fri, 22 Aug, 2014 - (2:40)

Fox kicks off "Simpsons" mega marathon Fox kicks off "Simpsons" mega marathon

Thu, 21 Aug, 2014 - (0:56)

Six-story tall duck floats into L.A. port Six-story tall duck floats into L.A. port

Thu, 21 Aug, 2014 - (1:02)

Young artist paints surreal illusions on bodies Young artist paints surreal illusions on...

Thu, 21 Aug, 2014 - (1:30)

Snow leopard cubs make Bronx Zoo debut Snow leopard cubs make Bronx Zoo debut

Wed, 20 Aug, 2014 - (0:41)

Eco-friendly bench keeps your tech fully charged Eco-friendly bench keeps your tech fully...

Tue, 19 Aug, 2014 - (1:55)

A cheetah cub and a puppy make friends A cheetah cub and a puppy make friends

Tue, 19 Aug, 2014 - (0:48)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)

Moving Pictures »

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Burned memories Burned memories

Fri, 08 Aug, 2014 - (3:02)

Images of July Images of July

Fri, 01 Aug, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, 11 Jul, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Thu, 03 Jul, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, 20 Jun, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, 06 Jun, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, 30 May, 2014 - (1:37)