He's waiting to short them again, and describes US Treasuries as "the last bubble left."
Other thoughts from Jim:
- It's idiotic for Bernanke to purchase long-dated US government bonds.
- Let the auto companies go into bankruptcy.
- "The government has been taking the assets away from the competent people and giving them to the incompetent people...that's bad economics and bad morality."
- These bailouts will be a "disaster for America", leading to the demise of the dollar, higher interest rates, and higher inflation.