Posted on 01/19/2009 8:11:03 PM PST by NormsRevenge
WASHINGTON (Reuters) – The stimulus plan the U.S. government is currently considering is necessary to help American citizens, but it will likely not reverse the country's economic decline, hedge fund manager and billionaire philanthropist George Soros said on Monday.
"It is not enough to turn the situation around," Soros told the U.S. Conference of Mayors about the $850 billion proposal to increase spending and cut taxes.
The plan, which was introduced in the U.S. House of Representatives last week and will likely be passed by next month, will help state and local governments balance their budgets and preserve important social services, Soros said.
At the same time, the $700 billion financial bailout known as TARP for Troubled Assets Relief Program had been carried out in a "haphazard and capricious way" and "without proper planning," he said.
"Unfortunately it was misused and the way it was done has poisoned the well. It has created tremendous ill will toward putting up more money," Soros said.
For more than a year, the United States has been crippled by a recession that was triggered by a housing market downturn. ...
The government stepped in with the TARP to inject liquidity into struggling firms. Last week, President-elect Barack Obama requested Congress release the second half of the funds.
Soros advocated using bailout money to recapitalize banks, but said the $350 billion would not be enough. He said such a move would take more than the entire $700 billion.
The bursting housing bubble "acted like a detonator that exploded a much larger bubble," he said.
"The economies of the world are falling off a cliff. This is a situation that is comparable to the 1930s. And once you recognize it, you have to recognize the size of the problem is much bigger," he said.
(Excerpt) Read more at news.yahoo.com ...
They forgot to include "convicted felon".
If so, he must bear his share of the responsibility for torpedoing the value of housing through overbuilding with the use of low cost Mexican labor.
If I want any crap out of Georgie Soros, I’ll unscrew his head and dip it out. He needs to shut up and just go away. He played a big part in getting us into this mess.
Also the architect behind the October market implosion of financial stocks. He and his hedge fund pals with Schumer wrecked Indy Mac. Last week he and his pals bought it with govt money.
If we could pull the money out at exactly the right moment, we'd be soooooo good we'd never have gotten in this mess in the first place...
His philanthropy must be focused in the right places - I have have seen him testifying before a Congressional committee twice in the past four months. Here’s an article on his conviction in France:
http://www.iht.com/articles/2006/06/14/business/soros.php
So we should do what Soros thinks is best? What do we not know?
From American Thinker
September 29, 2008
By Ed Lasky
How allies of George Soros helped bring down Wachovia Bank
http://www.americanthinker.com/2008/09/how_allies_of_george_soros_hel.html
…
Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups .
This set of political organizations also includes the International Crisis Group, whose foreign policy staff is likely to contain the embryonic future of the State Department in an Obama Administration . Eli Pariser, who heads MoveOn.Org, boasts about his group’s role in the Democratic Party:
“Now it’s our party: we bought it, we own it, and we are going to take it back.”
The top four donors to these 527 groups in the last Presidential election cycle (2004) were Soros, Peter Lewis of Progressive Insurance, Steven Bing, and Herbert and Marion Sandler . Collectively they gave 78 million dollars to left-leaning 527 groups. That was just in 2004. They have become much more ambitious over the last few years.
Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article “Follow the money” is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).
The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda. A partial roster of the Democracy Alliance membership can be found here.
Half a billion dollars a year can purchase a great deal of influence.
There are many contributing factors responsible for our current economic woes, and plenty of blame to go around, but the social engineering of the Soros-backed left has been one of the biggest. The irony is that in their quest to ‘spread the wealth’ the left has contributed to one of the biggest losses of overall US wealth in history, and ultimately the people who will suffer the most are those the left thinks they are helping.
Get the noose for this idiot.
Soros is the hidden money behind Obama. Someday, someone will connect the dots and put this slime in jailed, then stripped of his citizenship and deported. It couldn’t happen to a better crook!
Sorry—but Wachovia bank went down cause of Golden West & irresponsible lending afterwards.Even your link blames the Sandlers and just tries to link them saying they donate to left wing causes. Soros is nuts if he thinks we can get away with what he suggests—and even he seems to admit that—but he is right about the world’s economies are going off a cliff.
Soros? The mastermind of evil? The man who would buy the world, starting with the USofA?
THAT Soros?
Whatever he says, do the opposite.
I guess I ought to go buy the canning jars as my neighbor suggested.
Hey Georgie-girl, how about YOU fund the next bailout?
OK, I understand how the government puts more money into the system, just print it and spend it.
But, how do they take money out at any time, right or wrong? I always thought that was called deflation, and if you thought inflation was bad, deflation causes more pain.
The world will be much safer when this NAZI collaboraor dies. He’s much too old and hateful to last too much longer.
The 1907 financial panic was over in a month.
In response the Federal Reserve Act was done.
Now we still have panics, they are worse, cost more and last longer. Recessions last years and depressions decades.
Its almost as if the government was involved.
Thank God we have the Federal Reserve, eh?
They raise interest rates.
So, supposedly, we won’t have inflation and high interest rates because the Federal Reserve which couldn’t stop what is happening, and isn’t making things better....is....someday...going to get it right....and we are all going to live in little English cottages and be woken up late in the morning by nuzzling unicorns and rainbows.
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