Posted on 04/06/2009 8:09:37 AM PDT by Ravi
The U.S. economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television Monday.
(Excerpt) Read more at cnbc.com ...
I guess he’s still shorting the NYSE.
Smart money is shorting the S&P..
That’s my guess too. Markets moving down today.
He should know. He and other hedge fund short pals plus his community activist/CRA and Fannie & Freddie were responsible.
As if this guy really cares. Reports are that he has made millions off of the problems of the country. He should be run out.
If only Soros would stop breathing, it would be a happy Monday.
Somebody has shorted the market.
You mean it was a $2 trillion mulligan?
my thoughts
someone needed dji to sink again
So true.
Soros and his crowd of flunkies are responsible for the financial and economic mess of the world!
Man that is quite a mulligan indeed.
He has some responsibility yes but not all. There’s plenty of blame to go around as we’ve all discussed over the past several months.
Soros talks too much. I’m sure he’s making a profit on this crisis somehow.
I’m afraid I bridle at reading anything quoting George Soros, and my blood begins to boil, because I see him as a meddling malevolent Svengali who sits back, exploits every situation he himself has helped create, and “predicts” the bad times ahead for everyone except himself. At the very least, I wish he would die soon/ PLEASE
Soros has a history of manipulating markets:
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.”
The Times of Monday, October 26, 1992, quoted Soros as saying: “Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell.”
Soros is still blamed for triggering the Asian crisis of 1997 which started a chain reaction that led to the Russian loan crisis, the near collapse of the hedge fund Long Term Capital Management and finally the Brazilian crisis in 1999. Mahathir Mohammed, the prime minister of Malaysia, famously called him a “moron”.
In his book, Mr Soros denies claims that he started the crisis as a “wholly unfounded”. He admits Soros Fund Management foresaw a crisis and “shorted” the Thai bhat and Malay ringgit - agreeing to sell stocks of the currencies it did not yet own.
Instead he blames the international financial system and argues that this is one of the reasons why it needs to be more tightly controlled. Given that belief it is understandable that he should be surprised to be subjected to a barrage of insults during a recent debate the opponents of with globalisation.
Soros tells the west we must reform to help the poor.
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