Posted on 02/28/2010 1:00:52 PM PST by nickcarraway
Billionaire investor George Soros, who helped U.S. President Barack Obama raise money for his presidential campaign in 2008, said Sunday he wasn't happy with Mr. Obama's handling of the financial crisis.
Mr. Soros said the government should have taken over U.S. banks instead of bailing them out, a move he suggested would have been more popular with Americans.
"The solution that he found to the financial crisis, which was to effectively bail out the banks and allow them to earn their way out of the hole, was, in my opinion, not the right solution," Mr. Soros said in an interview with CNN. "He should have compulsorily replaced the capital that was lost."
After taking office at the start of 2009, Mr. Obama stuck to plans implemented by his predecessor George W. Bush to rescue banks by buying toxic assets from them and injecting capital into struggling lenders. As the financial sector recovered, the Obama administration put banks through stress tests to determine how much new capital they would need to withstand a severe recession, but steered clear of nationalizing them.
Mr. Soros said China took a better approach to dealing with the financial crisis by forcing its banks to increase their minimum capital requirements. He suggested that Beijing has in recent years been more successful in its handling of economic policy than the U.S.
He said the "market fundamentalist" belief prevailing in the U.S. that markets correct their own excesses was wrong, and criticized former Federal Reserve Chairman Alan Greenspan for taking that line. Mr. Soros — who as chairman of Soros Fund Management, said he manages about $27 billion in assets — cited his own investment decisions as an example.
"When I see a bubble, I buy that bubble, because that's how I make money," he said.
(Excerpt) Read more at online.wsj.com ...
I caught a glimpse of King George on what I thought was one of the many gas bag Sunday shows while walking through the grocery store this morning. I didn’t stop to listen since I was sure he was puffing up his puppet, the man-child.
Here’s a great idea! Why doesn’t the USG take over Soros Fund Management? Then they could replace Soros with someone who doesn’t want to emulate Ernst Stavro Blofeld.
This guy is as fruity as the party he bought in 2007.
I hope that he dies.
Wanna bet?
How did communism work out for the Soviet block countries?
Wouldn’t it be nice if some British secret agent showed up and...well, that only happens to the bad guy in the movies...
My sentiments exactly, I’m not “happy” that he’s still drawing breath.
The only thing he could do that would be popular with Americans is to give all his assests over to them, and then either leave the country to never return, or have a tragic car accident.
Here’s your ping.
:)
You are not the only one. I am at this moment watching him on CNN international in Amsterdam. The disgusting old goat needs to take his money and get out of the way. Another case of no “stopping sense”.
Sure he is.
not
Americans would not be happy if the government would’ve taken over the banks. IMHO we all would’ve been happier to have never heard the term too big to fail. What a bogus term!
I think Justice should be investigating Mr. Soros, he manages to get rich every time there is a financial crisis. I can’t help but wonder how many he has caused.
I really hope he unites with his Maker soon, quickly, painlessly and after he accepts Jesus. But as is, he’s an evil influence with tons of power.
He knows that a government takeover of the banks is a recipe for disaster for the US. But he peddles the line anyway. Why? Does he just want to make more money. Or does he really believe the rest of the world can pick up the pieces after the collapse of the US?
Soros is a jerk, he will go with whoever is winning. If they are making a lot of blunders, he’ll abandon ship. He’s a far weather friend and not a friend at all to freedom.
Sounds like that evil old man is a communist.
And while at it, prevent any and all bonuses, roll back pay to ANY executive to $500k, grill each in congress...
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