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 ...
This from someone who has gotten rich on insider information used to bet against currencies and wreak financial and economic havoc around the globe. This man needs to be put in jail for the rest of his life.
“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.”
Mr. Soros must be smoking some heavy stuff.
There are some countries who would prosecute him and send him to the gallows. These are countries whose economies he had destroyed.
“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.”
Oh, yeah! We Americans just LOVE nationalization of private enterprise, whether it’s Democrat, Fascist, Nazi, Socialist or Communist!
Soros is pissed that his puppet Barry has shown himself incompetent in tanking the US in the first 6 months so Soros could make huge profits.
I don't understand. I know he's increased his gold holdings. Is he buying gold, buying puts, selling calls or trying to corner the gold market?
Now THERE’S some hope I could get behind.
Is he thinking about throwing the Hildabeast and the rapist at us again?
Thismonster should be in jail where he belongs and take his money and pay back all the people he stole from.
Ubama ...
Thank you .... could be his puppet has
made him a bit unhappy.... ;)
I didn’t read this article, but I watched the interview.
He spoke about giving $500 million a year to poor nations to help them with “global warming issues.” Never mind feeding the people!!!
Much better idea. I vote for it.
Soros funded both Obama and McCain so the last election was a win-win situation for him.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=56177
If President Soros is unhappy with his sock puppet 0bama, he should fire him. He’s the boss, after all.
This is one of the many reasons why we should ban hedge funds and short selling. It gives criminals like this a means to create chaos and steal our money! Dont beleive it? What do think causes oil prices to skyrocket?
Hint: whenvever you allow profit for losses, there is more incentive for there to create those losses. Why do you think sports coaches, refs and managers are not allowed to gamble? Exactly!!!
I wish this could reach the millions of voters it will take to STOP this from the results at the end of this POWERFUL POWERPOINT! We have little to go!
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