Soros Unhappy With Bailouts (Unhappy With Obama)

Wall Street Journal ^ | FEBRUARY 28, 2010 | LUCA DI LEO

[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.

[LomanBill]

[The disgusting old goat needs to take his money and get out of the way.]

Soros can no more get out of the way than the Scorpion could keep itself from stinging the Frog whilst being ferried across the river; and for the same reason - It’s simply not in his nature.

Recognition of that nature, Soros’ oligarchic/mercantile nature, being precisely the reason why the American founders, in their wisdom, specified the purpose of American governance to be: “TO SECURE THESE RIGHTS, governments are instituted among men”.

[greeneyes]

King George does not just make money, he destroys many nations economy.