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| Soros sees no bottom for world financial "collapse" |
| 2009-02-21 |
| Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system. "We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama. Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain. "I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker said. |
| Posted by:tipper |
| #19 How many currencies has he deliberately destroyed thus far? None. He just took advantage of stupid countries that already had. |
| Posted by: Nimble Spemble 2009-02-21 21:42 |
| #18 The fact that Soros is still breathing is proof that the James Bond stories are 100% fiction. |
| Posted by: Barbara Skolaut 2009-02-21 21:06 |
| #17 War brings out the best and worst in those who live through it. Mr. Soros learnt the worst from those best at it. How many currencies has he deliberately destroyed thus far? |
| Posted by: trailing wife 2009-02-21 21:00 |
| #16 With or without salt on the rim Steve? |
| Posted by: lotp 2009-02-21 20:31 |
| #15 Margarita on the rocks for me, please. |
| Posted by: SteveS 2009-02-21 20:03 |
| #14 No, really Frank? You have an F-150? Is it a good model - do you like it? LOL. A round on me. |
| Posted by: lotp 2009-02-21 18:50 |
| #13 Ford makes F-150's, like mine. Did I ever tell you about it.... /Drink up, dammit! |
| Posted by: Frank G 2009-02-21 18:28 |
| #12 3dc: If the economy is the nations #1 threat then the CIA should have put a contract out on Soros years ago. They didn't so the government is obviously in on the theft. ______________________________________________ Starting with Congress, K Street, Wall Street and ye olde established Crime Families; Imagine how many Hidden Hands have been washing each other... Their BLOOD can't run thick or fast enough to ever suit me personally. :( |
| Posted by: Red Dawg 2009-02-21 18:27 |
| #11 I follow Ford's Stock, I've been certain someone huge has been shorting Ford for he last year or more, I'm holding and waiting, when the stock does NOT go bankrupt all the shorters will be forced to buy-to-cover, that'll make Ford BOOM. |
| Posted by: Rednek Jim 2009-02-21 12:55 |
| #10 If the economy is the nations #1 threat then the CIA should have put a contract out on Soros years ago. They didn't so the government is obviously in on the theft. |
| Posted by: 3dc 2009-02-21 12:19 |
| #9 Jack is Back: "Soros Now he is trying to induce panic so he can buy back his shorts at a low price. The "hedge fund" managers tried that a few months ago, selling heavily at the close so the numbers would be widely reported on the evening news. Hopefully people would panic the next morning and the hedge funds could pick up the pieces. |
| Posted by: Frozen Al 2009-02-21 12:10 |
| #8 What an idiot. There were major recessions in both the seventies and eighties. These are hardly permanent conditions. |
| Posted by: Alistaire Greash5374 2009-02-21 11:13 |
| #7 What do you care, soros. You helped cause it personally. |
| Posted by: newc 2009-02-21 10:02 |
| #6 The economic system needs to return to a non-leveraged state. However, until the wolves of leverage are beaten down, they will fight to keep some means of leverage available so that they personally can still get away with non-productive leveraged wealth expansion. This means that individuals like Soros are malignant cancers to the world's economy. They undermine the productivity of others by trying to snatch the rewards without doing the work. |
| Posted by: Anonymoose 2009-02-21 09:30 |
| #5 Its simple: Soros is shorting America. |
| Posted by: Jack is Back! 2009-02-21 09:27 |
| #4 Renowned investor George Soros said on Friday the Actually, George, there is a quick turn around. All it requires is the willingness of those who can to put confidence back into the system by introducing not more money but integrity back into the process. That means firing regulators who failed to regulate. That means telling stockholders and borrowers that they're screwed and they aren't going to be bailed out on the backs of others. And its means that heads have got to roll publicly on the political side of the house, particularly those who interfered in the financial process for both social and individual interests. When that happens, the money will come out of gold and the mattresses and start to flow again in market. |
| Posted by: Procopius2k 2009-02-21 08:11 |
| #3 "I see great upside opportunity in G. Soros Fixed it for you. |
| Posted by: Nimble Spemble 2009-02-21 07:35 |
| #2 Soros was obvious misquoted and in fact said, "I see no downside to the world's financial collapse." |
| Posted by: phil_b 2009-02-21 06:03 |
| #1 All thanks to Basel 2's mal-regulation. |
| Posted by: Bright Pebbles the flatulent 2009-02-21 05:07 |