Tuesday, January 22, 2008

Soros Says World Faces Worst Financial Crisis Since World War II

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Well first we had Robertson [Julian Robertson Calling for "Doozy of Recession"], then Rogers, and now we get Soros. Thankfully, our Fed Chief and our friends at CNBC still say there are no clear signals of recession. Hmm, whom to believe - men who have made billions upon billions managing money or....
  • Billionaire investor George Soros said the world was facing the worst financial crisis since World War II and the United States was threatened with recession, according to an interview with the Austrian daily Standard.
  • "The situation is much more serious than any other financial crisis since the end of World War II," Soros was quoted as saying.
  • He said over the past few years politics had been guided by some basic misunderstandings stemming from something that he called "market fundamentalism" - the belief financial markets tended to act as a balance.
  • "This is the wrong idea," he said. "We really do have a serious financial crisis now."
  • Asked whether he thought the United States was headed for a recession, he said: "Yes, this is a threat in the United States."
  • He added he was surprised how little understanding there had been on how recession was also a threat to Europe.
Quite the triumvirate....

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