perhaps HE should bailout eastern europe? http://www.nytimes.com/reuters/2009/02/20/business/business-us-financial-soros.html
"He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system." A slap in the face of all the free market fanboys that happily explained how letting Lehman fail -- because it would constitute a moral hazard wasting taxpayers' money -- will not lead to a global financial meltdown.
Yeah because allowing companies run THAT poorly to survive would be such a benefit for the rest of society. I forgot...when your company is bankrupt and insolvent that means they're doing a wonderful job and really should be allowed to stick around. Good thinking. I knew I was missing something. Shit we need to bailout Madoff too
While I agree that if you bail out one you have to bail them all out I hope you are not insinuating that the free market is what really got us to this situation.
Soros saw no bottom a while ago imo which is why he backed a charismatic mouthpiece for big Government from which Mr Soros and other 'close persons' will benefit hugely in terms of wealth and influence.
I think an overnight nationalization and then an orderly wind-off (Neuberger Berman, the real estate assets, the European brokerage arm -- which had 10s of billions of assets frozen and liquidated overnight, with account holders being wiped out to a big fat zero) of all Lehman assets would have gone a long way. The matter of the fact is that the lessez-faire crowd told us letting Lehman fail will be "good showing that the government takes moral hazard seriously". How come I don't hear that moral hazard argument much anymore? And they told us letting Lehman go was "part of a self-cleansing solution for world markets". Where did that argument go?
Soros is a stool pigeon for the mega elite, obviously he knows a thing or two. Just like his short oil call at $140, and long gold call at the same time even though gold fell a bit but only by a fraction compared to all the other commodities, and has now fully recovered and will probably post new highs soon enough.
He was very wrong in 1998 remember.... Though this time its truly a synchronized global recession / credit crisis / demand destruction situation