Renowned investor George Soros said on Friday the world financial systemThen again, the Obama camp is working on lowering expectations and this kind of talk helps their cause. If people get scared, they are more likely to go along with things like the economic stimulus bill. And when we pull out of this slump, they will end up looking better.
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."
Anyways, these are some serious words from someone who knows what he's doing. We'll see what plans Geithner and Co. come up with this weekend.
Article via Reuters.