Soros calls financial crisis worst since Great Depression, sees more market declines

BUSH LIED FOR MANY YEARS NOW, UNTIL THEY COULNT COVER IT UP ANY MORE..AS PEOPLE ARE LOOSING EVERYTHING.

OUR ECOMONY HAS BEEN DESTORY BY THE REPUBLICANS.....THEY TOOK ALL THE TAX MONEY, GAVE REFUNDS TO THE 1% VERY RICH PEOPLE, THEN USED ALL THE REST OF THE MONEY TO HAVE THE WAR WITH IRAQ,SO WE CAN STEAL THEIR OIL AND MAKE HALLEBURTON 368 billion RICHER(cHENEY WAS CEO) AND EXXON MOBIL PUT IN A POSITION TO RAPE ALL OF THE 0PEOPLE WITH UNREAL PROFITS, WHILE PEOPLE ARENT EATING TO PAY FOR GAAS TO GET TO WORK. BUSH AND COMPANY ARE PURE EVIL. THERE WAS NO WMD IN IRAQ AND SADDAM HAD NOTHING TO DO WITH 9/11 BUSH PLANNED IT!!!!(WELL NOT HIM CHENEY AND VERY SECRET PEOPLE)

I would really like it if someone actually looked up the definition of a recession. We are not technically in a recession. We are in a slow down. We were in a recession when Clinton left office, but you never heard about that because the media didn't want to talk about it. Now, we are not in a recession and the sky is falling?? I think we need to place the blame on the people that created the slow down. The people who do not read contracts before signing them for houses they can not afford, and the speculators who made the real estate market crash and the specualtors who are making the oil companies excessive amounts of profits. While we are at, we need to look at taxes that we are paying. I would have a lot more disposable income if I was not paying through the nose in NJ taxes. Come on people take personal responsibility, the Government is partly to blame by not raising interest rates, but the people and the banks did this together. The banks by loaning money to people who can't pay, and people buying houses they can't afford.

To those that think crooked politicians and profiteering businessmen are not to blame for our fiscal situation. I say wow, what blind sheep we have in this country. Maybe a sucker is born every minute. The gov't will bail out financial institutions with your money, but won't bail you out with your money. Hmmm, that sounds fair! Mindless Sheep!

that soros is right or wrong only time will tell but that things r not right . one can make out with the desperation of policy makers when they bailed out bear sterns with tax payers money.
macroeconomic realities are very much the strength of soros and she has made bilions because of that and a good portion he gives in charities.so we ought to listen to him

Sorocialism = biggest government possible

Since when is Soros an expert on the economy? He is an expert ultra liberal Democrat who funds moveon.org and all other anticonservative activities. But this is typical of Time Warner and AOL. And I have to pay an extra $2/mo to see this junk.

Since when is the "FED" the Government???????

The Fed is a private organization...period.

Yes, individuals like Greenspan genuflect in the parlor of power, but ultimately the FED is separate from the Government.

Capitalism has on avg 99% of people in rich debt and or poor, basically one and the same.
Also governments are richly in debt.
Socialism works with the Amish and their is a island of blacks where their is virtually no crime also.
Socialism also worked with the Waldenesses for around a thousand years, that lived deep away from the Dark ages etc insanity.
People who like capitalism and do not like regulation
and or discipline, do not complain when capitalism crashes again, and do not complain about the corruption Capitalism breeds, do not complain your governments are in rich debt like most of your population.

Ah the Capitalism Dream turns to a nightmare as always.

Capitalism prospers for a small percentage , by and or while the rest end up in rich debt. Their is nothing great about that.

Lorin said it well. The idea that laissez-faire is responsible is a joke. When are the people of this nation going to realize that the Federal Reserve is a cartel that protects bankers from losses at taxpayer expense. Ironically, federal regulation of banks increased in the aftermath of the S&L crisis under Reagan. Furthermore, the FDIC is a joke. It's assets are insufficient and while the costs are paid by the banks in reality they are paid for by the consumer in the form of services, fees and higher interest. In fact, t is not insurance, it is a tax payer bailout. If it were insurance banks would pay according to their balance sheets and loaning practices. Banks would with "risky" portfolios would pay more or find it difficult to get insurance. People would then know if a Bank doesn't have insurance it is is a risk. Instead, banks know they can engage in risky loan practices because in the end the government will bail them out...as long as they are not some small fry. Look at the history of Commonwealth Bank of Detroit, First Pennsylvania of Philadelphia, Continental Illinois, the list goes on regarding Fed bailouts of banks and corporations such as Penn Central, Lockheed, Chrysler, and on and on. Finally, Soros must have some sort of agenda for his comments. People are deluded if they think the housing markets are laissez-faire...hahaha...can you say FHA and the Fed. Government mismanagement of our budget and the economy allowed this bubble to get as big as it did. Free markets would have reigned in this bubble a long time ago. Mr. Soros, get real...what is your angle?

First of all Reagan (till bush junior came in)WAS the King of Deregulation...Especially in the business/banking world...So the lassez-faire lable DOES stick.

Secondly you know why I listen to Buffet and Soros because they always seem to hit and make their mark...even when they lose they cut quick and regroup and come back stronger which to me means a great mind.

Thirdly those two PUT their $$$ where their mouths are...they say tax the rich...these tax cuts are stupid tax and will bankrupt the nation, close the loopholes, hire more auditors for the big companies etc etc.

While the otherside which is making obscene profits is cutting jobs, out sourcing AND still demanding either subsidies or contracts that only favor them...Check any of the top defense contractors.

As for the feeding off the public trough comment? lets see Deregulation makes all these loopholes for the rich they (Soros/Buffet) see it and after warning us of what was going to happen and the American Voter letting it happen they say "The reality is it's here I'm going to make $$$ then if they won't listen."

What is wrong with that?

I'm surprised Soros has enough time to put out his version of events when his money is usually spent trying to torpedo America. With his "views" of our country, he shouldn't even bother staying, instead he is in the business of overturning elections. Chavez is a better friend to us than he is. L is for LOSER

For all the folks (Democrats) who complain about living paycheck to paycheck....for all those who say that a few cents higher in gas prices have financially hurt them>>>just wait, God forbid, till one of your democrat nominees gets their chance in the White House.
You want your universal healthcare??
Guess what....that will be another MANDATORY deduction from your paycheck, and that will hurt a whole lot more than a few cents at the gas pump.
You don't get something for nothing!
Someone has to pay....guess who!!?
I say>>Vote Ron Paul!

SEND THE ANTI AMERICAN BASTARD BACK WHERE HE CAME FROM. HE'S NO DAMNED GOOD FOR THE US JUST A TYPICALLY GREEDY WALL STREETER

The financial situation isn't as bad as recessions in the 70s and early 80s by any stretch of the imagination. When I was a kid in the 70s, a recession meant several neighbors on my block and a fair number of my classmates' fathers were out of work.

There isn't anyone in my neighborhood out of a job, and none of my son's classmates have parents pounding the pavement.

So much for the anecdotal evidence.

I heard on CNBC a study that pointed to this and future economic downturns/recessions being shallower and of shorter duration, because of technology. In a nutshell, computer technology allows companies to better manage inventory and labor needs, so companies can fine tune production. We won't see the huge sell-offs of bloated inventory and mass layoffs that we did in the 70s and 80s.

But we have to blame people who went out and bought houses with ARMs. You never buy a house with an ARM, when rates are at historic lows, because rates will rise to levels designed to maintain economic growth, rather than spur growth. One would only buy a house with and ARM if one only planned to stay in a house for short time, say 2 or 3 years, before selling it, or if one was planning to "flip" it.

Other than those situations, a home buyer must go the fixed mortgage route. If a buyer can't afford a house with a fixed mortgage of 15 to 30 years, then he ought to stay in rental housing until he has greater income and/or savings.

By the same token, lenders should have been more responsible with their loan approval processes, as well as pushing products ill-suited for buyers who couldn't pay higher payments as rates adjusted upwards.

Declining home prices aren't new. My parents bought their house in 1964 for $31,000. The sellers paid $36,000 in 1964, taking a loss of nearly 14%.

The other problem is home buyers who thought they could buy a home, then sell in 2 or 3 years for big bucks and do better than putting money into an IRA or 401(k). My grandfather taught me years ago that one should buy real estate, when the market is down. He was a farmer and never bought land in boom times. That's a recipie for disaster, if one or two harvests are poor.

And if one is buying real estate as a potential investment, the time line should be a minimun of ten years.