March 01, 2010
Soros Criticizes Obama's Bailouts
Soros Criticizes Obama's Bailouts
Billionaire investor George Soros, who helped U.S. President Barack Obama raise money for his presidential campaign in 2008, said Sunday he wasn't happy with Mr. Obama's handling of the financial crisis.
Mr. Soros said the government should have taken over U.S. banks instead of bailing them out, a move he suggested would have been more popular with Americans.
"The solution that he found to the financial crisis, which was to effectively bail out the banks and allow them to earn their way out of the hole, was, in my opinion, not the right solution," Mr. Soros said in an interview with CNN. "He should have compulsorily replaced the capital that was lost."
After taking office at the start of 2009, Mr. Obama stuck to plans implemented by his predecessor George W. Bush to rescue banks by buying toxic assets from them and injecting capital into struggling lenders. As the financial sector recovered, the Obama administration put banks through stress tests to determine how much new capital they would need to withstand a severe recession, but steered clear of nationalizing them.
Mr. Soros said China took a better approach to dealing with the financial crisis by forcing its banks to increase their minimum capital requirements. He suggested that Beijing has in recent years been more successful in its handling of economic policy than the U.S.
He said the "market fundamentalist" belief prevailing in the U.S. that markets correct their own excesses was wrong, and criticized former Federal Reserve Chairman Alan Greenspan for taking that line. Mr. Soros — who as chairman of Soros Fund Management, said he manages about $27 billion in assets — cited his own investment decisions as an example.
"When I see a bubble, I buy that bubble, because that's how I make money," he said.
Soros said the U.S. and China needed to work closely to manage the global economy, calling recent signs of bilateral tension worrying.
Wild Thing's comment........
Uh oh, the boss isn’t happy. He’s your boy, George.
“When I see a bubble, I buy that bubble, because that’s how I make money,” he said.
I happened to catch that interview with him yesterday . It was chilling. But I also call BS on this from Soros. Obama is doing Soros' bidding here and around the world and I suspect all is going more or less according to plan. This is just for show.
If Soros is unhappy, it's with the Tea Party movement and the handful of conservatives going against him and he knows the tide is turning against him.
Posted by Wild Thing at March 1, 2010 02:55 AM
Soros on the international scale reminds me of the Hunt Brothers, I can only hope for the same demise.
Posted by: Jack at March 1, 2010 11:34 AM
Soros the true communist he is, would suggest something like that. His protege' obama is not that adept at following the script. But had obama done it, taken over the Banks, in that order, Red warning Flags would have gone off everywhere. obama the typical progressive marxist, does things in a gradual fashion. Evolution not revolution. The obama agenda is too ambitious and that kind of change won't work here.
Tom sent me an article on obama, and what it said basically is, obama doesn't understand the American people. He has no background in this country, no roots so to speak to relate to who or what the American people are. Hence, I think his misunderstanding and apologizing for whatever America has done because he doesn't understand what it is to be an American. The American people are proud of our accomplishments, at least Free thinking Americans are.
As Americans we are the 'outcasts' of the world, Extraordinary outcasts who can accomplish anything we set our minds to do. He has missed this completely, this is where freedom and Liberty come in, No other country in the world has such unlimited freedom as we do here. This bothers obama and that he wants to change...It won't happen.
Pelosi and Reid are mere artificial attachments to the obama bandwagon and when he collapses they will fall by the wayside like so much extra baggage to be discarded.
Birth Certificate notwithstanding, he is not an American, he is culturally and philosophically different, not even a Brit would look at us in the same manner obama does. If a certificate could be produced, he is only an American by accident not by design or even desire.
Jack nailed it early on with the Soutpiel Puppet comment. He is straddling Kenya and Great Britain with his pair dangling in the Atlantic or perhaps that his real problem he hasn't got a pair.
Posted by: Mark at March 1, 2010 12:24 PM
Jack, yes, and I agree with Mark when you said that about Soutpiel Puppet.
Mark, thanks for sharing that about the article on Obama not understanding the American people. I agree so much, he really has no clue at all.
Posted by: Wild Thing at March 2, 2010 12:28 AM
Soros: Proof that money can make people stupid. Why does he remind me of Dr. Evil?
Posted by: Anonymous at March 2, 2010 04:24 PM
P.S. "I want sharks with frickin' laser beams attached to their heads." (Obligatory quote from Austin Powers.)
Posted by: Anonymous at March 2, 2010 04:26 PM