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Soros Warns Markets

Mike

Well-known member
For what it's worth. :wink:

Railway porter-turned-billionaire financier George Soros delivered a stark warning last night that the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.

The man who ‘broke’ the Bank of England (and who is still able to earn a cool $3.3 bln in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt us towards another crisis unless tough lessons are learned.

Soros, who worked as a porter to pay for his studies at the London School of Economics after emigrating from Hungary, warned us to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.

“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall.

“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.

“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
 

Steve

Well-known member
Soros pushes bubbles higher, until he can pull the rug out from under them..

he makes a profit on the way up, by escalating the bubble and then profits as they collapse...

a major part of the instability in today's market is from hedge fund managers,

couple that with mutual funds who must buy and trade and it is a recipe for revolving disaster.

I feel for those who are in IRAs, and other managed retirement funds. as it is your money that is going to fund this disaster.
 

backhoeboogie

Well-known member
Steve said:
I feel for those who are in IRAs, and other managed retirement funds. as it is your money that is going to fund this disaster.

Something like 75% of my 401K portfolio is not at risk being in simple interest bearing accounts. The other is in blended mutuals. A percentage of that was recent purchases since Pelosi started mouthing nearly two years ago, Obama started expressing "looking in to it" and the market crashed. IRA's are in CDs.

I'd be more willing to take a risk if I were younger, if I had a president who added investor confidence, or if I were in such bad shape that I had to take a risk.

I have worked and saved a little all my life. Most of the first twenty years of my life I had two jobs while putting myself through college etc.

I made decisions years ago about retirement benefits, healthcare at retirement etc. Could have double my salary many times by moving to job shops and disregarding retirement benefits etc. With all of Obama's health care mess and everything else, it looks as tho the career desicions I made 30 years ago were bad ones.
 
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