Skip to comments.Davos: Soros Speaks (World Economic Forum)
Posted on 01/26/2011 11:58:21 AM PST by NormsRevenge
The World Economic Forum in Davos attracts a particular kind of financier and corporate honcho. The folks who flock to this out-of-the-way ski town in the Alps in January are plenty worried about the bottom line and their personal portfolios. But the true Davos Man (or woman) is one of parts -- interested in history, culture, poverty, and Big Global Issues. They want to be known and recognized as much for their public-mindedness as for their prowess in the boardroom and on the trading floor.
In short, they want to be like George Soros.
Hedge fund gazillionaire, scourge of the Bank of England, backer of civil society projects throughout the world, partisan Democrat, and right-wing bogeyman, Soros always attracts a crowd. Each year at Davos, usually on Wednesday, he holds forth for a group of journalists.
.. the reporters were primarily interested in hearing what the oracular investor had to say. As he usually does, Soros spoke about his philosophy of history and the markets. "Markets, left to their own devices, don't tend towards equilibrium. They are prone to create bubbles. So, actually, bubbles are just as characteristic of financial markets as equilibrium."
Doesn't that conclusion call for more regulation? "Unfortunately," Soros said, "market regulators are even more imperfect than markets, so that's the drama." Investors and regulators still don't appreciate the role of irrational behavior, and the way that market action itself impacts and warps prices.
Soros said the U.S. bank bailouts were necessary but were not conducted the way he would have done it. The U.S. should have injected equity into the banks rather than guaranteeing their debt: "We nationalized the liabilities but not the assets."
(Excerpt) Read more at finance.yahoo.com ...
I guess all the Free Trade Communists will be happy with their hero, George Soros, no matter what he says.
Sick to see all those America-hating Free Trade Communist Banksters partying and finangaling ways to screw America.....after they were bailed out by US taxpayers. Talk about a group of people who could use a terrorist attack....
Where’s a massive avalanche when ya need one.
He went on to say; “When I was confiscating property from the Jews for the Nazis, before we sent them to the death camps, we took everything. That is what Amerika should have done.”
Or something to that effect.
“We nationalized the liabilities but not the assets.”
Straight out of the Fascist handbook.
Sounds like an episode title from a late-60's Doctor Who episode.
Davos kitties : Two cats look into a snow covered street near the Congress Center where the World Economic Forum annual meeting takes place in Davos. (AFP/Johannes Eisele)
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