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Soros: US Banking Is Basically Bankrupt

Buried in an article from Bloomberg:

Roubini Sees Stock Declines as Soros Warns on Economy

By Shamim Adam and Francine Lacqua

Oct. 5 (Bloomberg) — New York University Professor Nouriel Roubini said stock markets may drop and billionaire George Soros warned the “bankrupt” U.S. banking system will hamper its economy, highlighting doubts about the sustainability of the global recovery

U.S. consumers are “overdebted” and the country’s banking system has been “basically bankrupt,” Soros said in Istanbul today. “The United States has a long way to go.”

Presumably Mr. Soros said this with a smile on his face, since he recently crowed that the current financial crisis is the culmination of a lifetime of work.

From our post back in March, via The Australian:

George Soros interview: A very good crisis

Peter Wilson | March 19, 2009

George Soros is having a very good crisis. Other investors are wilting, political power structures are being upended and market economists are scrambling to fashion new theories, but the world’s most famous speculator is having a belated heyday.

"It is, in a way, the culminating point of my life’s work," the 78-year-old says in his heavy Hungarian accent during an interview at his London mansion…

At 68 Soros had just predicted a global financial collapse which did not happen, just as he had done a decade earlier; his pet theory of market behaviour, which he calls "reflexivity", had been largely ignored; and his political donations had bought him little sway in Washington.

Yet today, he says, all those strands seem to have come together – "the American election, the financial crisis, the theory of reflexivity, so it is actually a very stimulating period"

Well, at least Mr. Soros is being honest here.

It has all come together for him. And the financial crisis certainly is the culmination of his life’s work.

But it’s nice to see that the great man still isn’t satisfied.

He has to twist the knife in America’s back.

This article was posted by Steve on Tuesday, October 6th, 2009. Comments are currently closed.

7 Responses to “Soros: US Banking Is Basically Bankrupt”

  1. MinnesotaRush says:

    “.. the “bankrupt” U.S. banking system ..”

    Well now .. how could that happen with all those government overseers, inspectors, regulators and regulations???

    Oh yeah .. they didn’t have enuff. :-(

    How long did Madoff pull his crap again? Just aksin’.

  2. proreason says:

    Who would know better than George Soros.

    It’s according to his plan. “it is actually a very stimulating period”

    And Obama is his creature, lock, stock and barrel.

  3. Reality Bytes says:

    I’m reminded of an arsonist who run into burning buildings to “Save” people. Yeah, thanks for checkin’ in there George.

  4. TwilightZoned says:

    “It is, in a way, the culminating point of my life’s work,”

    Finally! An admission. Pro, I believe you were dead on
    about Soros’ connection with the run up. The man is either
    Satan or a henchman.

  5. Petra says:

    Soros with interest in Oil Exploration in Brazil – Obama gives Brazil 10bil to cover the cost. Soros is running this country for sure.

  6. Liberals Demise says:

    Ol’ Georgie Porgie should know …….. he is the one and only who inflicted this upon us!

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