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Link: – The game changer

George Soros pens an op-ed on the origins of the financial crisis.


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  1. I disagree, I think the banks should be allowed to go under. I think the bailouts simply keep zombies alive, those banks know their inevitable death, and will simply milk as much money out as possible. Bonuses, purchases, inflated wages, etc. then inevitable failure.

    Same goes for the car companies, the dealerships, and every business propped up by the Federal Reserve and tax bailout. Give a zombie company easy money and the directors take big bonuses and milk out the money in costs and bills and walk away with the cash for their next business.

    Soros’s comments about bear runs on banks being self validating is foolish. The Wall Street banks were leveraged to 30-40:1, they had no capital, a butterfly flapping it’s wings would knock those over. Does he forget the run on the pound he profited from? He succeeded because John Major was viewed as an idiot and took the pound into the exchange rate mechanism overvalued, not because he said so.

    Posted by Huh? | February 2, 2009, 5:24 PM