Reply #15: There's that liberal, George Soros, mouthing off again. [View All]

[TalkingDog]

Snip:
"I consider this the biggest financial crisis of my lifetime," Soros said during an interview Monday in his office overlooking Central Park. A "superbubble" that has been swelling for a quarter of a century is finally bursting, he said.

snip:
Soros has been worrying about the fragile state of the markets for years. But last summer, at a luncheon at his home in Southampton with 20 prominent financiers, he struck an unusually bearish note.

"The mood of the group was generally gloomy, but George said we were going into a serious recession," said Byron Wien, the chief investment strategist of Pequot Capital, a hedge fund.

Soros was one of only two people there who predicted the American economy was headed for a recession, he said.

Shortly after that luncheon Soros began meeting with hedge fund managers like John Paulson, who was early to predict a crisis in the housing market. He interrogated his portfolio managers and external hedge funds that manage his fund's money, and he took on new positions to hedge where they might have gone wrong. His last-minute strategies contributed to a 32 percent return — or roughly $4 billion for the year.

http://www.iht.com/articles/2008/04/11/business/11soros.php