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George Soros: Investing Legend Predicts Worst is Yet to Come
Renowned investor George Soros said Friday the world financial system has effectively disintegrated, and there’s no near-term bottom to this financial crisis in sight.
Speaking at a dinner at Columbia University, Soros actually compared the current situation to the breakup of the Soviet Union, and said that the whipsaw effects of the crisis are actually more severe than the Great Depression.
"We witnessed the collapse of the financial system," Soros told his audience. “It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom."
He said the bankruptcy of. Lehman Brothers Holdings Inc.…
23Feb2009 | Money Morning | 0 comments | ContinuedThe Dismal Situation George Soros Warned You About
Last year, I devoted several issues of my Strategic Investment service to the web of structured finance. I think it paid off.
Since then, banks and brokerage stocks were punished. Energy and material stocks have soared-thanks to the Fed’s inflation campaign. Fed officials have taken their ability to devalue the U.S. dollar to new heights. Sure, it’s recovered slightly. But, what collateral backs today’s dollar? Mostly mortgage securities that nobody wants — as if Treasury bond collateral weren’t bad enough.
Despite the latest “reports,†current trends still have room to run. Just consider Fannie Mae and Freddie Mac. Those shareholders could be…
21Aug2008 | The Penny Sleuth | Comments Off | Continued
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