Tuesday, Feb 24, 2009
Third Time Lucky for Soros Predictions?
Bloomberg: Soros Says Crisis Signals End of a Free-Market Model
Billionaire investor George Soros said the current economic upheaval has its roots in the financial deregulation of the 1980s and signals the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of crises forcing government intervention, Soros told economists and bankers at a Feb. 20 private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
Posted by shaggy35 @ 02:32 PM (216 views) Add Comment
1 Comment
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1. 51ck-6-51x said...
Missed this one, but at last someone of authority who has said the bubble was a credit bubble that stated in the 80s - I think the were policy decisions prior to then that built up the environment too.
The point at which I disagree with this well-known and oft correct individual is that of the issue being that the free market itself is the problem. He said it himself: "The crisis was made possible by the globalization of financial markets and securitization of debt" but fails to follow through that the global markets were not actually free markets (I'm sure he is aware of the barriers and incentives - he takes advantage of them often enough!)