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George Soros - U.s. Economy Has Bottomed, Q3 Seen Positive

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Guest DisposableHeroes

The U.S. economy has hit bottom and the current quarter will see positive growth due to the government's stimulus spending, billionaire financier George Soros said on Tuesday.

"I think it (the stimulus) has made a difference, the economy has actually bottomed and I think we are facing a positive quarter, and I think that is largely due to the stimulus," he said in an interview with Reuters Television in New York.

The Obama administration is pumping $787 billion (477.6 billion pounds) into the economy in a bid to turn around the deepest recession since the 1930s. The U.S. economy shrank by 1 percent in the second quarter after tumbling 6.4 percent in the quarter before that, the biggest decline since 1982.

Soros said he did not believe the economy needed more stimulus money, despite calls for a second round of spending. Notably, in July, House of Representatives Majority Leader Steny Hoyer said the U.S. should be open to more government spending if needed.

Also on Tuesday, U.S. President Barack Obama sounded a cautious note, saying the economy is "not out of the woods" despite signs lagging business investment was reviving. Last week the White House said there are no plans for a second stimulus package.

Back in June Soros said the United States faces a "stop-go" economy because rising borrowing costs could generate major headwinds for the still-fragile economy. Soros is Chairman of Soros Fund Management.

http://uk.news.yahoo.com/22/20090811/tbs-u...sb-4210405.html

It's going to be difficult to give the drug up!

Edited by DisposableHeroes

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the stimulus cannot fail as it is part of GDP. Soros has made a statement of the bleeding obvious. If only people realised.

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the stimulus cannot fail as it is part of GDP. Soros has made a statement of the bleeding obvious. If only people realised.

Agreed, bleeding obvious we're now in positive territory. Sept figures will show further rises in GDP from June.

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Agreed, bleeding obvious we're now in positive territory. Sept figures will show further rises in GDP from June.

At which point the stimulus will wind down and the health bill will need to be paid for

Shall I draw you a pretty graph of how that will affect the US economy or can you manage to draw it yourself in crayon?

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At which point the stimulus will wind down and the health bill will need to be paid for

Shall I draw you a pretty graph of how that will affect the US economy or can you manage to draw it yourself in crayon?

Nah, I've seen your attempts at the FTSE... :lol:

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Agreed, bleeding obvious we're now in positive territory. Sept figures will show further rises in GDP from June.

Just what part of "quarter will see positive growth due to the government's stimulus spending" do you not understand?

Replacing the consumer spending with government spending might be a nice way to fudge the GDP figures, but it won't last very long unless they can keep the stimulus packages coming.

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Just what part of "quarter will see positive growth due to the government's stimulus spending" do you not understand?

Replacing the consumer spending with government spending might be a nice way to fudge the GDP figures, but it won't last very long unless they can keep the stimulus packages coming.

Yes, this was the Japanese experience. They stimulated, it worked, they stopped, the economy tanked.... they started up again.

I reckon the US authorities are going to err on the side of caution here... with more monetization and stimulus. :lol:

Edited by roman holiday

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Just what part of "quarter will see positive growth due to the government's stimulus spending" do you not understand?

Replacing the consumer spending with government spending might be a nice way to fudge the GDP figures, but it won't last very long unless they can keep the stimulus packages coming.

he's a Chinese retard...reading Engrish is not his Stlength

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