Friday, January 25, 2008

end of an era

Seeing Signs of ‘Systemic Failure

“This is not a normal crisis,” George Soros, the hedge fund pioneer turned philosopher, said today to a group of reporters he had invited to lunch at the World Economic Forum. “It is the end of an era.”

Posted by sold 2 rent 1 @ 12:40 PM (772 views)
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2 thoughts on “end of an era

  • “… and of criticism by some experts that the Fed’s cheap-money policies from 2001 to 2004 may have aggravated the bubble in housing”

    ORLY?

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  • http://www.investmentrarities.com/thewisdomoflvm.html

    “The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration. The individual is always ready to ascribe his good luck to his own efficiency and to take it as a well-deserved reward for his talent, application, and probity. But reverses of fortune he always charges to other people, and most of all to the absurdity of social and political institutions. He does not blame the authorities for having fostered the boom. He reviles them for the inevitable collapse. In the opinion of the public, more inflation and more credit expansion are the only remedy against the evils which inflation and credit expansion have brought about.”

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