Tuesday, May 12, 2009


Soros: we are on road to recovery at last

“The economic freefall has been stopped, the collapse of the financial system averted,” he insisted. Billionaire Mr Soros, 79, added: “National economic stimulus programmes are starting to take effect.” ... so the pundits can now start twittering.. "George Buckley, chief UK economist at Deutsche Bank, believes the economy could start to grow again next month"... wait that Money Weak will capitulate next

Posted by confused76 @ 12:09 AM (3877 views)
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13 thoughts on “‘njoy!

  • “His words marked a major U-turn for Soros, who only months ago was betting that the FTSE 100 index would fall. Today he predicted that the global economy would claw back about half of the downturn before a period of stagnation.”

    first it has to fall, then to to recover but – you know – then it stagnates like a plane stopping in mid air… soros, what does he know!?

    reminds me of that other genius, Jim Rogers, or George Rogers, whatever his name
    he said “the dollar is finished” then 3 months later the pound is finished, then sell the uk, now sell the us, the extreme luck of these pundits is that the average joe has a memory span of 72 hours at best

    then we have the journalists, the worst of the pack, warm bodies dragged from the street
    because of course anyone with a minimum of sense would have gone into banking and earned 10 times the salaries of the david smiths and whatever that lady’s name

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  • I suspect there is panic in high places.

    About time too.

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  • @Confused76

    “that other genius, Jim Rogers”

    To be fair, Rogers has stated quite clearly that “he is the worlds worst trader and the worlds worst market timer”. See the closing comments to this:

    http://www.youtube.com/watch?gl=GB&v=EDYDGtOi6tA (3:07)

    Personally speaking, I get the impression that there are some traders who deal in the ‘big picture’ long-term and others who have excellent short-term trading skills; these skills sets don’t seem to overlap much. I’m happy for anybody to say I’m wrong but that is my opinion , for what it’s worth.

    You may agree or not with Rogers but using his ideas for 72 hour trading periods is completely missing the point.

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  • charlie brooker says:

    Or, in plain english “We’ve gotten away with socializing the losses”.

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  • The misplaced optimism during this crisis has been incredible….first they said it wasn’t going to happen, then they said it wasn’t as bad as feared…..and now they are saying it is all over…..

    There is a lot of hogwash out there!

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  • They put as much spin on an out of context quote as they could hence the length of the article. Soros was on BBC2 about 3/4 weeks ago saying the exact opposite and specifically in relation to the UK.

    The VI spin machine knows no shame.

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  • of course it’s all over soros, that’s why tent cities are doubling every year in the worlds richest (ha !) country.

    just a few things he fails to mention

    1) it’s ok printing all the money and bailing banks out, but it DOES have to be paid back.

    2) the inflation tsunami hasn’t arrived yet. It was created when a large volume of money was used to bail out the banks.

    3) european banks are more exposed to US commercial property and will suffer more bad loans

    4) the dollar is finished as worlds reserve currency and is only playing out it’s last days

    5) the USA is yet to go through the same fate as Russia, collapse and rebuild.

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  • Couldn’t help myself………..

    “Hysteria has now disappeared from Wall Street.”
    – The Times of London, November 2, 1929

    “…there are indications that the severest phase of the recession is over…”
    – Harvard Economic Society, Jan 18, 1930

    “While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.”
    – Herbert Hoover, President of the United States, May 1, 1930

    “Gentleman, you have come sixty days too late. The depression is over.”
    – Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

    “We are now near the end of the declining phase of the depression.”
    – Harvard Economic Society, Nov 15, 1930

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  • When you find out you have cancer first few months you panic and than get over it start to become more optimistic but still deep inside you know you are going to die in about 5 years time.

    Soros statement is good in the way that a catastrofy has been voided but to get to reality that is no longer acceptable now. No one wants to start work hard again. Fundamental chages are not even mentioned. We better live in a unreal world and speculate a little bit.

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  • you do realise that most of these ‘pundits’ are investors, making a great deal of money leading market sentiment. I’m not saying Soros is one of these but as Brooker says the market feels it’s going to be alright because the government have managed to raid the public purse without the outrage that the markets probably expected. They probably sat back in Sept 08 and concluded that the public would never swallow this but swallow it they did, hardly anyone is angry, possibly because they don’t understand it.

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  • mander

    Very sorry to hear that if you’re referring to yourself.

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