- Prison Planet.com - http://www.prisonplanet.com -

Soros Says Financial Crisis Marks End of a Free-Market Model

Posted By admin On February 22, 2009 @ 4:26 am In Money Watch | Comments Disabled

Walid el-Gabry
Bloomberg [1]
Sunday, Feb 22, 2009

Billionaire investor George Soros said the current economic crisis has its roots in the financial deregulation of the 1980s and marks 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 breakdowns forcing government intervention, Soros told economists and bankers last night at a 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.

Regulators are in part to blame because they “abrogated” their responsibilities, Soros, 78, said. The philosophy of “market-fundamentalism” was now under question as financial markets have proved to be inefficient and affected by biases rather than driven by all the available information, he said.

Soros Says Financial Crisis Marks End of a Free Market Model  obamadecept 340x169 [2]

“We’re in a crisis I think that’s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime,” Soros said.

Soros, founder of New York-based hedge-fund firm Soros Fund Management LLC, said last month at the World Economic Forum in Davos, Switzerland, that the Obama administration’s plan to buy toxic assets from U.S. banks won’t be enough to get financial institutions to start lending again.

Full article here [1]


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/soros-says-financial-crisis-marks-end-of-a-free-market-model.html

URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=ay0FPxGdth_k&refer=home

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Financial Crisis Has ‘Only Entered Act II:’ Soros: http://www.prisonplanet.com/financial-crisis-has-only-entered-act-ii-soros.html

[4] No, the Free Market Did Not Cause the Financial Crisis: http://www.prisonplanet.com/no-the-free-market-did-not-cause-the-financial-crisis.html

[5] SOROS: Eurozone Crisis Could Be Worse Than Lehman: http://www.prisonplanet.com/soros-eurozone-crisis-could-be-worse-than-lehman.html

[6] George Soros Lauds Chinese Model Of Goverment – Wants Global Governance Under UN Security Council: http://www.prisonplanet.com/george-soros-lauds-chinese-model-of-goverment-%e2%80%93-wants-global-governance-under-un-security-council.html

[7] Euro Debt Crisis Is Worse Than US in 2008: George Soros: http://www.prisonplanet.com/euro-debt-crisis-is-worse-than-us-in-2008-george-soros.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.