Day Trading & Forex Forum

wallstreet1928

WASHINGTON (Reuters) - George Soros, chairman of Soros Fund Management, testified at a U.S. House Oversight and Government Reform Committee hearing on Thursday:

* Said "a deep recession is now inevitable and the possibility of a depression cannot be ruled out."

* Said hedge funds were an integral part of the financial market bubble which now has burst.

* Said hedge funds will be "decimated" by the current financial crisis and forced to shrink their portfolios by 50-75 percent.

* Said Fed, Treasury Department and the SEC must accept responsibility to prevent market bubbles from growing too big in future.

* Said impossible to prevent market bubbles from forming, but they can be kept within "tolerable bounds."

* Said financial engineering should be regulated and new products approved by regulators, and that such regulation should be a high priority of the new Obama administration.

* Said a recent IMF credit facility not large enough to stabilise markets.

rols

Never mind eh.....

Wouldn't mean much to those poor buggers in the Congo?

Almost half the world — over 3 billion people — live on less than $2.50 a day.
The GDP (Gross Domestic Product) of the 41 Heavily Indebted Poor Countries (567 million people) is less than the wealth of the world’s 7 richest people combined.
Nearly a billion people entered the 21st century unable to read a book or sign their names.
Less than one per cent of what the world spent every year on weapons was needed to put every child into school by the year 2000 and yet it didn’t happen.
1 billion children live in poverty (1 in 2 children in the world). 640 million live without adequate shelter, 400 million have no access to safe water, 270 million have no access to health services. 10.6 million died in 2003 before they reached the age of 5 (or roughly 29,000 children per day).

wallstreet1928

yes well said rols, it makes you wont to bow your head in shame......

we should very grateful for what we have in the west at the expense of the 3rd world?