U.S. Economy Has Hit Bottom: George Soros

Yahoo! News:

conomy 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.

Read the whole story: Yahoo! News

Comments

[MIKEinNYC]

I don't believe a thing that this guy says.

Everything that he says and does is part of his program of self-aggrandizement not to mention his profit motive.

[mrcontinental]

Wrong George.

[Rule Of Law]

We've hit bottom?

Explain this then, George:

Elizabeth Warren, the chair of the Congressional Oversight Panel charged with monitoring the bank bailout, appeared on MSNBC this morning to talk toxic assets. On Joe Scarborough's Morning Joe, Warren warned of the hard-to-price assets that are still lingering on many bank's balance sheets. "By and large, the toxic assets that brought us to this point are still on the books of the banks," she said.

Sounds to me like a whole lot of bad stuff is still hanging over our heads. When does that spit hit the fan?

[sonofsamphm1c]

Dizzy Lizzy took this long to figure out that "toxic" assets are still on the books? She's a wizard, boy howdy.

Maybe in another 12 months she'll figure out "toxic" assets has no meaning.

[Rule Of Law]

Maybe in your universe.

[WeMustSpeakOut]

Keep on bloviating Soros. Perhaps some of your bs will stick.

[leduck]

well..., i guess we don't have to worry about peak oil anymore....
after all, soros wouldn't say it, if it weren't true.

[sonofsamphm1c]

Peak oil will be assimilated by the economy. It won't be a seamless transition, but there will be a transition.

Not a whole lot different than when we reached peak mule.

[leduck]

yeah right

[WIpatriot]

Let's see, George...buy a US bank, short the dollar...hmmm?

[1947]

All George can say is "I think"............."I think"

[RandVictims]

Depression's over, folks.

It was confirmed by a billionaire who read a spreadsheet in his Bentley.

[jennylynn]

Why doesn't he donate his $$ to govt. since he loves it so much?

[JoshMiami]

George soros made donations to over 500 organizations
what did you do lately ? how do you contribute to the society ?

[KarateKid]

Hit bottom? Tell that to the unemployed and underemployed, Mr. Soros. What a pipe dream. We are in a Great Depression and it will take some more time to come out of it, after 8 years of Republican incompetence flushed our economy down the toilet and over to China and other thrid world countries.

And, what did Bush really accomplish by going to war in Iraq? How much did we spend on that war, Republicans?? Or have you conveniently forgotten, like everything else, trying to divert attention to your id!otic birther, teabagger, and town hall disruption campaigns?

[ForRichardorPoorer]

Perhaps Mr. Soros is correct. The fundamentals, in my opinion, are not in place. The stock market has rallied from it's march 6th low of 6469 to the high of 9437 on august 7th. It has rallied against a two-million job slide since March. Once again, we have alot of people buying "bad news". However, the next big problem is going to be the 'states and municipalities shortfall'. Tax revenue's are down but expenses are up.

[ntmessage]

Hmmm. Are these nice words because Soros wants to buy another US bank on the cheap? He criticized the Obama plans incessantly, got Indy Mac for a song, something the media did little to report and he had to apologized to his birth country after being caught manipulating the national banks equity prices.

His recent rhetoric was all over the debasing of the dollar, supporting every other currency weather IMF or Riminbi against the US dollar for years now. We need to drive for a Clinton style economy, a strong dollar, low commodity prices, half our health care costs as a nation and work towards a surplus and because none of these international thieves will do it for us.

[sonofsamphm1c]

Unless you want continual recessions, you can forget low commodity prices. And that would be an incredibly high price to pay for having low commodity prices.

[ntmessage]

Low commodity prices increases the spending power of the consumer something opposite of any recessionary lever.

[factotem]

Gosh, what will the GOP do now? They were banking on failure.
Ha ha ha.
Back to the non-drawing board to come up with more non-viable non-ideas.

[sonofsamphm1c]

Gee, what will progressives do? There over in the Ron Paul campground praying for failure.

[TJCole]

George is spinning, his own latest play...

Really trust me...

[Tom95134]

The economy may have hit bottom but my feeling is it will bounce along for a few months before a real turnaround starts to happen. Keep in mind that job growth typically lags the start of a recovery by 12~18 months and we've got a lot of people who are wanting jobs and are on the sidelines waiting for those higher paying jobs to reappear. The unemployment numbers DO NOT reflect the real story.

[Chicago48]

I agree. People are still being put out of work. People are not spending money -- oh, maybe the rich, but not the average working guy. Come to Chicago and walk the Mag Mile and State Street. Lots of window shopping and little buying.

[not going2take it]

Exactly!

[wpiv926]

Mr. Soros knows his stuff. He is one of a handful of people I would trust as far as forecasting the economy is concerned.

[december30]

I agree.