Posts Tagged ‘banking crisis’

Soros gets it right

9 April 2009

Yahoo Finance’s Tech Ticker has a nine-minute interview with George Soros, and a quick summary, here.

Nothing too shocking here, but on target and well stated.

Simon Johnson’s latest analysis of the situation is even better, though his assessment of the circle-the-wagons politics of it all is mighty bleak.  Don’t miss Johnson’s link to a January 2009 WSJ piece about financial economist Raghuram Rajan, one of the high-profile Cassandras who predicted the current implosion and who met a hostile “Jane, you ignorant Luddite” response from a star-studded 2005 gala of economists including Larry Summers.

(The money quote from Summers: “[I find] “the basic, slightly lead-eyed premise of [Mr. Rajan’s] paper to be misguided.”  Lead-eyed?  Not in the dictionary; seems to be a fishing term.  Maybe he said “Luddite” and was misquoted?)

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