The Worst Is Yet To Come

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investorzzo
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Joined: Nov 7 2008
Posts: 1182
The Worst Is Yet To Come

Maybe Congress just needs to talk to the average
American on the street.  Are we in a depression or a recession?  How is
a depression being defined now?  A depression is thought to be a
recession that does not self correct on its own created by an enormous
trade deficit and banks going bankrupt.  Sounds like we are now in a
depression to me.  AIG is continuing to plead for more billions. 

“Renowned
investor George Soros said on Friday the world financial system has
effectively disintegrated, adding that there is yet no prospect of a
near-term resolution to the crisis.” “Soros said the turbulence is
actually more severe than during the Great Depression, comparing the
current situation to the demise of the Soviet Union.” "We witnessed the
collapse of the financial system," Soros said at a Columbia University
dinner. "It was placed on life support, and it's still on life support.
There's no sign that we are anywhere near a bottom." "I don't remember
any time, maybe even in the Great Depression, when things went down
quite so fast…”

 

http://www.financialsense.com/fsu/editorials/vaughn/2009/0323.html

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