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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (434720)	11/13/2008 11:39:29 AM
From: Road Walker	Read Replies (2) of 1574539

Soros says deep recession inevitable, depression possible 34 mins ago WASHINGTON (Reuters) – George Soros, chairman of Soros Fund Management, testified at a House Oversight and Government Reform Committee hearing on Thursday. Highlights: * 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 stabilize markets.

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