Tonight on PBS Bill Moyers had George Soros as a guest. He published a book in May called "The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means". That was probably the most insightful interview on the present financial crisis I have seen. If you can find it, watch it because it will put every thing in a historical perspective. Soros calls the housing crisis the "detonator" for the super bubble which has been growing for 25 years. Maybe it will get posted on Youtube or maybe it can be seen again on PBS but it is a must see. Here is a short clip from an interview done in 2006. You will get a since of his understanding of the financial world and his character.

http://www.youtube.com/watch?v=PFD_3mZBxD8&feature=related


For the first time, I think I am beginning to see what happened to cause the crisis, which Soros does not mince words about. In short, it has been brewing for 25 years, the time frame where the USA build it's economy on "consumption". Soros thinks our new paradigm will have to be to build the economy on combating global warming. In the past 25 years we have been spending 6% more than we make. He said, "That pattern is over today". It is not that the economy needs a makeover. The economy WILL be made over!
Bill got into a bit of a philosophical discussion about ethics and "social responsibility" and that is when Soros said rather pointedly that the lack of any real connection between the lender and borrower, and the idea that we have been living a "false ideology" involving a narrow selfish form of capitalism that is just as perverted as Communism or any other false ideology. I think we have all heard the mantra of that ideology- that the markets will correct themselves; that pursuing our self interest will somehow translate to the interest of the greater good-etc. that way of thinking has now been proven false.

He says this crisis is just as serious as the 29 crash but we can manage it if we do it right. He said so far, we are not and we are behind the curve and it gets harder every day to correct. He says the man in charge of the bailout is the wrong man. He is one of the ones who are responsible for the financial execess'. Soros thinks we will flounder for another 3 months (until after the election)
Brian, I think you were right to start a political forum because these are extraordinary times and we need to vent, share, get enlightened, get mad and talk it out.