"Soros says commercial real estate to fall 30%" by Bloomberg News | March 27, 2009
WASHINGTON - Billionaire investor George Soros said US commercial real estate will probably drop at least 30 percent in value, causing further strains on banks....
Soros, 78, said the risk of further declines in property prices is reason for the Obama administration to move quickly to recapitalize banks. Soros said Obama acted too slowly on a banking overhaul and should have moved immediately upon taking office.
Haven't the banks been shoveled enough trillions?
"At that moment of enthusiasm, fresh out of the gate, he would have gotten that money, and then we could have recapitalized the banks the right way, which would be to draw a line over the existing past accumulated bad assets and create new banks on top of these old banks," Soros said.
Soros also said the United States may face a new round of inflation should the flow of credit recover because of the large increase in the money supply stemming from the Federal Reserve's purchases of Treasury securities.
This is the kind of thing Ron Paul and others are/were warning about -- and yet you never see them or him in the agenda-pushing paper, do you?
US central bankers decided last week to buy as much as $300 billion of long-term Treasuries and more than double mortgage-debt purchases to $1.45 trillion, aiming to lower interest rates.
Nearly $2 TRILLION still not enough for Soros, 'eh?
What cut or currency manipulation has this guy got going?
"In order to make up for the collapse of credit, we are effectively creating money," Soros said. "If and when credit is restarted, you would then have an incredibly swollen monetary base, which, if it were leveraged, you would have an explosion of inflation.
Like what happened to Germany in the 1920s, huh?
"Right now we are in a period of deflation, but it could easily tip over, where you are facing inflation. You are then faced with the prospect of draining money supply as fast as credit is created."
--more--"
