Tags: Soros | Obama | Bank | Bailouts

Soros: Obama's Bank Bailouts Were Big Mistake

Friday, 05 Mar 2010 10:56 AM

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Billionaire investor and Soros Fund manager George Soros says President Obama mishandled the financial crisis big time.

Soros would have preferred that the government take over U.S. banks instead of bailing them out, a move he believes would have been more popular with Americans, The Wall Street Journal reports.

"The solution that he found to the financial crisis, which was to effectively bail out the banks and allow them to earn their way out of the hole, was, in my opinion, not the right solution," Soros said in an interview with CNN.

"He should have compulsorily replaced the capital that was lost."

Soros says China did a better job of managing its banks by forcing them to increase their minimum capital requirements.

Soros also noted that the "market fundamentalist" belief prevalent in the U.S. during the Fed tenure of Alan Greenspan is wrong, citing his own investment decisions as evidence.

"When I see a bubble, I buy that bubble, because that's how I make money," Soros says.

China’s policy makers aim to avert asset bubbles and restrain inflation after banks extended loans in January equal to 19 percent of this year’s combined target of 7.5 trillion yuan ($1.1 trillion) and property prices climbed the most in 21 months, Business Week reports.

China will continue to control the pace of lending based on demand from the real economy and prudent supervision requirements, according to Liu Mingkang, chairman of the China Banking Regulatory Commission.




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