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Soros Says 'Spend Now' -- Or the Recovery Gets It

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DAILY DEPRESSION DATAPOINT
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In a New York Review of Books column published today, billionaire financier George Soros warns against buying into the notion that the budget deficit must be reduced to help the economy recover, arguing that "to cut back on government spending at a time of large-scale unemployment would ignore all the lessons learned from the Great Depression."

The claim that government spending is wasted, he says, "is patently false: the New Deal produced the Tennessee Valley Authority and the Triborough Bridge and other utilities that are still in use."

Soros also compares quantitative easing to pushing on a string, borrowing the words of Keynes. Quantitative easing, he says, "is more likely to generate asset bubbles and currency turmoil than employment."

Okay, so it's not upbeat weekend reading, but it does cover a lot of ground and manages to incorporate some views from the author's ideological opponents. Read Soros on currency disputes, the debt burden, the failed "confidence multiplier" theory, cheap credit in America, the Bush tax cuts, the kitchen sink, and where he feels the Obama adminstration went wrong in  "The Real Danger to the Economy."

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