abc NEWS
By ALICE GOMSTYN
ABC NEWS Business Unit
June 30, 2009
Prominent Billionaire, Obama Backer George Soros Continues Criticism of President’s Economic Policies, Says Won’t Participate in Administration’s Asset-Buying Program
One of President Barack Obama’s most prominent Wall Street backers gives him high marks on just about everything except his approach to Wall Street.
Billionaire investor George Soros today said that Obama is “doing very well except in the recapitalization of banks and the reorganization of the mortgage market.”
Soros, the chairman of Soros Fund Management, said he was pleased with the administration’s handling of education, health care and global warming.
But, he said, “I’m afraid that it’s too much continuity between the Obama administration and the Bush administration as far as the management of the financial system is concerned,” Soros said this morning at a breakfast discussion hosted by the Wall Street Journal.
Soros also predicted that fears of inflation would drive up interest rates and “choke off” economic recovery. …
Let us revisit a comment:
“But, he said, “I’m afraid that it’s too much continuity between the Obama administration and the Bush administration as far as the management of the financial system is concerned,” Soros said this morning at a breakfast discussion hosted by the Wall Street Journal”.
The real continuity suggests that January 21st, 2008 followed closely behind January 20th of 2008.
America’s presidential links continued – the 44th President of the United States of America took office as the 43rd President of the United States of America left office.
Mr. Bush’s “management” of America’s financial system may someday be fully exposed but today, there are still many questions. Did Mr. Bush recognize the GREAT RECESSION that occurred on his watch or did he not?
The Bush administration sounded a financial alarm but only after EVERYBODY was “hunkered” down because of the Great Recession. President Bush finally recognized that working Americans had been damaged by an “economic down-turn” and he supported a stimulus for the American people. It certainly was way too late for “trickle down” effect.
The only “faint” resemblance between President Bush’s financial plan and President Obama’s financial plan was in the stimulus area. President Bush, to the “chagrin” of many of his supporters, suggested extending help to the American population in a manner that did not “trickle down”. Giving help directly to Americans in need is not a HIGH PROFILE neoconservative action.
While the Democrats went after fixing what was broken, the neocons hardly admitted anything was broken – with the exception of General Motors. And Tennessee was out-front “TELLING AMERICA” about the “poorly managed” auto industry while American homeowners wrestled with “ADJUSTABLE RATE MORTGAGES”. How easy is it to budget for an adjustable rate mortgage?
While President Bush would de-regulate the financial industry, President Obama would regulate the financial industry. There was no “policy continuity” between Bush’s de-regulate and Obama’s regulate.
