News source from BBC http://news.bbc.co.uk/1/hi/business/8485240.stm
Robert Peston interviewing George Soros
Robert Peston (RP): George Soros, you were one of those who warned that a financial crisis was looming. Now that the acute phase is past, do you think we’ve seen yet the kind of reforms we need to make the banking system safe?
George Soros (GS) Not at all. We are at the very early stage of that discussion. Now we can take time because what happened in 2008 is not going to be repeated for the next 50 years or so, so we have time to redesign the system. And actually the way we’re correcting the collapse is a two-way, two-step manoeuvre. When a car for instance is skidding, first you have to turn the wheel in the same direction and then you turn it back. So we are still … we have not yet completed the first stage. Now during that stage, you have to rebuild the capital of the banks. We are actually doing it the wrong way, we can talk about it, but that’s the phase we are in. Continue reading ‘Davos 2010: George Soros full interview’
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