Silly Soros-Tricks are for kids
"I think this is probably more serious than anything in our lifetime," he says. In short, his feeling is that the United States and Britain are facing a recession of a scale greater than the early-1990s, greater even than the 1970s.
"I think the dislocations will be greater because you also have the implications of the house price decline, which you didn't have in the 1970s - so you had stagflation and transfer of purchasing power to the oil producing countries, but here you also have the housing crisis in addition to that."
Mr. Soros failed to mention that salaries increased in the 70s and the debt burden on the average family was much much much lower.
The 19,000 domestic voluntary departures come two years after 34,410 hourly workers left. Although GM kept the door open to possibly replacing those employees with newer personnel paid at lower wage rates, those jobs were not filled.
What is going on right now is nothing short of incredible. I am talking to truckers, carpenters, airline workers, roofers, lawyers, real estate agents/mortgage brokers......few are making what they earned just a few years ago.
Never in our nations history have we had such pervasive wage declines in so many industries.........couple that with unprecedented debt increases and food and fuel inflation...................we have the components for the perfect storm.
Looks like the FDIC is starting to feel the effects:"This is a worrisome trend. It's the kind of thing that gives regulators heartburn."
FDIC Chairman Sheila C. Bair, May 29, 2008 on the eroding coverage ratio.
Banks in trouble, wages falling, prices rising, debt defaulting, vacancies increasing, sales decreasing......productivity shipped overseas.........you think Mr. Soros is trying to take it easy on us????