U.S. Banking System is "Basically Insolvent".
Soros says U.S. faces "lasting slowdown"
By Jennifer Ablan and Dan Burns
NEW YORK (Reuters) - The U.S. economy is in for a "lasting slowdown" and could face a Japan-style period of relatively low growth coupled with high inflation, billionaire investor George Soros said on Monday.
Soros, speaking to Reuters Financial Television, also warned that rescuing U.S. banks could turn them into "zombies" that draw the lifeblood of the economy, prolonging the economic slowdown.
"I don't expect the U.S. economy to recover in the third or fourth quarter so I think we are in for a pretty lasting slowdown," Soros said, adding that in 2010 there might be "something" in terms of U.S. growth.
For entire Reuters article click here.
ONLY THE SAVIOR OF THE WORLD CAN SAVE US:
(INSERT QUEEN SOUNDTRACK MUSIC FROM FLASH GORDON)
O-BAMA
HE'LL SAVE EVERYONE OF US
"There's money to be made when there's blood in the streets"
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