George Soros: The $700 Billion Bailout Isn't Enough

Hedge fund manager says the government's financial rescue package is insufficient.

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Nouriel Roubini told The Home Front not long ago that the government's controversial $700 billion bailout package won't be enough to stabilize the financial markets. Now billionaire hedge fund manager George Soros is reportedly expressing similar views.

From Reuters, via patrick.net:

The $700 billion financial bailout known as TARP for Troubled Assets Relief Program had been carried out in a "haphazard and capricious way" and "without proper planning," [Soros] said.

"Unfortunately it was misused and the way it was done has poisoned the well. It has created tremendous ill will toward putting up more money," Soros said…

Soros advocated using bailout money to recapitalize banks, but said the $350 billion would not be enough. He said such a move would take more than the entire $700 billion.

Full article here.

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