Tuesday, April 07, 2009

George Soros Says US Banks are Basically Insolvent

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.

US Recovery Is Far Off, Banks Are 'Basically Insolvent': Soros [via]

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