Economic depression possible, says George Soros

[keep_it_real]

GEORGE Soros, famous investor and chairman of Soros Fund Management, has warned that the economy could enter a depression.

Testifying before a US Oversight and Government Reform Committee hearing on the financial crisis, Mr Soros said "a deep recession is now inevitable and the possibility of a depression cannot be ruled out."

http://www.news.com.au/business/story/0%2C27753%2C24650136-14334%2C00.html

[Donnachaidh]

1. what do you mean "could"

Some folks who have been out of work for months know that it's already HERE. But no one has the balls to admit it.

[Morpheal]

2. FREE MARKET FAILING: GOOD BECOMES TOO EXPENSIVE TO REALLY DO

One of the "free market" system's failings is investment consistently strives for what is believed to produce greater profit, and is not governed by the more fundamental principle of investment directed towards what is of the most good. Betterment of human lives, quality of life, is often pushed entirely aside as long as there is profit in whatever profit comes from. The very definition of "good" gradually becomes equated with "profit" eroding all other values and devaluing all other efforts.

When you fail to do what is good, but not really profitable, being too completely seduced by profit, you eventually end up in a situation where you are less and less able to do it. The seduction of profit and the "free market" system have eroded away that ability and within your own system and its rules you cannot find a way out of the impasse. Then you often end up trying to do as much evil as possible in order to attain the good that profit is deemed to be, using that as the justification for not doing good in any other real ways.

Robert Morpheal