The Mudcat Café TM
Thread #140645   Message #3245235
Posted By: Don Firth
26-Oct-11 - 04:32 PM
Thread Name: BS: Wall Street Protesters...
Subject: RE: BS: Wall Street Protesters...
"Soros saying he is on the side of the 99% is as absurd as a poor teaparty supporter saying he is on the same team as the koch brothers."

WHY is that absurd?

You're going to have to explain that. You're condemning Soros solely on the basis that he is wealthy, without taking anything else into consideration.

Some background on Soros:
Soros, 81, is No. 7 on the Forbes 400 list with a fortune of US$22-billion, which has ballooned in recent years as he deftly responded to financial market turmoil. He has pledged to give away all his wealth, half of it while he earns it and the rest when he dies.

Like the protesters, Soros is no fan of the 2008 bank bailouts and subsequent government purchase of the toxic sub-prime mortgage assets they amassed in the property bubble.

The protesters say the Wall Street bank bailouts in 2008 left banks enjoying huge profits while average Americans suffered under high unemployment and job insecurity with little help from Washington. They contend that the richest 1% of Americans have amassed vast fortunes while being taxed at a lower rate than most people.

Soros in 2009 wrote in an editorial that the purchase of toxic bank assets would, "provide artificial life support for the banks at considerable expense to the taxpayer."

He urged the Obama administration to take bolder action, either by recapitalizing or nationalizing the banks and forcing them to lend at attractive rates. His advice went unheeded.

The Hungarian-American was an early supporter of the 2008 election campaign of Barack Obama, who will seek a second term as president in the November, 2012, election. Soros has long backed liberal causes among which are the Open Society Institute, the foreign policy think tank Council on Foreign Relations, and Human Rights Watch.
Don Firth