George Soros and Our "Superbubble"

From OnPointRadio.org, As the economy shakes, a conversation with George Soros on July 9 :

Billionaire investor, philanthropist, and political player George Soros made his fortune riding the winds of high finance.

Now, he says, the global economy is blowing out of a tremendous bubble. Not a normal bubble, but a “superbubble” that’s coming apart in a superbust.

Soros was there for the dawn of the hedge fund and the high-leverage finance that’s now coming back to bite — in housing and oil and debt and a credit crunch. We’re in for financial destruction and a breakdown of world order, he says. Oh, great.

George Soros, through his Soros Fund Management LLC, hiked his stake in Lehman Brothers Inc. (LEH) to 9.5 million shares as of June 30 from just 10,000 shares, giving him a 1.4% stake, according to a regulatory filing on August 15. It shows Soros is betting that Lehman won't befall the same fate as Bear Stearns.

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