Tuesday, May 20, 2008

Soros: Global Boom Is Over

Soros Warns Global Boom Is Over

Billionaire investor George Soros has given his gloomiest assessment of the state of the US and world economies. He told BBC business editor Robert Peston that the "acute phase" of the credit crunch may be over but effects on the real economy are yet to be felt. He warned the "financial bubble" of the last 25 years could be drawing to an end and the post World War II "super-boom" era could also be over. He predicted a "more severe and longer" US slowdown than most people expect. And he said that the UK was worse-placed than America to weather the coming economic storm, because it had such a large financial sector and has had the biggest increase in house prices

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