February 14 2008Not everyone was still in the dark:
Treasury secretary and Fed chairman say rate cuts and rebates should keep economy out of recession
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson both acknowledged problems in the U.S. economy Thursday, but both said they believe the nation will avoid falling into recession.
The two made their comments at a hearing before the Senate Banking Committee about the economy. Their testimony comes in the wake of troubling economic readings that have raised recession fears on Wall Street...
From "The Face of a Prophet": April 2008 Article about George Soros.
...But last summer, at a luncheon at his home in Southampton with 20 prominent financiers, he struck an unusually bearish note.You think Henry Paulson might learn something from John Paulson, or what? (They are not related. )
"The mood of the group was generally gloomy, but George said we were going into a serious recession,” said Byron Wien, the chief investment strategist of Pequot Capital, a hedge fund.
Mr. Soros was one of only two people there who predicted the American economy was headed for a recession, he said.
Shortly after that luncheon Mr. Soros began meeting with hedge fund managers like John Paulson, who was early to predict a crisis in the housing market. He interrogated his portfolio managers and external hedge funds that manage his fund’s money, and he took on new positions to hedge where they might have gone wrong. His last-minute strategies contributed to a 32 percent return — or roughly $4 billion for the year.