.
February 23rd, 2009
04:41 PM ET

Worse than the Great Depression?

From CNN's Jack Cafferty:

The financial crisis that's consuming the U.S. along with the rest of the world is worse than the Great Depression, and more along the lines of the collapse of the Soviet Union.

Worse than the Great Depression?

Three boys play marbles in a dirt alley, 1930s. Financier George Soros says the current financial crisis is worse than the Great Depression.

That's according to renowned billionaire investor George Soros.

He points to the September collapse of Lehman Brothers as a turning point. Said Soros, "The economy went into freefall and is still falling and we don't know where the bottom will be until we get there and there's no sign that we are anywhere near a bottom."

Soros describes the collapsed financial system as still being on "life support" since that point. He says the current turmoil can be traced back to the financial deregulation of the 1980s, and that it marks the end of the free-market model.

There's more. Soros believes the Obama administration's plan to buy bad assets from banks won't be enough to get our financial institutions to start lending again. Instead – he suggests injecting capital directly into the banks.

Meanwhile – it looks like most Americans sense we're headed to a pretty dangerous place. A new CNN/Opinion Research Corporation poll shows that 73 percent of those surveyed are "scared" about the way things are going in the country today. That's up 6 points from October.

Here’s my question to you: What does it mean when one top investor says the economic crisis is worse than the Great Depression?

Interested to know which ones made it on air?

Kevin from Pennsylvania writes:
Doesn't mean that much to me. We're not even close to a 25% unemployment rate of the 1930s and we have a lot more safety nets than during that time. No doubt it's real bad, but it ain't the 30s. So let's start losing the Great Depression comparisons and focus on getting back on the right track. And 24-hour cable news networks hammering this stuff over and over again is not helping the situation.

Patty from Illinois writes:
I am wondering: Did he live through the Great Depression? My grandparents and parents did and they say we are nowhere near it. Just because some of us have to change our lifestyle from wanting to have every little thing to just having the things we need most does not mean we are in worse shape than the Great Depression.

Robert writes:
Soros wouldn't make a comment like that unless he thought he could profit from it. That's how he became a multi-billionaire. Dollars to donuts he's shorting the entire U.S. economy and laughing all the way.

Chris from South Carolina writes:
During the Depression, people turned first to agriculture, then to building projects and then the government started helping people. Today, who needs a job? I can get unemployment, food stamps, a mortgage bailout, low-cost heating fuel and not do or produce a thing.

Don from Grand Rapids, Michigan writes:
Jack, As long as you negative media hypes and people like Soros keep pushing this, we'll keep sliding. My question to you is: when was the last time you had a positive thought? All this negativism is BS, shovel-ready BS!

Kathy from Chicago writes:
Viva la revolution, Jack. This country is screwed! This problem is bigger and more complicated than anyone thought. Globalization has screwed us in the workforce, greed has screwed us in finances, political corruption has screwed us in taxes and laws. Maybe we can all get jobs cutting lawns in Mexico.


Filed under: US Economy
soundoff (174 Responses)
  1. samir from florida

    That investor needs to shut up and be charged with a crime. It's the same as yelling fire in a crowded theater. The economic situation is pretty bad, however we can overcome it and we need to stop exagerrating. America is too big to fail.

    February 23, 2009 at 12:45 pm |
  2. Randy from Salt Lake City

    It means we're doomed, DOOMED I TELL YOU!!

    February 23, 2009 at 12:51 pm |
  3. Kevin in Dallas, TX

    It means he's wrong. In the great depression, people on wall street were jumping off of roof tops. Here's hoping.

    February 23, 2009 at 12:55 pm |
  4. Anthony Smith

    He, like myself, may be predicting it. I don't think we are there, but we are heading in that direction. When you have a trillion dollar war and a trillion dollar giveaway, it certainly is not cause for celebration. The only people that love times like these are the billionaires who can buy low now and sell high down the road...and of course the dirty CEO's who are taking millions via taxpayers.

    Wildwood Crest, NJ

    February 23, 2009 at 12:57 pm |
  5. Terry

    Jack,

    It doesn't mean JACK!!!... What we all fail to realize is that the economists are presenting subjective thoughts, based on the history of such bad economic events and a probability factor. These are different times, different people and a totally different baseline economy. What they are doing is putting more fear into the hearts and minds of the public. I think we have bigger fish to fry. Once the world defines America as weak, insecure and broke no one will have to worry about their house! That's why President Obama is working so hard.
    Terry
    Homewood,Ill

    February 23, 2009 at 12:59 pm |
  6. Paul Austin,Texas

    That investor just wants the markets to go down even further then they are and for reale-state to fall to all time lows so that investor can just make more money off the problems of us all. Some investors still love to be leeches.

    February 23, 2009 at 1:01 pm |
  7. Helen

    Jack, I guess it would depend on who spent time in the Great Depression as to whether we are in worse economic shape or not.
    I was born at that time and I remember the 30's very well, If you had a job, you worked a little harder to keep it back then and prices were very high because there were few people who could afford anything.
    People with money bought only what they needed and those without money had to pan handle.
    Try having gravy and Biscuit for 3 meals a day for 6 years and see if you think it is harder now than then.

    February 23, 2009 at 1:02 pm |
  8. JD in NH

    It's all a matter of perspective, Jack. I assume the "top investor" is still filthy rich after having lost millions. Average citizens have been struggling for the better part of a decade and we don't really care if you call it a depression or a recession or an economy in the toilet. What we need to know is what will turn this around. I say we couldn't go wrong to get all of our manufacturing jobs back from overseas. If you send our jobs out of the country, don't expect us to have money to support a thriving economy.

    February 23, 2009 at 1:07 pm |
  9. Roy Munroe

    Top investor, experts all.....I'm not sure if I believe anything any on them say anymore. The only thing us little guys had to invest has been snatched up by the corporate bankers CEO's and their crony's to help maintain their life styles. Damn the masses full steam ahead!

    February 23, 2009 at 1:07 pm |
  10. Conor in Chicago

    What it means is it is probably in his financial interest for there to be another Great Depression. He must be in a position in which the destruction of the US economy will be an opportunity for him to amass great wealth so he will do what he can to make that happen. It is the nature of all things.

    February 23, 2009 at 1:08 pm |
  11. Bruce from florida

    My generation came after the great depression, so my experience of it was a story of great struggle and hard times for many as told by my father. However, it was clear that it was a really bad time whereby the United States was close to the brink of failure. It was a place where we took pride in the fact that we crawled out of the GD with help because World war Two opened up our Military Industrial Complex. It was a Depression we crawled out of and supposedly were smart enough to never go back to those days. But, like PT Barnum said, there is a fool born every minute. It seems like we are the most entertained and least educated people in the world. We let our jobs go overseas and stood by and watched George W. bush run this country into the ground. Now that's DEPRESSION.

    February 23, 2009 at 1:13 pm |
  12. duvall

    hey Jack ,
    It does mean that the situation is more than a disaster . There are more to be revealed about this disaster . Be alert !

    Thanks
    Duvall , Bethesda , MD

    February 23, 2009 at 1:16 pm |
  13. Will

    Jack,

    Very Ironic. This morning I was watching CNN news and the back drop were all these offices. The anchor was talking about unemployment, and at the same time one could see a woman packing up all her things and putting them into a medium size box. She then walked out of camera range and her head was down and she seemed to be crying. Maybe they should think about a different backdrop???

    Will

    February 23, 2009 at 1:24 pm |
  14. odessa

    it means that all people need a serious wake up call..rich folks in this country has been taken advantage by the poor and middle classes too long..everyone was been hacked by wall street, big banks are getting greedier, subprime loans bamboolzed working people, too much deregulation in businsses and etc..both classes are suffering because no one hasn't looked out for them and they are tired of being screwed while fat cats continue to get rich..being rich isn't a crime but i think that everyone needs a morality check once in a while when it comes to investing money and watching the banks too..retail stores aren't making money because people don't have money..people are saving money or paying the main bills to survive..things will get better but it will take time to overcome and what our president will make the right decisions thinking about our country so it can get back on track..

    February 23, 2009 at 1:38 pm |
  15. Christine, Edmeston NY

    It means that this top investor was either not around or was sleeping through the Great Depression. Could our current situation decline into such a catastrophe? Sadly, the answer is quite possibly yes, but to suggest it is already worse than the Depression is a dangerous thing to say. Most people are going to be completely unprepared if they've been convinced that the circumstances are already as grave as in the '30s.

    February 23, 2009 at 1:40 pm |
  16. Sue -Idaho

    Jack, maybe it means people should be talking to the elderly and those that were around for the great depression. The problem nowdays is everyone is use to their cell phones, computers, big screens, two cars, big houses etc., people need to take a lesson from the past, as far as the guy stating this is worse or the same, wonder if he spoke to his Grandma?

    February 23, 2009 at 1:40 pm |
  17. James Conn

    Either the invester wasn't born yet or he wasn't old enough to understand the experiance. Either way, to him it would definitely be worse. I suggest he brush up on some foxfire books to make it more favorable. Jim Logansport, In.

    February 23, 2009 at 1:43 pm |
  18. Jason, Koloa, HI

    The Chinese symbol for crisis is the same as opportunity. They must have seen this coming for a long time, lol. This crisis is an opportunity to restructure our entire monetary system into something more human. Who cares if these giant, impersonal corporations which create such massive wealth disparities collapse? Was the old system really working for everybody? It's time to just shake the financial etch-a-sketch and start from scratch with a system that actually benefits the many and not the few.

    February 23, 2009 at 1:47 pm |
  19. Michael "C" Lorton, Virginia

    Jack: If the comment about the economy was coming from anyone but George Soros--I might consider--–but being from George Soros-–it is like the pot calling the kettle black--just another aim by Soros to alarm the populace with a series of hobglobins that are imaginary–It means nothing-–if everybody has the answers--why are things the same?

    February 23, 2009 at 1:57 pm |
  20. Charlie in Belen, New Mexico

    To answer your question, I would say that Mr. Soros sounds a bit like Chicken Little and / or Sec. Paulson.... Before I go into panic mode, I would ask just how big a stake he has in the banks to be "directy injected with capital" (AKA taxpayer dollars). And how much of said "capital" would end up in his pockets......... Sorry if I sound just a wee little bit cynical, but I don't remember Mr. Soros offering to share the profits with the commoners when things were going well , but I would note that now that things aren't doing so well Mr. Soros and his ilk are screaming for the commoners to bail them out.....

    February 23, 2009 at 2:01 pm |
  21. Fred May Sr

    If Mr. Soros is correct,wouldn't it be wise for corporate America to look into the possibility of cutting their proits by maybe 10% so the working publics income would go a little farthur. When I hear that So and So corporation has lost 6% of their prophits you would think the world is coming to the end. Big deal. They still have 94%. So what do they do?They cut their work force by 12% so they can re-coop their losses. Now we have 12% of that companys staff with no income. But wait the Big Wheels still have their incomes. In most cases they are so well off that they don't care. As I have said and will continue to say GREED is going to kill this country. How about all CEO's give back their bonuses and perks so the work force does not have to suffer.
    Again folks Greed is going to kill this country.

    February 23, 2009 at 2:04 pm |
  22. DeniseP of SD

    Anything that come out of George's mouth has to be looked at very carefully. I am inclined to believe average "Joe" American before I listen to George.

    February 23, 2009 at 2:18 pm |
  23. Jim

    Jack,

    It means that he, like every other wealthy person in this country, thinks he knows the truth about where we are, how we got here, and how to fix the economic situation. You can bet your life on one thing, whatever solutions he proposes are going to greatly benefit him. People are easier to control and exploit when they're frightened. We're going to tread water in 2009 and recover in 2010. Soros will still be a billionaire and will probably want to take credit for the recovery.

    Jim
    Reno, Nevada

    February 23, 2009 at 2:21 pm |
  24. David in Granville, Ohio

    Simple. It is. This "recession" is so deep and impacting all the world in a true reflection of the global economy.

    It is typical USA centered news that we only focus on the impacts here. Unfortunately this is a world depression made in the USA by the insanity of the Bush era "regulations". No wonder we are not popular around the world right now!

    February 23, 2009 at 2:24 pm |
  25. Kevin, Chester Springs PA

    Doesn't mean that much to me. We're not even close to a 25% unemployment rate of the 1930s and we have a lot more safety nets than during that time. No doubt it's real bad but it ain't the 30s. So let's start losing the Great Depression comparisons and focus on getting back on the right track. And 24 hour cable news networks hammering this stuff over and over again is not helping the situation.

    February 23, 2009 at 2:24 pm |
  26. Jerry,OK

    Well Jack, If our current unemployment rate wasn't (7.5%), and if most consumers weren't living high on the hog in suburbia, Soros might have a point, but anyone that lived during the Great Depression will tell you...this isn't a depression.

    Jerry N/Broken Arrow, OK

    February 23, 2009 at 2:27 pm |
  27. Earl - Reading, PA

    Well Jack- Its means its pretty bad out there in LA LA Land. This is what happens when the Powers that Control the Country , the Wealthy, no longer see themselves as caring Citizens and Stewards of this Country but just as Money Grabbers selling out America for the almighty Dollar. This started with Raegan and his attack on labor and tax cuts for the Wealthy and really accelerated with Free Trade and Nafta. We were lied to by our Government and most people were not smart enough to realize this. We have to cancel Free Trade now, nationalize the banks, raise taxes big time on the wealthy and hope for the best. Otherwise its France all over again in the 1780's, and we are all peasants on the street , Grab your pitchfork and head for the castle.

    February 23, 2009 at 2:28 pm |
  28. Kris

    That having enough property for a little garden & some chickens might not be a bad thing.

    February 23, 2009 at 2:30 pm |
  29. Michael, Liverpool, NY

    I agree with them and have already stated before that I thought we would end up having to revert to older technology because we cannot afford our current technology thus our situation would end up worse than the Great Depression. In addition to that concern Jack, the recent events have proven that our Governemtn officials care so little about the majority of us that they wrote a stimulus bill that they knew would never fly with both parties and lacks the directness needed to actually improve our situation nevermind holding the people who created this mess accoutnable by paying us back with interest for their bailouts. So yes, we are headed for disaster since Washington is letting politics interfere with the good of the majority adn big business keeps self-sabotaging thus giving us little hope includign a possible worse case scenario as beign that we either become China through our policies or China buys us.

    February 23, 2009 at 2:30 pm |
  30. Gigi

    It is worse for reasons not even mentioned. The population. the size of cities compared to rural living. The ability to live off the land. the type of employment for the 30's verses to today's. When our grandparents faced the great depression must homes were very modest. Came with enough ground to raise a garden and some rabbits,chickens etc. They didn't have much money but could feed their families. And communities were almost like family. Helping one another out. But the time was still tough. No Insurance for medical or home owners etc. But they survived. Can you imagine our generation living with out coffee huts, fast foods, frozen dinners etc.

    Now to the rest of they story; because of the open theft of these business with no accountability and our government looking the other way and bailing them out with no change in leadership. It is worse. Any way that's the rhetoric at my breakfast diner.

    February 23, 2009 at 2:32 pm |
  31. Cynical in Pittsburgh

    I much prefer the quote from another top investor, Warren Buffett:

    When greed prevails, have fear.
    When fear prevails, have greed.

    Based on the prevalence of fear, now might be a good time to start investing.

    February 23, 2009 at 2:32 pm |
  32. Lisa Casey, Ashford, Alabama

    It means to kiss the lifestyle you have become accustomed to goodbye.

    February 23, 2009 at 2:33 pm |
  33. pat in Michigan

    In thinking more on your question ,I think maybe high finaciers and bankers wont be jumping out of buildings as much as being shoved by the common man.Quite screwing with the welfare of our children or the backlash will be devastating.

    February 23, 2009 at 2:33 pm |
  34. Tom Ft Lauderdale

    Jack

    If you think it's bad now wait until inflation kicks in in 9 months. The great depression was felt by all income groups. Thus far weve`seen money given to the banks and it had no benefits to the economy. The answer is to rid the country of illeagles retor our manufacturing with high wages and

    February 23, 2009 at 2:33 pm |
  35. Juan E Flynn

    I would not take Mr. Soros comment likely, however he's one man with one voice, with one opinon (PINIC ! ) where were all of these guys
    when deregulation was going on, they were privy to info and abreast of
    the prevailing laws moving forward. Hope moves in one direction and
    is neither hindered by cicumstances or delay may we all choose the
    voice of hope

    Chicago IL Englewood

    February 23, 2009 at 2:36 pm |
  36. Christine Watsky from Ocean City, MD

    It means nothing to me. Who is this guy? Another out-of-touch rich guy?

    February 23, 2009 at 2:37 pm |
  37. Dave from Orlando

    If this is worse than the Great Depression, it probably means that the rakings are correct. George Bush really was worse than Herbert Hoover if his depression is worse than Hoover’s.

    February 23, 2009 at 2:41 pm |
  38. Rich Monk

    Hey Jack,
    Remember it took some time before the 1929 Stock market crash filtered through America, and it will do the same thing now.
    Wall St. has been selling ponsie schemes that promise you to buy an empty box of air and that it will be worth more next year. They lied, and it is still just a box of air!
    This is not another Depression II, this will have a new name that discripes how corrupt and greedy our elected officials are!
    All of this travisty is directly linked to Senators, and Congressmen/ women crerating laws to get rich at the expense of America and the World.
    Rich Monk, San Diego, CA.

    February 23, 2009 at 2:42 pm |
  39. me46

    It means someone is finally looking at the economic indicators that would have told us that we were losing jobs and industry, that we were getting poorer, that we were losing our homes and that we couldn't afford to pay our bills – back when when government action would have made a difference.
    Thomas
    Las Vegas

    February 23, 2009 at 2:51 pm |
  40. Diane Dagenais Turbide

    If that is the case Jack, than I am more than happy to see this administration in place!

    February 23, 2009 at 2:53 pm |
  41. Tom, Avon, Me, The Heart of Democracy

    Gee, Jack, damned with faint praise. He is George Soros. he was right about Bush being a disaster. The reason he is a multi-billionaire is because he makes a habit of being right. He was interviewed on Fareed Zakaria GPS. No schleps on that program, I'll tell you.

    I think that if Boehner and McConnell get recalled by their states the rest of the Republicans will stop dragging the chain and pitch in. WE can still get out of this.

    February 23, 2009 at 2:54 pm |
  42. Donald Ainsworth

    I would like to see him do it, but I am afraid it will not happen until they decide to fix our lopsided trade policies, and bring our industry back. Until then all we have to sell is Debt! Don from Ohio

    February 23, 2009 at 2:57 pm |
  43. Pugas-AZ

    If you are an investor it does look bad. But I think we have a long way to go before we reach the level of the 1930's. Our consumer driven society, however, could drag this current downturn out for a long time. We are in for a major societal adjustment. It will be interesting to see, as Americans, if we can coupe with the changes. Lowered expectations will be the norm. Can we handle it?

    February 23, 2009 at 2:57 pm |
  44. Mike Maronde

    Buddha is quoted as "three things cannot be long hidden- the Sun, the Moon, and THE TRUTH. Soros understands the basis for this crisis.

    The stimulus package is only the beginning. The Government has "pulled the trigger" on the machinery, but failed to address the imbalance of valuing the trade. You know, a this, for that trade. Every infrastructure project has HUGE margins which can realistically reduced. Every Contract should be re-visited and new price structures implemented.

    Mike
    Athens TX

    February 23, 2009 at 3:02 pm |
  45. Sly, Alpena, Mi

    I will say that "I don't think we're there yet Jack. I don't see any massive food lines, people jumping off roofs, and their is no 25% unemployment rate.

    February 23, 2009 at 3:03 pm |
  46. jim Toronto

    I'm not sure whether Mr Soros is right about a 'worse depression' now than in the 30's. The Lehman bros. collapse was really only the canary in the mine shaft.
    I think Washington has been in one big depression, dust bowl for the last eight years... and the rest of the country is just catching up.

    February 23, 2009 at 3:04 pm |
  47. Ray, Florida

    Jack,

    I have a problem when people try to compare today with the great depression. Two things bother me about that!
    1) Back in the 30's we the US were more of an industrial/manufacturing nation. As opposed to todays global economy, where we are more of a service oriented nation.
    2) I wasn't alive back then but I don't remember my grandparents talk about their wallet full of credit card's! Anytime they wanted to buy something they put money away in their bank until they had enough to buy it free and clear! The only thing I remember them buying on time as they called it was their home, and even that they saved for years to pay the downpayment.
    I think before this whole thing is over we may have to return to the old ways!

    February 23, 2009 at 3:06 pm |
  48. Lynn, Columbia, Mo..

    It means the fundamentals of our economy is NOT strong. I find it refreshing to hear the truth for once. What Soros didn't say is that before we invest in the banks, we need to revise our antitrust laws. "If it's too big to fail, it's too big to exist", Teddy Roosevelt. We need to bust up the nine big banks into smaller ones with new CEOs and then plant money in them. Soros is right up to a point.

    February 23, 2009 at 3:06 pm |
  49. David - Vancouver

    Jack,

    Simple greed. Sounds like he's sitting in a strong cash position and wants to further drive down the price of stocks before buying back in.

    February 23, 2009 at 3:08 pm |
  50. Chris - Savannah GA

    People like that are rich for a reason. Just about everything they say and do is to create opportunity for themselves.

    February 23, 2009 at 3:10 pm |
  51. chuck

    I don't know which is more depressing,the Economy or Jack wearing an old blue shirt everyday. Can Wolf Blitzer buy jack some new shirts and ties? Thank you.

    February 23, 2009 at 3:10 pm |
  52. John from Alabama

    Jack: It is a recession for sure, but depression like the 1930's I do not believe it is that bad. I believe that millions of Americans will have to work another 5 to 8 years longer because of the trillions of dollars lost in their 401K's. The credit market for college loans, 2nd homes, credit cards, new cars, and renovations of building and homes will slow even more. I believe and pray we will start to see better times by January 2011, but better times does not mean we are back to the 2007 levels of 14, 000 points on the stock market.

    John from Alabama

    February 23, 2009 at 3:11 pm |
  53. joan Niantic, conn.

    Jack- Don't worry about the depression anymore. Our honest Senators and Representatives will lead us in to the future breadlines with a kind word. That's all we will get from them ,while they milk us dry ,spending our money to further their own agendas. I can hear my deceased Irish Grandmother saying " Shysters, the whole lot of them". By God, she was so right.

    February 23, 2009 at 3:13 pm |
  54. Natalie

    It means, Jack, that one top investor has an opinion.

    February 23, 2009 at 3:17 pm |
  55. will charleston,sc

    Yes, but I trust president obama's judgement we just need to be patient.

    February 23, 2009 at 3:20 pm |
  56. Linda in Charleston, SC

    Jack, it means we are not even close to hitting a bottom of this and it will get worse. Last Friday stocks loss and today looks like another sizable loss. We have to get people back working or the crisis will hit a Great Depression milestone. There are things happening today that didn't even happen in the Great Depression. More people are in debt now and banks stand to lose much more. Postal service cutting days off delivery will be a first. School systems not offering summer school in places. Government bail-outs are in the outer limits. This is a time to be fearful no doubt.

    February 23, 2009 at 3:20 pm |
  57. Tripp Mechanicsburg, PA

    It means that the 101st richest person in the world is looking at life from his nine-billion dollar ivory tower. It's all a matter of perspective. If you are a refugee from Darfur, you don't see things as being much different. George Soros probably lost more last week on Wall Street than a hundred average American workers could earn in a good year. At the onset of the Great Depression, America had to wait through the entire Hoover administration before the government took any meaning action to revive the economy. This time we are most fortunate to have Obama and Congress take immediate action. While there are more people being hurt now and although this economic crisis will be bad, it won't be anywhere near as bad in comparison. And this time the outcome won't be a World War, but a united world combating the same enemy. The world will be a stronger, better place for all of us at the end of this one.

    February 23, 2009 at 3:22 pm |
  58. Bill R. Streator, IL

    I believe, and still believe that Soros is an investor in the American Dream. The ones who have acheived it only want to keep it to themselves and this has caused the problems that he talks about. Until these money-mongers start believing that their money won't disappear into thin air, and start looking beyond the front of their noses, things will not change. I haven't seen any of these people whom have made their money in this country keep it here. Why do these people think that so many unfortunates are willing to give their lives in a third-world country, only to have the risk they take robbed from them by these exploitative corporations who only want to keep making more to promote a huge dictatorship of the globe?

    February 23, 2009 at 3:23 pm |
  59. Pablo in Tejas

    Jack
    I doubt it means anything at the moment. To equal the Great Depression in impact we would have to hit officially something above twenty-five percent unemployment, about forty percent in real terms, and we are nowhere near that yet.

    Pablo in Arlington, Texas

    February 23, 2009 at 3:24 pm |
  60. Ralph Nelson

    I do not know Soros background in Economics. I do know the plight of the five biggest banks is bad. What he does or does not state is allowing the creation of these mega-banks was a mistake in the first place, banking should be local. Main thing is to keep Republicans out of the presidency and having 40 plus votes in the Senate, this is the source of the problem and still is. Ralph, Yakima, Wa.

    February 23, 2009 at 3:28 pm |
  61. Michael, Cleveland

    Jack, It means at least one person is paying attention. Having watched the fall of our economy since last autumn, I believe that we will not hit bottom until some time late this year. We will then flounder there until sometime in late '10 or '11, when we will beging to come back from all of this. It will be many years befor we get anything close to where we were one year ago. If you don't believe me, just wait until the Dow hits 5,000.

    February 23, 2009 at 3:34 pm |
  62. Tony in Michigan

    It means that it's time to double the backyard garden and learn how to pickle and can our own foods.

    February 23, 2009 at 3:34 pm |
  63. Nancy, Grand Ledge,MI

    It means that the others know, but don't want us to know! The more you talk down the economy, the lower it goes. Just like a run on the banks, they won't say that either because it causes panic and a bigger run than would have happened if we were unaware. This is just one of the many things that our government doesn't want to tell us!

    February 23, 2009 at 3:37 pm |
  64. Al, IA

    George Soros was born in Budapest in 1930. I don't think he remembers much of the great depression.

    February 23, 2009 at 3:38 pm |
  65. karen-phoenix

    After this weekend and watching CNN I have a much better attitude!! I do believe by the beginning of 2010 we will be rebounding but in an honest and more stable environment! Honest middle class working Americans just might be holding the country together and getting rid of the greedy bankers and lobbiests. It's going to happen!!!

    February 23, 2009 at 3:41 pm |
  66. Eileen Peabody MA

    An interesting choice of expertise. Did you say BILLIONAIRE INVESTOR

    February 23, 2009 at 3:41 pm |
  67. Bill Davis

    Jack,

    If you measure unemployment, GDP, poverty levels, etc. by the numbers and statistical methods of twenty years ago, things are a hell of a lot worse out here than CNN and the government have been telling us. In the 30's and 40's, half of all American families lived on farms. Nowadays, most people cannot even comprehend farm living, much less move to their country cousins and start a garden. If this isn't worse than the Depression, wait a few months. It will be.

    Bill D
    Champaign, IL

    February 23, 2009 at 3:43 pm |
  68. elbert w.

    It means differences should be put aside amongst democrats and republicans and do something to solve or at least circumvent the issues facing OUR economy/country because if something isn't done the outrageous theory posed by George Soros could turn out to be very plausible

    February 23, 2009 at 3:43 pm |
  69. S, Michigan

    Absolutely nothing! Why do we need to keep comparing events? The world is different place than previous economic disasters- so are the people, markets, global trade, etc etc. The Great Depression and our current crisis have only one thing in common- incompetence and ineptitude by govt- everything else is different (cause, effect, method to fix, etc).

    February 23, 2009 at 3:44 pm |
  70. don in naples, florida

    I wasn't alive during the great depression, so it is really even silly to compare. What is obvious is that it is a very bad economic situation brought on by corruption and greed.

    February 23, 2009 at 3:50 pm |
  71. Ken M . Millington MI

    Hello Jack. Well it doesn't take a degree in economics to see that this crisis is snow balling out of control thats for sure. Harder times are on the way! I really wonder how the bush administration didn't or wouldn't acknowledge that america was in crisis. But then again a lot of wealthy unscrupulous people were sucking the coffers dry. This could very well be the collapse of America, reminisent of the Soviet Union. I try to be optomistic but this will test the very fiber of our great nation before it gets better.

    February 23, 2009 at 3:51 pm |
  72. David Bakody Nova Scotia

    In a word Jack it means he is "Right" the worst is yet to come. There is a second wave about to hit in the sub prime mess and the auto industry is yet to admit complete failure. When people think it's over the next set of vultures will strike as many will want to recoup their looses by doubling their bets.

    February 23, 2009 at 3:52 pm |
  73. Tom From Boston

    It means buy lots of gold, stockpile cash in a safe, install a good security system in your home, and prepare for one long ugly ride.

    February 23, 2009 at 3:54 pm |
  74. Darin in Denver

    Experts telling us we're in a worse predicament than the Great Depression speaks volumes about the greed in this country. It took decades upon decades for the U.S. to become strong, and powerful, and then boom, destoyed in just a fraction of that time. The turning point that started it all was the devil in disguise.

    February 23, 2009 at 3:55 pm |
  75. Maurice - Two Rivers, WI

    It means he is correct. At least he states the truth as unpopular as it may be. Congess, in their ability to not react to the signs of this depression many years ago, is the real culprut. They still spend most of their time working on getting re-elected. Don't forget that they work less than 3 days a week while America bleeds and families starve. Never re-elect anyone.

    Maurice
    Two Rivers, Wisconsin

    February 23, 2009 at 4:01 pm |
  76. Diane, Barneveld, NY

    It means a shot of truth for a change?

    February 23, 2009 at 4:02 pm |
  77. Terry- Greensburg, IN

    Hi! Jack,
    In answer to your question, it just means he's lost a lot of money and he's crying about it.
    Let's be realistic:
    There's approx. 350 million people in this country, we'll learn how to survive without banks, car manufacturers, and even houses if we have too, also our current government and that of the past.
    We will need government but it will start over "where it began" a government of the people, by the people, and for the people.
    We are the pioneers of the future. As long as Gods with us who can be against us?

    February 23, 2009 at 4:02 pm |
  78. OBDAG in Appleton, WI

    I have a friend that is also a private investor. Both he and I have agreed for several years that the economy would get into this situation due to the governments continuous defecit spending. Each of us are doing comparatively well because we've taken steps to insulate ourselves from this type of situation. Personally. I think we are close to the bottom right now and I expect to start to see improvement in the short-term rather than a few years down the road .I am even considering purchasing another house at a price that's to good to pass up. It's best to consider a lot of opinions but in the end you need to make your own decision about where you think we stand and where we're all headed both sort and long-term I remain optimistic that things will indeed get better. The best advice I can give is to take someone out to eat that needs a meal and enjoy it and the conversation.

    February 23, 2009 at 4:09 pm |
  79. John, Fort Collins, CO

    It is time to corner the apple market.

    February 23, 2009 at 4:09 pm |
  80. Lee

    Jack, it means that they are going to continue to scare the american people to death. When is someone going to stand up and say that things are going to get better. The Republican and their commander in chief "Bush" got us on this collision course. Now everyone thinks that President Obama should wave a magic wand. I am so sick and fed up with all this negativity. If they keep concentrating all this collective energy that things are getting worse, this is exactly what the universe is going to give back to us.

    February 23, 2009 at 4:09 pm |
  81. Alan-Buxton, Maine

    It means he is as delusional as the rest of the big shot financial idiots.
    When I see soup kitchens and 25% unemployment I will begin to consider the idea but as bad as it is I don't see things as bad as the Great Depression.

    February 23, 2009 at 4:09 pm |
  82. John Hovland, MN

    Its back to hunting and gathering society. I am prepared, are you?

    February 23, 2009 at 4:11 pm |
  83. Griff. The Bishop of London.

    So you have your backs to the wall. Better than the railings in the picture. Use it.

    February 23, 2009 at 4:12 pm |
  84. Bruce, Georgia

    He's a Democrat and I would say he just trying to put some balance to the Republican nonsense that the economy will just recover on its own with out a whole lotta pain for us. I agree that our economy is spiralling downward and it would be awfully nice if both the Democratic and Republican Congress men stopped playing politics so much - especially the Republicans but unfortunately the Democrats aren't blameless either.

    February 23, 2009 at 4:15 pm |
  85. Ethel, Key Largo

    Let me finish getting the change that slipped under my sofa cushions in
    '67', then I'll get back to you, Jack.

    February 23, 2009 at 4:15 pm |
  86. Josh

    Seems to me this just means that Soros's investments did much worse than he expected. I think we'll pull through just fine, Jack.

    Josh from Alpharetta, GA

    February 23, 2009 at 4:19 pm |
  87. Joseph Hall

    I personally don't care what prominent investors think, I'm watching what they do, or don't do. Because of the partisan politics being played by republicans one can expect businesses to fight against implementing anything that would help the majority of Americans. Businesses want to continue the same old dirty tricks which got us here in the first place, republicans helped them by doing away with all oversight of these people. Limit corporate compensation, limit outsourcing. Hold those responsible for this mess reponsible. According to conservatives steal fifty dollars go to jail, steal fifty million become a republican businessman. The crimes committed by white collar criminals affect more people than a simple stick up and yet the current conception is steal with a gun go to jail, steal with a pen be promoted. The majority of Americans rejected republican policies and practices, they are no longer relevant. Get in line or get out of MY country.

    February 23, 2009 at 4:19 pm |
  88. Jennifer in Winnipeg

    Mr. Soros is only one voice. I agree with Paul in Texas .. Soros wants the markets to fall further (he got is way today) so he can come in with a front end loader and scoop everything up when the price is right for him. I'm not saying that this is a cake walk, mind you, but we certainly don't need people yelling fire in a crowded room.

    February 23, 2009 at 4:20 pm |
  89. Roland (St George, UT)

    My hunch is that the billionaire investors like Soros are standing in the wings watching and laughing. They use the power of their words and influence to their own profit. These guys are selling short on the way down and waiting to load the boat at the bottom for the ride back up. Isn't that how the free-market system works? Isn't that what drives the stock market? Can you say you would do any differently if you were in their shoes? You can't have a stock market without buyers, sellers, and market makers.

    February 23, 2009 at 4:21 pm |
  90. Irv Lilley

    Jack Try getting the thoughts of people who survived the great
    depression. Then you'll get a more accurate picture of the magnitude of this crisis.

    February 23, 2009 at 4:23 pm |
  91. Patty.D. Bristol, Pa.

    Dear Jack, Does it really matter what we call our the finacial crises? The fact is, the rich got really rich during the Bush years and the middle-class and the poor got slammed. I love how when President Obama tries to do something, the Republicans and investors scream socialism. But it doesn't stop them from calling for their own kind(bankers) to be bailed out. Depressing ins't it?

    February 23, 2009 at 4:25 pm |
  92. Bruce

    I usually listen when top financial advisors have something to say but this type of generalization requires more facts. Many things "could" happen over the next year that bring us closer to an equal of the GD but were not there yet. Put our people back to work, bring home the jobs sent overseas, put some money back in the pockets of low and middle-class Americans, this is what drives our economy. Opinions are like butt-holes, everyone has one and they usually stink.

    Bruce – Reston, VA.

    February 23, 2009 at 4:25 pm |
  93. Simon in Syracuse, NY

    It means that I better go dig for my old bag of marbles.

    February 23, 2009 at 4:26 pm |
  94. Christy

    To name a few: it means portfolios will keep gong down. Suicide rates will go up. Financial advisors will become as beloved as dentists, and, if we're lucky, we'll all learn a lesson about personal responsibility in the process.

    February 23, 2009 at 4:35 pm |
  95. Ken-Long Island

    Sometimes it's better to shut up about how bad the situation is and simply endure it. Good men are doing all they can to try to solve our problems, and maybe they will succeed and maybe they won't. The destruction of Lehman brothers was a seminal event in American history; it marked the end of the "free money era." The world cannot emerge from this reality in a day or a year. Nothing is the same. The sooner people start recognizing that the production of wealth is based on how well they do their jobs rather than on Rumplestilskin the sooner we will get out of this mess. Our values are are wealth, not green pieces of paper and phony brokerage house statements.

    February 23, 2009 at 4:35 pm |
  96. Sharon, King George VA

    We all know how to make a small fortune in this economy–start out with a large fortune.

    February 23, 2009 at 4:35 pm |
  97. Wayne from Idaho

    Tells me we are in a lot of trouble get the soup lines set up!

    February 23, 2009 at 4:36 pm |
  98. RetCombatVet

    Well when I hear him say "Instead – he suggests injecting capital directly into the banks." I say to myself – I am sure as heck glad we tried the 700 Billion preview to see how it will work.
    I truly do not believe anything I see or hear anymore. It's hard to tell whether its media hype (often it is) or something to fear (of which I am tired)!

    Gerry
    Prescott Valley, AZ

    February 23, 2009 at 4:50 pm |
  99. Jerry from Monroe Co. WV

    Maybe that investor missed Google on the first go round and is looking to to get a deal on it and any other stock in the market.
    Maybe he could get Greenspan and Bernanke to back him up on the gloom & doom, then he could really find some deals.

    February 23, 2009 at 4:54 pm |
  100. Joe Kent Island, MD

    Jack,

    One thing about opinions...their free, and there are a lot of them. The problem is that we investors listened to them at all. If it hadn't been for all these so called expert investors, we wouldn't be in half the trouble were in.

    Maybe we all should stick with a crystal ball.

    February 23, 2009 at 4:55 pm |
  101. Carol in Florida

    Jack, When we had the Great Depression, they created jobs here. Did you catch that. We created jobs here. The whole problem we are in now is that there are no jobs here. We have let our government outsource our jobs so the wealthy could make more profit and not have a care for what is best for the United States. Well, somebody better wise up because if we, the American people cannot afford to buy any of their junk they bring back into America to sell from these foreign countries we are in BIG TROUBLE. And guess what Jack?? We are there. You have to make something here to keep our country running.

    February 23, 2009 at 4:55 pm |
  102. Peter Wolfe

    Jack, what it means is a top investor has the wrong opinion. Unemployment is the main barometer of the economy and we are not close to the great depression. Yes unemployment is high but most economists feel the numbers will improve in the near future. I happen to be an investor in small business which makes me an "expert" on the recession and I feel we are moving in a very positive direction.
    P. Wolfe
    New Mexico

    February 23, 2009 at 4:58 pm |
  103. Mary Texas

    I'M A SURVIVOR OF THE GREAT DEPRESSION. tHESE FOLKS CANNOT IMAGINE HOW GREAT IT WAS.i WAS IN THE 1st grade when it started, and it lastd many years. Yes FDR did perform a miracle with the rehabilation act. My dad got a job. My mother was a teacher but because she was married she was not allowed to teach.She took in washing, did sewing for people and baked bread on weekends. We lived in a renthouse for $12 a month. I will never kmow how my parents made a go of it, but it will remain a horror the rest of my life and I am 85 yrs. old.

    February 23, 2009 at 4:58 pm |
  104. Jay in Montana

    I've been unemployed for two years, so I'm not even a statistic. If you count the jobless plus the under-employed, you'll find our economy is running on three cylinders (in a six cylinder engine, already marked down from a V-8). We've been sold out by both parties.

    February 23, 2009 at 5:02 pm |
  105. C. Farrell, Houston, Tx

    It means means most of us have no idea we are in a depression let alone a great depression.

    February 23, 2009 at 5:04 pm |
  106. Di

    It is easy to blame the rich for all of the problems of the poor and middle class, what is not easy is taking personal responsibility for ones own actions. No one forced people to take out a subprime morgage, it was their own greed that motivated them to do so.

    It is so sad to see how this administration has caused such a division in class, culture and race.

    Everyone should be judged on their own merits and accomplishments with age, sex and color put aside.

    February 23, 2009 at 5:07 pm |
  107. LeRoy in Jersey City, New Jersey

    It means that no one really knows what's happened, what's happening, or what will happen.

    February 23, 2009 at 5:07 pm |
  108. Roland (St George, UT)

    It doesn't mean anything, Jack. We have just become hooked on drama and fear, thanks to slasher flicks and reality TV so we are willing to listen to idiots who tell us the world is going to end next week.

    February 23, 2009 at 5:09 pm |
  109. Germain

    It means Soros is somehow profiting by preaching doom and gloom.

    February 23, 2009 at 5:10 pm |
  110. keith messmer

    Considering the person and his politics, the majority of the people in the USA would be better off if he would just remain silent and give his money away,the way most farrrrr left liberials think the working people of this country schould do,become more patriotic.

    February 23, 2009 at 5:12 pm |
  111. Ron - Malta, NY

    It means that someone has the courage to tell the truth.

    February 23, 2009 at 5:12 pm |
  112. Cathy Travers

    I wish he would put a sock in it!

    February 23, 2009 at 5:12 pm |
  113. Peter Chine

    Why should we continue to save people who obviously do not care about people like you and me?

    People like George Soros only make people nervous who do not understand simple economics. What has George Soros done to make our economny better. Please do not get sucked into more billionaire scare tactics.

    I have novel idea, George Soros should donate some of his billions to save the failing banks.

    February 23, 2009 at 5:13 pm |
  114. Adela

    This is what happen when you live above your means.

    February 23, 2009 at 5:14 pm |
  115. Ewan T

    Why can't the government just allow these banks to go bankrupt then buy them out? I'm sure we would be better off with the government owning the banks than rich, greedy executives.

    This way the government can control interest rates and use the stimulus dollars to start lending.

    February 23, 2009 at 5:14 pm |
  116. Ric

    Of course it is Jack. When are our so called "experts" going to come
    out and admit what common everyday people have known for months?

    No one seems to want to mention the D word, but its their plain as your face.

    February 23, 2009 at 5:14 pm |
  117. robert

    Soros wouldn't make a comment like that unless he thought he could profit from it. That's how he became a multi-billionaire. Dollars to donuts he's shorting the entire US economy and laughing all the way.

    February 23, 2009 at 5:14 pm |
  118. Daniel in Germany

    This is Jimmy Carter 2.0 – welcome back Jack! This is nowhere near to being the so-called "great" depression, but it is definitely bearing an increasingly obvious resemblance to that one-hit wonder President Carter and the economic morass which tied up the United States for years. If you want 1930s style misery then just keep going the way you are right now. Enjoy the ride down.

    February 23, 2009 at 5:14 pm |
  119. JUDITH

    Are you kidding? What took him so long to say something that the everyday Joe has known for a while now. It's like the word recession. Bush refused to say it but that doesn't mean we weren't in one for a long time.

    February 23, 2009 at 5:15 pm |
  120. Wayne from New York

    Jack

    I don't think anyone in his/her right mind should listen to these Wall Street types who caused the problem to begin with

    BTW Jack, would you put your money in the stock market today? I know you do not have a whole lot but would you?

    I'm not!!!

    February 23, 2009 at 5:15 pm |
  121. lorie

    WOW, I don't think that would be the view of most economist at this time. I remember when some economist didn't think we were in a recession!!! I wonder were they are?

    February 23, 2009 at 5:16 pm |
  122. frankie

    Excuse me, but we just tried giving money to the banks a few months ago. Widening the terrible gap that has developed between rich and poor in this country, cannot possibly be the solution to our economic problems. His answer means that he is being short-sighted and greedy, I am grateful that our President is not short-sighted or greedy.

    February 23, 2009 at 5:16 pm |
  123. Sierra in Dallas

    With a real unemployment rate coming close to 20%, tens of thousands being tossed from their homes ever month, and wages falling like a lead ballon, the average Main Streeter knew we were in deep trouble more than a year ago.

    February 23, 2009 at 5:17 pm |
  124. Chuck Mazzitti

    Jack, it means as much as one woman telling you that you're ugly. Unless it's your mother, you need a better concensus than that. We really have become a nation of scared sheep lately. All you hear is "what's in it for me?". We should be asking "What can I do?".

    February 23, 2009 at 5:17 pm |
  125. Dixie

    Jack,
    People need to get a grip! I knew 3 people who were my parents' age that grew up in orphanages because their parents could not afford to feed and clothe them. My grandmother watered down milk to the point that my Dad developed rickets. Both my parents grew up in a part of their little town called "hungry hill." People were grossly undernourished and did not have enough money for the basics...like shoes or a towel to use at school after gym.
    Dixie

    February 23, 2009 at 5:18 pm |
  126. Greg Ontario

    It means he is playing you Jack. He is hoping all the doom and gloom spreaders will drive the price of stocks even lower. You can bet he is buying them up like a mad man. Confidence is everything and as long as people like you help guys like him spread the fear of what "might" happen you do yourself and your country a disservice Jack.

    February 23, 2009 at 5:18 pm |
  127. Karen

    Not "worse" than the Great Depression, but more complicated because we have a global economy. At least we don't have a drought, a Dust Bowl and a plague of locusts to accompany the economic problems. (That is if you don't count the Mortgage Bankers and Congresional Republicans...)

    February 23, 2009 at 5:19 pm |
  128. Steven

    Perhaps we should go by the old saying, Jack. When your neighbor is out of work it's a recession; when you're out of work it's a depression.

    Steve
    Los Angeles, CA

    February 23, 2009 at 5:19 pm |
  129. Linda Wolf

    The Great Depression is here in Florida for those that lost their jobs, have 401ks worth half as much, and with home values that have plummetted.

    February 23, 2009 at 5:19 pm |
  130. Arlene, Illinois

    At least Herbert Hoover isn't talking for the American people
    this time. But which party got us into this mess this time again?

    February 23, 2009 at 5:20 pm |
  131. Dale

    This is an unprecedented mess. That is the best way I can describe it. It seems that most everyone in the media is jumping all over and criticizing Obama for his handling of this unfortunate situation. But let's face it, he has only been in office for a month and people expect that he would be able to correct the mess that took Bush eight years to create. Even if Hillary had been elected, there is no doubt in my mind that she would be up against the same huge mess with little or no choice as to how to best attack it. This is going to take a long, long time to correct and I hope to God that we never see anything like this again in my lifetime.

    February 23, 2009 at 5:20 pm |
  132. Ralph

    Jack, read a few comments, one repeated a phrase-America to big to fail. Nothing is to big to fail.. GM, Banks, USA etc. People better wake up and look around. People in to much debt helped bring this on, now government thinks debt is good. We can not borrow our way out of this. Just listened to Gov J. Granholm, stating spend, spend, spend. This is our problem, our politicians will spend us straigh to --.

    February 23, 2009 at 5:21 pm |
  133. floyd berry

    Jack, let's be real. The Republicans created this financial situation by deregulating the banks and credit institutions under Ronald Regan. Now their chickens have come home to roost. President Obama has set an agenda to help America recover from our financial crisis but all I hear is Republicans crying about leaving a debt for our children to pay, how about leaving a country for their kids to live in. The Republicans did not worry about spending 700 billion dollars in Iraq but whine like pigs when the President want to spend 787 billions dollars on Americans.

    February 23, 2009 at 5:22 pm |
  134. matt new york

    Jack, I think every time investors give their opinions on how much worse things will get, it just makes more people scared .They then spend as little as possible on anything and make the recesion worse. Some people just don't know when to shut up.

    February 23, 2009 at 5:23 pm |
  135. Steven S

    Credit has destroyed the economy. Buying too much. Now it comes time to pay for it and we can't the country will go bankrupt basically.
    It will never be the same again!

    Steven

    Niagara falls

    February 23, 2009 at 5:25 pm |
  136. Karl from SF, CA

    I don't think we are back to the early 1930's yet, but we will be before we get to the 1940’s and 50’s. This isn’t going away anytime soon and if you think we are near the bottom now, as they say, “You ain’t seen nothin’ yet”.

    February 23, 2009 at 5:26 pm |
  137. Julie

    I really hate when comments like this are made. We are where we are and we can change how we have done things and move forward or get stuck in the negative comments and hide. It's our choice that hasn't changed. I am still free to buy and sell what I want. I am still free to wake up everyday and choose what I will do and if I will be a part of the solution or a part of the problem. This investor is choosing to be a part of the problem and he is free to do that.

    February 23, 2009 at 5:28 pm |
  138. Mike - Hot Springs, Arkansas

    He is a very smart man. Worth listening to. Tell Rush to talk to him.

    February 23, 2009 at 5:28 pm |
  139. Victor Martin

    I am not an American but i find it ironic that there are a lot of billonaire like Soros who acheive a lot of their wealth because of deregulation, are just sitting on the sidelines with all their wealth and not willing to use their wealth to help put Americans back to work. It is obvious to everyone that they would be a large part of the solution if they werent sitting on all that cash, but putting some of it out there in the real market place to put people back to work. The working class dont care about the stock market they, it is a sophisticated gambling scheme for the rich.

    February 23, 2009 at 5:29 pm |
  140. johnchristopher in weyburn

    Ah, the creeping admissions of greed, warmongering and financial incompetence are seeping out through Mr. Soros and others. Governments, the federal reserve and corporations are notorious for "not burdening the public with the truth".

    Of course, this is worse than the great depression...if for no other reason that the great depression was a lesson which, we not only never learned from, but made the same critical mistakes driven by all-consuming corruption.

    What we have to realize is that while all these disasters appear around us...there is another agenda which is succeeding and flourishes in depression, confusion, unrest and misdirection.

    Mark Twain's words echo: "Education – reveals to the wise and conceals from the stupid the vast limitation of their knowledge."

    February 23, 2009 at 5:29 pm |
  141. John from Tillamook, OR

    It means that we are in deep... hot water. As long as American greed persists in this situation, recovery will be very difficult. Many Americans have seen their profits rise and fall because of the state of the economy, but many others continue to draw their normal salaries just as if we were in the best of times. Instead of firing employees and creating more and more chaos by doing so, why not just lower salaries... at least until this serious situation is stabilized. Greed is not the answer during these times.

    February 23, 2009 at 5:29 pm |
  142. rpb Viburnum Mo

    Yes we are in a depression and it's going to get worse. The world will be a very dangerous place soon.

    February 23, 2009 at 5:30 pm |
  143. Tamika Russell-Atlanta

    We will not see a bottom if we keep borrowing and giving to the entities that continue to mis-manage the money. i.e. the banks and failing car companies. Our government is in for a rude awakening. You can not simply place a band-aid on a situtation that requires open heart surgery. Sadly we have a bunch of nurses in Washington….where are the surgeons?

    Tamika Atlanta, GA

    February 23, 2009 at 5:30 pm |
  144. Jeff

    The reason no one can see a bottom to the crises is because the problem is global and systemic. The banking problem is global so we need to work out global agreements on currency, banking and corporate regulation. It looks as if we are heading toward global regulation since the corporations that drive the economy are global in nature. I think that efforts by individual nations may fail unless they tie into global efforts.

    As long as corporations are only concerned about what their stock price is today we will not have a sustainable economy. Maybe stock ownership should be required for longer terms so that corporate focus is changed from their current stock price to long term sustainable planning.

    Whatever we do we need to think of the long term. Short term thinking is what got us in this mess.

    February 23, 2009 at 5:31 pm |
  145. Ben from Boston, Ma.

    It means that Mr. Soros never lived in the U.S. during the Great Depression. My grandparents did. Only one person in their families had a job - and that was sweeping floors. There was a lot of bartering. My grandfather would go out to an orchard in the fall and pay the farmer a quarter to pick a bushel of apples and then sell them for a few pennies each - and he had been a master machinist before the depression. And my grandparents were pretty much the norm for blue collar folks back then. Mr. Soros is a very rich man - I don't think he has any idea what it was like to go through such hard times. Its bad now but not that bad!

    February 23, 2009 at 5:31 pm |
  146. mary

    jack
    I must agree people dont realize how bad things really are unemployment doesn't reflect all the people who have been out of work for years and just gave up or all the people who took bad jobs in the last 8 years or all the self employed people who cant collect unemployment we are in a depression and im glad obama is trying to do something although any business that has been ignored for so long it may be to late.

    February 23, 2009 at 5:32 pm |
  147. Mary Teske, MN

    Soros needs to go back and study his history books. Our jobless rate is nowhere nearly as high as during the Great Depression; and people of the United States know how to operate in a free market as well as a part of a diverse team, which the was not the case in the former Soviet Union. We are problem solvers and self-starters, not followers waiting for our instructions. That is a big big difference. i.e. Nobody has to tell us when to show up with our big 18 wheelers to load grain to haul to the ports or rail heads. We know, and we are there, just as the trains and boats are.

    Soros needs to have more confidence in the United States and its people. 92% of our poplulation still have jobs, 74% feel they are personally all right,; we can go to the store and get just about anything we need and want. Soro needs to talk to the refugees from the Ukraine how it is – I have many as student assistants over the last six years.

    Basically Wall Street, and oSoros, are out of touch with the people of this country – bankers and anaylists have made such a mess of our economy they have become irrelevant. The money goons thought we were stupid, and they could pull anything they wanted. They need to remember what happened to the gal who said "Let them eat cake."

    Mr. Soros, don't underestimate the general populace. I remember the Great Depression, and I have come to know many Russian refugees,
    Mr. Soros you are wrong.

    February 23, 2009 at 5:34 pm |
  148. Marilyn

    Maybe it means that families will start helping each other again.

    We and our grown children and grandchildren are already talking about how well we could get along if we pooled our resources and moved into one of those "bargain" big houses.

    Everyone kicks in on the mortgage or rent, utilities, food, etc. The young/middle age adults work (some have good jobs, some who were in construction are (gasp) now working at Walmart.

    We grandparents watch the babies at home and take the kids to and from school, dr. appointments, etc.

    Everybody cooks (we happen to love doing this together) , cleaning is a joint enterprise but we agree that each family unit does its own laundry..

    Oh, and we'd have enough land to have a small garden....you get the picture. Might not work for everyone (we all get along OK) but it's our fallback position.

    February 23, 2009 at 5:35 pm |
  149. Sam C

    There is no way that the economy right now is worse than it was during the great depression. If you look at the facts, unemployment then was at 24.9% and now it is only 7.6%. People should not believe just one top investor when he says the economic crisis is worse than the great depression. He is probably saying this because he has most likely lost 30-40% of what his personal portfolio was once worth a year ago. This man is not living in poverty, or roaming the streets homeless. He needs to keep his opinions to himself on this matter.

    February 23, 2009 at 5:35 pm |
  150. cliff Bailey

    Hi Jack, I think it means that we all should start training on bread and water because that's where were all heading with this finacial crisis,my mother fed us all on bread and water, thats all there was and this crisis is sure scary, Yes soros is right , take note.
    Cliff,
    Canada.

    February 23, 2009 at 5:35 pm |
  151. Machelle

    There are complaints the President is too "gloomy" in his assessment, how refreshing to be told the truth and THEN be given hope with the change he is proposing. We have been lied to for too long; we need stark reality to jolt us. I for one applaud his honesty; it's for our own good.

    February 23, 2009 at 5:37 pm |
  152. John in Arizona

    Jack, quibbling over labeling this thing is a waste of time and effort. What we do know – and need to respond to – is that this is the worst economic crisis that most anyone alive today has ever experienced, and our response will be judged by our children and grandchildren.

    February 23, 2009 at 5:37 pm |
  153. Ben Gibbons

    Although one of the top investors says the economic crisis is worse than the great depression, I think he needs to consider the time periods in which the economic crisis's were occurring. Claiming our economic situation is worse is an over-exaggeration. Unlike the great depression, our stock market has not crashed, and although the national unemployment rate is currently betweeen 7 and 8%, the great depressions rate,at its peak, was above 10%. instead of focusing on this one investor maybe we should consider what others are saying.

    February 23, 2009 at 5:37 pm |
  154. Jerry

    It means its time for our elected leaders to take a bi-partisan pay cut, For their part, if they truly love America, or just want to fill their pockets.
    Jerry /Iowa

    February 23, 2009 at 5:38 pm |
  155. Donna

    Jack, I'm inclined to listen to what Mr. Soros has to say...he's not often wrong about the economy. I think we're in deep doo-doo and things are certain to get worse before they get better. I, like your other viewers, wish this weren't the case, but I've been around for 66 years and this is the worst I've seen. It's very scary.

    February 23, 2009 at 5:38 pm |
  156. Jerry in Loveland, Colorado

    I don't know if we are in worse shape than the Great Depression,
    but it may just feel like that because every hour of the day we only have to tune in to a 24 hour news station over analyzing, and scaring
    the begeesers out of audiences that don't understand
    10% of what is being said.

    February 23, 2009 at 5:39 pm |
  157. dick

    Nationalize, nationalize, nationalize...the only way out. Arrest the crooks, put them in jail. That will give the American public a reason for hope. Fix business and give it back to the private sector with rules to run by. Otherwise I think Soros is right along with Russia who gives us until 2010 to follow them into banckruptcy!

    February 23, 2009 at 5:40 pm |
  158. Bill

    I have to put more weight in George Soros's opinion of the financial crisis than in the opinion of Barney Frank and the other clueless politicians.

    February 23, 2009 at 5:44 pm |
  159. Paul Maidan

    It mean's it's one 'top economist"s' opinion. Nothing more. Either that or start stocking up on canned food and building underground safe houses in your basements. The Chinese are coming.

    Paul

    February 23, 2009 at 5:45 pm |
  160. E Pumphrey

    Jack,
    It means here comes the North American Union

    February 23, 2009 at 5:48 pm |
  161. Wanda Robinson

    It means that Soros is thinking about how much money he can not make. I am sure every American watches all the commentaries about the Stimulus package. Most of the Republicans do not believe that this package will do anything to help the country only increase the debt for the next generation. I think that future generations are looking for the politicians to make the decision for today. It's very easy for people who have the money to whether this storm to make comments about the next generation; many of us are trying to get to the next day.

    February 23, 2009 at 5:49 pm |
  162. Marci from Chicago

    Why would anyone trust anything George Soros has to say?

    February 23, 2009 at 5:50 pm |
  163. dougie p

    The economy would be fine if everyone would turn their TV off.

    February 23, 2009 at 5:50 pm |
  164. Scott, San Diego

    Did the Yankees third baseman make 25 million dollars a year during the great depression? I can't remember......

    February 23, 2009 at 5:53 pm |
  165. CodeNinja

    I put little stock in what any of the so called "experts" say at this point. They have't been right so far, and honestly I don't expect them to be right in the future. Sure, things might get worse, but I don't think were to Great Depression levels yet. Sure things might be bad, but we're America, darnit!

    February 23, 2009 at 5:53 pm |
  166. Chad

    It means I'm glad to own a shotgun, a rifle, and a 4 wheel drive !!

    February 23, 2009 at 5:53 pm |
  167. Mike

    My question is what are George Soros' intentions? If he scares us more, the market falls more, then he can buy up assets on the cheap. He's the one that's been manipulating currencies and bought Obama his presidency.

    February 23, 2009 at 5:54 pm |
  168. Pete

    George Soros hates this country. I wish he'd just leave.

    February 23, 2009 at 5:54 pm |
  169. Dial

    George Soros' goal is Socialism for this country and he will say anything and spend any amount of money to make it happen. For the life of me, I can't figure out why a billionaire would think Socialism is a good idea but I sure don't trust that he has America's best interest at heart.

    February 23, 2009 at 5:54 pm |
  170. Jeff from Florida

    Look at the DOW today, it dropped another 250 points, I don't think he's overexaggerating at all, we are not at rock bottom yet. It will probably get into the low 6,000's.

    This is no joke folks. Right now we need to spend money to make money, can't sit idle and hope it gets all better. And tax breaks to the rich is a joke, that just stuffs their pockets deeper, it doesn't create jobs..

    February 23, 2009 at 5:54 pm |
  171. Mario Harvey

    We can overcome this. Soros' comments are not what people need to hear right now.

    In fact, I really don't care what Soros thinks...USA ain't collapsin on my watch.

    February 23, 2009 at 5:55 pm |
  172. Jerry C Windsor CT

    There was no TV during the great depression, so nobody was constantly telling people how bad things were. People helped each other out and community spirit got people though. Most people did not own stock so the market would have to go to zero to duplicate that situation. Whatever happens.. a little less TV watching and a little more getting to know your neighbors and local community will help a lot.

    February 23, 2009 at 5:58 pm |
  173. kokabear

    Everybody thought the Titanic was to big to sink, but guess what it did. How arrogant we are as people.

    February 23, 2009 at 5:58 pm |