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George Soros Saving His Billions This Year, Not Betting on Democrats

1 year ago
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George Soros has parted with some of his fortune to help Democrats in past election years, but this year he's saving his money.

The reason is simple: the billionaire financier just doesn't think betting on the Democratic Party is a wise investment in 2010, and he is predicting big gains by Republicans.

"I don't believe in standing in the way of an avalanche," Soros, 80, told The New York Times in an appearance at a monetary management forum sponsored by the Bretton Woods Committee.

"I made an exception getting involved in 2004," Soros told the newspaper. "And since I didn't succeed in 2004, I remained engaged in 2006 and 2008. But I'm basically not a party man. I'd just been forced into that situation by what I considered the excesses of the Bush administration."

Instead of giving money to political candidates this year, Soros has been been donating to liberal groups that champion causes like the environment and health care.

Asked if the prospect of the Republican Party gaining back control of one or both houses of Congress concerned him, he replied, "It does, because I think they are pushing the wrong policies, but I'm not in a position to stop it."

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8 Comments

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SCOTT

This is a good move. Our political dialogue has become too contentious and is engendering an unhealthy environment in our country. If I disgree with you, or you with me, that doesn't make either of us Nazis or extremists.

Scott7590@aol.com

January 27 2011 at 11:09 PM Report abuse rate up rate down Reply
truthforfreedom

"You can't be for big government, big taxes and big bureaucracy and still be for the little guy." R. Reagan

October 12 2010 at 1:04 PM Report abuse +2 rate up rate down Reply
The Ralle's

Just a thought, but, if the feds said, "we're broke and can't write another check because it will bounce" maybe every able-bodied American would find a job and the economic crisis would be over. They might not find the job they want but I think they could find something if they had too. Those entrepreneurs hiding in the wings just might hop to it. Tell all those freeloaders in Washington, east of the Potomac, to go find a job too.

October 12 2010 at 7:40 AM Report abuse +5 rate up rate down Reply
1 reply to The Ralle's's comment
Kenneth

You are right on the finding a job part, but the job market is tight and will remain tight until after this Novembers elections when businesses are banking on the republicans taking control of at least one of the houses putting balance back in our government. A completely democratic controlled government has never been considered business friendly. Why do you think all the efforts this government has tried to start this economy has failed. Most of your major companies are on hold until this November. Companies are hording cash and buying back their stock at discounted prices to better their position . The stock market is gaining in anticipation of this Novembers elections. If the democrats maintain control of both houses after this November do not expect any great changes before 2012.

October 12 2010 at 9:17 AM Report abuse +5 rate up rate down Reply
George & Nancy

Here's a look at the US National debt: 2010 $13.4 trillion 2009 $12.3 trillion 2008 $9.8 trillion 2007 $7.7 trillion 2006 $8.3 trillion 2001 $5.8 trillion 1996 $5.2 trillion The first time the debt hit the trillion dollar mark was in 1985. Draw your own conclusions.

October 12 2010 at 12:21 AM Report abuse -1 rate up rate down Reply
Rob & Kathy

Soros recognizes a loser when he sees it. He didn't become a billionaire by having no sense of these things...

October 11 2010 at 9:47 PM Report abuse +11 rate up rate down Reply
Rob & Kathy

Simply a losing bet....

October 11 2010 at 9:46 PM Report abuse +8 rate up rate down Reply
Kenneth

George Soros is correct in not supporting the democrats this mid term. This midterm is a mirror repeat of Clintons first mid term. He was elected president with a democratic house and senate. The economy was week and unemployment high and nothing was moving. His approval rating was about were Obama is now. His first midterm the republicans gained control of the house and senate. once the republicans gained control the economy began to heal and the unemployment rate dropped. Once he decided to work with the republicans his poll ratings went up and he was reelected. It has nothing to do who is president it is and always has been how well our economy does is based on who controls congress. If the Democrats control both houses everything sucks. If the republicans can control either the house or senate things are good. Businesses do not consider a democratic business friendly. This is evident that our present companies are not hiring, they are hording cash and buying back their stock basically getting ready for this Novembers election. All the money throw towards fixing our economy will do nothing to start this economy until the companies themselves are ready. Their is no legislation that government can pass that will force a company to hire. Bottom line if the Democrats remain in control of the house and senate this November be ready for two more years of this stagnant economy. These companies are positioning themselves for the long haul.

October 11 2010 at 9:35 PM Report abuse +10 rate up rate down Reply
2 replies to Kenneth's comment
Sheila

Kenneth, if you are right which you may be on one point, then tell me about the large corporations who have raised the health insurance premiums yearly and made it in excessable for the low income family or the unemployed family to afford. Also then, as for the taxes that these large companies who won't hire and are "hording" all their money by not hiring .....how do they continue to survive without help? You make no sense. Also, the auto industry; not the oil and off shore drilling will employ the blue collar workers and the htheome industry will supply construction workers to build, the banks will start loaning money to first time homebuyers, schools will not have their programs cut as they are, we will have adaquate police that are not laid off because of lack of state funding......we will continue our space program, Afganastan war is over and our troops come home.....jobs for all! You are a dreamer. It will take 7 to 10 years for our economy to come back and you can thank the Republicans and Bushonomics for eight years of "pay no taxes" and the rich get richer. Congradualtions......we have Palin for president, buddy do you have a tin can and pencils?

October 11 2010 at 11:03 PM Report abuse -9 rate up rate down Reply
Kenneth

Sheila..... I point comes from the mouths of corporate CEO's that have been interviewed on TV. Also notice the rise in the stock market in anticipation to this Novembers elections. As for your comment about how they are holding on. they presently have enough labor to control the business they have, they also can pay overtime to present workforce if needed. It is cheaper to pay overtime then hire a new employee. You mention the oil industry and auto industries. They are only a pert of the big picture. What about all the companies that make the parts that goes into the car being built. What about household products companies. You have to learn to think outside the box to get the true picture. what I stated are not just my words or thoughts. This has come from company CEO's and also check history.

October 12 2010 at 5:55 AM Report abuse +3 rate up rate down Reply
dc walker

How much has Obama's economic policies cost this man?? Maybe he isn't worth as much as we think he is especially if he has investments in Greece.

October 11 2010 at 8:30 PM Report abuse +11 rate up rate down Reply
christierandall

I wouldn't be counting your chickens until the fat lady sings.

October 11 2010 at 8:04 PM Report abuse -7 rate up rate down Reply
2 replies to christierandall's comment
Kenneth

Which chickens were you talking about. If you are trying to say the Democrats will maintain control of the house and senate for two more years you better hope not if you expect any kind of economic recovery.

October 11 2010 at 9:38 PM Report abuse +9 rate up rate down Reply
sysaphus71

Christie, The fat lady is leaving the stage and already munching on your fried chicken. Being hopeful that the DEMOCRATS have not already cooked their own goose is unwise. 21 DAYS TO GO. House turn over 60 seats....senate 11 seats.Say good night Gracie.

October 12 2010 at 7:24 AM Report abuse +5 rate up rate down Reply
pulsefire

Sounds like he listened to his tax accountants. If the dems maintain control and Obama gets everything he wants, George's billions will be worth 98 cents in no time.

October 11 2010 at 7:51 PM Report abuse +12 rate up rate down Reply
1 reply to pulsefire's comment
John C. Romano

George is not an empty seat. His support of the D's was/is well planned out. He know's their agenda he helped shape their agenda and makes his investments accordingly. I would wager that he made many more Billions from being on the inside shorting markets world wide/ laughing all the way to the bank. Soro's is a Robber Baron personified. He could care less who is in power for him to make money, it is just easier with the D's being the dopes/dupes that they are.

October 13 2010 at 8:51 AM Report abuse +1 rate up rate down Reply

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