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Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal condi… - George Soros
" "Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
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About George Soros
George Soros, born György Schwartz on 12 August 1930) is a Hungarian-born American businessman, philanthropist, and political activist. He is the chairman of Soros Fund Management and the Open Society Foundations.
Biography information from Wikiquote
Also Known As
Alternative Names:
György Soros
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György Schwartz
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Additional quotes by George Soros
It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? ... To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.
I advocate an alliance of democratic states, with a dual purpose. One, to promote what I call open society. I talk about an alliance of open societies which would first foster the development of open societies within individual countries, because there's a lot that needs to be done in that effort. And secondly, to establish basic international law and international institutions that you need for a global, open society. So that's my sort of broad concept. Now, I have not worked out the details, because I don't think it's for me to work out the details. It's for them to work out the details.
George W. Bush revels in being a war president. His campaign is shamelessly exploiting the fears generated by 9/11. Vice President Cheney is conjuring mushroom clouds into our cities. But fear is a bad counselor; we must resist it wherever it comes from. President Roosevelt had the right idea when he said, "We have nothing to fear but Fear itself."
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