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Daily Speculations The Web Site of Victor Niederhoffer & Laurel Kenner Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter; a forum for us to use our meager abilities to make the world of specinvestments a better place. |
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Steve Wisdom
9/29/04
Dept of Irony: The Palindrome, Buffet, Abelson,
Flechechter, all join hands.
Soros Sees U.S. Stock Market in `Long Decline' on Bush Policies Sept. 29 (Bloomberg) -- George Soros, chairman of Soros Fund Management LLC, said the U.S. equity market has entered a long period of decline, as rising fuel prices and stagnant wages stifle economic growth.
Soros, 74, who has given at least $12.6 million to groups seeking to oust President George W. Bush, extended his criticism of the president from foreign policy to domestic economic policy, arguing that Bush's $1.8 trillion in tax cuts have benefited the rich at the expense of wage earners and that Bush's decision to invade Iraq helped boost the price of oil.
``Now with the price of oil and also consumer sentiment, the economy is keeling over,'' Soros said in an interview. The stock market is in a ``long, drawn-out, very slow decline.''
``In spite of the fact that the Iowa Market expects a 70 percent Bush victory, the stock market is not making any progress because it is keeling over,'' Soros said.
Steve Wisdom, a Pennsylvania-born Harvard graduate, has been Victor Niederhoffer's right-hand man off and on for more than 15 years. He also has been associated with Trout Trading, Societe Generale and Deephaven Fund.