Soros: US Is Already in Double-Dip Recession

[OhioChick]

Published: Thursday, 22 Sep 2011 | 1:51 AM ET

Billionaire investor George Soros said he believed the United States was already experiencing the pain of a double dip recession and that Republican opposition to Obama's fiscal stimulus plans was to blame for sluggish growth.

Asked by CNBC if he believed the US risks falling into a double-dip recession , Soror said: "I think we are in it already."

"We have a slowdown and basically a conflict about whether the rich ought to pay taxes to create jobs or not and there was a deal in the making which would have balanced the budget over the long term, but would have allowed short-term fiscal stimulus, which would have been the right policy," Soros said in an interview late Wednesday.

"That was rejected, it fell apart… so it will come to the electorate next year to decide what they want," he added.

More: http://www.cnbc.com/id/44621082

[Vincardog]

1. I believe that if you take away the financial giveaway to the rich we never came out of the first

'second great depression'. I do not believe we will ever 'recover' until we restructure parasitic capitalism.

[Newest Reality]

2. Double Dip ...

is a relative term based on GNP and such. However, you get a cone with that and even gold and diamond sprinkles if you are on the right side of the Great Economic Divide. If you look carefully, you may be able to see that wall from your living room.

For many, many of us, what they are using ice cream parlor parlance for looks like a deepening of a real Depression as the movers and shakers who are amassing unprecedented wealth lubricate the slopes copiously while millions struggle to claw their way out.

[katty]

3. double dip is a nice term for teetering on the edge of a depression

double dip, sounds like an ice cream cone.

[tcaudilllg]

4. Operant term is "depression".