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What the world's big guns say about the meltdown
October 17, 2008
It's going to make it more challenging for investors to recover assets that have basically gone into thin air: Gerald H Silk, attorney with Bernstein Litowitz Berger & Grossmann, New York
The United States is so broke, its people at every level -- from the Federal Reserve on down -- don't know whether to shit or go blind: James Howard Kunstler, American author and social critic
With the benefit of hindsight, everyone can see that the US economy built up an enormous credit bubble that has now popped... This bubble was created principally by a Federal Reserve that kept real interest rates too low for too long. In doing so the Fed created a subsidy for debt and a commodity price spike: The Wall Street Journal
This has been a man-made catastrophe. The actions and responses to overcome lie in all our hands. We must also insure that as governments and publics turn their attention to matters close to home that they do not step back from their commitments to boost overseas assistance: Robert Zoellick, president, World Bank
Globalisation, America as the centre of the globalised financial markets, was sucking up the savings of the world. This is now over. The game is out. It does mean a very serious adjustment for America: George Soros, billionaire investor, head of Soros Fund Management
Image: A copy of the US edition of The Wall Street Journal. | Photograph: Cate Gillon/Getty Images
Also read: Why Warren Buffett invested in Goldman Sachs
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