Billionaire George Soros On Possible Recession: It's 2008 All Over Again
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George Soros says markets are heading towards a global meltdown—2008 financial crisis style.
The investment whiz cites China’s “major adjustment problem”—as the country’s CSI 300 stock exchange dropped 7% in less than 15 minutes of trading, triggering a halt on all trading for the day.
“It amounts to a crisis,” Soros says. “When I look at the financial markets there is a serious challenge, which reminds me of the crisis we had in 2008.”
The new year isn’t looking hot for China so far—that’s twice in one week China’s markets stopped due to its panic selling rules. Looks like Blackstone’s Byron Wien was right about China’s fortunes. [BI]