America Needs To Follow The

As An Anonymous Participant In Financial Markets, I Never Had To Weigh The Social Consequences Of My Actions ... I Felt Justified In Ignoring Them On The Grounds That I Was Playing By The Rules.

I Passionately Disagreed With Treasury Secretary Hank Paulson's Plan To Bail Out The Banks By Using A Public Fund Called The Troubled Asset Relief Program (tarp) To Help Banks Take Toxic Assets Off Their Balance Sheets. I Argued That It Would Be Much Better To Put The Money Where The Hole Was And Replenish The Equity Of The Banks Themselves.

No Individual Anonymous Participant Can Influence The Prices And Therefore You Really Can Speculate In The Market Without Paying Attention To Morality. That's One Of The Positive Features Of Markets. That's Why They Function.

Every Bubble Consists Of A Trend That Can Be Observed In The Real World And A Misconception Relating To That Trend. The Two Elements Interact With Each Other In A Reflexive Manner.

We [at Soros Fund Management] Use Options And More Exotic Derivatives Sparingly. We Try To Catch New Trends Early And In Later Stages We Try To Catch Trend Reversals. Therefore, We Tend To Stabilize Rather Than Destabilize The Market. We Are Not Doing This As A Public Service. It Is Our Style Of Making Money.