Deadline: today! Help meet our fall fundraising goal GIVE NOW
World Economic Forum 2010

Why Soros is against big regulation

Marketplace Staff Jan 29, 2010
HTML EMBED:
COPY
World Economic Forum 2010

Why Soros is against big regulation

Marketplace Staff Jan 29, 2010
HTML EMBED:
COPY

TEXT OF INTERVIEW

Bill Radke: We continue our special coverage of the World Economic Forum happening in Davos, Switzerland. The big news there today — Microsoft co-founder Bill Gates and his wife Melinda announced a commitment of $10 billion over the next decade to research new vaccines and bring them to the world’s poorest countries. The overall theme in Davos this week is rebuilding the global economy. With me now from Davos, Switzerland, is investor and philanthropist George Soros, thank you for joining us.

George Soros: My pleasure.

Radke: You’ve been to many, at least 10 of these World Economic Forums in Davos. How is the conversation different this year?

Soros: I would say it’s quite somber. I mean people realize that the global economy is in a bad state and there isn’t a great deal of optimism.

Radke: I understand that you’ve been a part of some very testy conversations in Davos about the dangers of bank regulation.

Soros: Right.

Radke: What’s your concern?

Soros: Look, I’m not advocating extensive regulations because regulations are also imperfect, not only markets. But regulators are even more imperfect than markets because they are bureaucratic and what is worse — they are subject to political pressures. You see, it’s unfortunate the way things have worked out. That in fact, this pressure for regulation is driven by anger. It should not be. It should be something much calmer and more rational.

Radke: You warn against anger and emotion, Mr. Soros. But I associate you with political passion. Are you not emotional about this financial mess?

Soros: Well I am emotional in the sense that I would like to see the public interest prevail because we do need regulation, but they don’t need to be punitive because that would hurt us in the long term.

Radke: George Soros, chair of Soros Fund Management. It’s a pleasure having you.

Soros: Very good.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.