"The economy went into freefall and is still falling and we don't know where the bottom will be until we get there and there's no sign that we are anywhere near a bottom."
—George Soros at Columbia University, Feb 20, 2009
Billionaire investor George Soros has a reputation for prognostication and is widely credited with having seen the current recession coming. But he got a bit overzealous in early 2009, declaring the crash the "collapse of the financial system." He also dismissed the Obama administration's stimulus measures as insufficient, saying "radical and unorthodox policy measures'' were needed to prevent a financial meltdown on the scale of the Great Depression. However, just one month after his fire-and-brimstone speech at Columbia, Soros told Germany's Frankfurter Allgemeine Zeitung newspaper, "The economic freefall has been stopped, the collapse of the financial system averted. National economic stimulus programs are starting to take effect. The downward dynamic is easing." So much for no end in sight. Soros feels a global recovery is likely in 2010.