George Soros Goes Bubblicious

Last Updated Jun 27, 2008 2:40 PM EDT

Photohopped SorosThe exact term George Soros uses is "superbubble," as he tells a skeptical Greg Ip of the Wall Street Journal in an interview, Soros, the Man Who Cries Wolf, Now Is Warning of a "Superbubble".

Bubblicious is a kind of gum favored by callow teenagers (I loved it when I was a callow teenager), and Soros occasionally seems callow in this interview, most amusingly when Soros and Ip get into a serious discussion of whether the trader is successful because of his "reflexivity" theory or his aching back.

Ip gets him to confess that

I have a record of crying wolf at these times. I did it first in "The Alchemy of Finance" [in 1987], then in "The Crisis of Global Capitalism" [in 1998] and now in this book. So it's three books predicting disaster. [After] the boy cried wolf three times ... the wolf really came. If we can sail through this without a recession, then the superbubble story is seriously impacted...
Even Soros in his role as Cassandra (the ancient Greek twist on the boy who cried wolf) does not see a reprise of the Great Depression:
I can envisage a very broad range of scenarios. One would be a very prolonged world-wide recession. I cannot imagine a replay of the '30s. But you can have a muddle-through replay of the Japanese scenario, 10 years of stagnation.
All in all, it makes for a good counter to the interview published in the New York Review of Books, which I noted in George Soros Puts the Bite on Markets.

(Hacked Soros image courtesy, Moonbattery. Used by permission.)

  • Michael Fitzgerald

    Michael Fitzgerald writes about innovation and other big ideas in business for publications like the New York Times, The Economist, Fast Company, Inc. and CIO. He’s worked as a writer or editor at Red Herring, ZDNet, TechTV and Computerworld, and has received numerous awards as a writer and editor. Most recently, his piece on the hacker collective the l0pht won the 2008 award for best trade piece from the American Society of Journalists and Authors. He was also a 2007 Templeton-Cambridge Journalism Fellow in Science and Religion.