George Soros explains the current financial crisis

I still find George Soros explanation of 2008 financial crisis the best. Keeping these three videos for future reference.





Key points:-
1. The cause :
a) failure of market fundamentalism thinking(market will correct itself and there is no need of government interventions).
b) excessive credit expansion for the last 25 years.

2. The end of an era : American consumption and leverage.

3. The cures : Stop the foreclosure, recapitalizes the banks, new world order - investment to deal with global warming as next sources growth and no longer American consumption.