"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."Meanwhile, former US Federal Reserve Chair, Paul Volker, has said the downturn was happening uniformly globally and more quickly than during the Great Depression. Volker says the American banking system should operate more like Canada's.
Things must be very bad indeed if senior American policy makers admit Canada does anything right.
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