Billionaire investor George Soros thinks what he calls a 25-year financial bubble is about to fully deflate.
Result? The U.S. recession is going to be worse than most experts predict. He dismisses the current Wall Street surge as a typical bear market rally.
And, the U.K. is going to be even worse off, because its financial sector is relatively larger and it has a bigger housing bubble.
As for his credibility on the issue? His investment fund made 34 percent last year with a similarly bearish bet.
He also said people like current U.S. Federal Reserve Chairman Ben Bernanke and his predecessor Alan Greenspan are at fault for bailing members of the financial sector out of past bad behavior.
He also thinks more regulation is needed, along with smarter regulation.
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