Sure, he runs the Democratic Party, funds every liberal blog in the universe, and has the power to single-handedly make wingnut heads explode. But is his plan any good?
Specifically, the liberal philanthropist has proposed that government funds should be used to recapitalize the American banking system by purchasing equity in banks and investment firms.
Democratic Rep. Jim Moran (Va.) scheduled a meeting Tuesday afternoon with Robert Johnson, a former manager of the Soros Fund Management, to discuss the proposal.
Moran compared the proposal to Warren Buffet’s $5 billion investment in the investment firm Goldman Sachs Group in return for preferred stock and warrants to buy common stock at a discount [...]
“Instead of purchasing troubled assets, the bulk of the funds ought to be used to recapitalize the banking system,” Soros wrote.
“The Treasury secretary would rely on bank examiners rather than delegate implementation of [the Troubled Asset Relief Program] to Wall Street firms,” he wrote in reference to the plan first crafted by Treasury Secretary Henry Paulson. “The bank examiners would establish how much additional equity capital each bank needs in order to be properly capitalized according to existing capital requirements.”
“The recapitalized banks would be allowed to increase their leverage, so they would resume lending,” he wrote.
Soros also wants the government to help out homeowners in danger of losing their homes, which means that 1) any such plan would certainly have to be Democrat-only, and 2) more proof that he is evil.