Hedge Fund Day at the House of Representatives

The House Committee on Oversight is holding hearings on the financial crisis. Thursday was Hedge Fund Day. According to George Soros,

The race to save the international financial system is still ongoing. Even if it is successful, consumers, investors, and businesses are undergoing a traumatic experience whose full impact on global economic activity is yet to be felt. A deep recession is now inevitable and the possibility of a depression cannot be ruled out. When I predicted earlier this year that we were facing the worst financial crisis since the 1930s, I did not anticipate that conditions would deteriorate so badly.

Otoh, Soros the trader is known to change his mind in a twinkling and reverse his positions accordingly.

(An old hand at testifying before Congress, Soros used the occasion to market his latest book. Not to be outdone, Indiana Republican Mark Souder took the opportunity to rant in favor of the War on Drugs.)

Addendum.The first link above is a generic link to the committee's continually updated hearings page. The committee held hearings on Lehman, AIG, rating agencies, regulation, and hedge funds.