This is an amazing interview with Soros. A fan of markets he nevertheless sees deregulated financial markets as delivering a biased reflection of reality that generates booms, busts and bubbles. The reason - too much credit, too much leveraging. Free market fundamentalism is just as misguided an ideology as socialism.
Soros sees the current crisis as the end of an era and the beginning of a potentially catastrophic shock. His solution - minimise foreclosures on mortgages by resetting mortgages below the market value of homes and using public and private capital to replenish the equity base of the banks.
His major fear for the world longer-term is not financial it is climate change. His medium term solution to the current catastrophe - create a global investment boom designed to address the effects of climate change so that the world can live sustainably rather than basing its global prosperity on excessive and destructive levels of US consumption that are driven by grossly excessive debt and agency problems.
I subscribe to his emails here. Great value and always of interest.