Quantum Fund co-founder George Soros had it right on Monday, when he said the U.S. recovery would be held back by “basically bankrupt” banks and companies.

Billionaire hedge fund manager George Soros has taken a position in Plains Exploration & Production Company (NYS:PXP). According to the blurb on Google Finance (our homepage here at Notes):

For the first time in a couple of decades, some of America’s most successful, big-name investors are buying gold.

Renowned investor George Soros said Friday the world financial system has effectively disintegrated, and there’s no near-term bottom to this financial crisis in sight.

If you are waiting to pounce on oils rebound, Lou Baseness of Investment U recommends the best play in crude oil investing.

The dollar remains strong…  GDP sinks to -3.8% …  Central Bank rate meeting week…  Gold outperforms just about everything! And Now… Today’s Pfennig!

I don’t know about you, but I don’t plan to spend the weekend glued to the computer or TV waiting to see what the world’s finance mavens do at the “G20″ summit.

The U.S. isn’t the only country rolling back on free-market principles. Communist China is also busy bailing out its economy. Over the weekend, the People’s Republic announced a $586 billion ’stimulus’ plan of it own. U.S stock futures are up on the news.

Billionaire investor George Soros just gave a great interview with PBS’s Mill Moyers. In it he said the massive breakdown in turst on Wall Street marks the “end of an era.”

It’s not a new subject for Soros. He accurately predicted the crisis in subprime loans that punctured the lung of the financial markets.

In the interview Soros also slammed Treasury Sectretary Hank Paulson, saying the onetime Goldman Sachs boss was part of the very Wall Street system of “financial engineering” that caused the crisis in the first place.