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):

Ask investing icon Jim Rogers about the $700 billion U.S. banking bailout, and he’ll tell you that it’s nothing but “horrible economics.”  And with good reason: Most of the major U.S. banks are already bankrupt.

Today, I’ll share with you the biggest mistake I made this year. I didn’t follow the “secret.” It’s a simple secret. And I should have known better.

The media have dubbed it “the new age of epidemics.” From SARS to cancer, diabetes to the flu, we live in a world of increasingly powerful germs and diseases.

China’s long-term prospects are so strong that even a civil war, an economic collapse or political assassinations would only temporarily delay its emergence as a worldwide economic powerhouse.

George Soros first made a name for himself with The Quantum Fund, a hedge fund that’s often described as the first real global investment fund, which he and partner Jim Rogers founded in 1970.