George Soros is a free market kind of guy, he would rather see the market play out then have the fed step in. To be honest with you I don’t even like him that much. I also don’t see him pulling all his money out of the market. I’m assuming he is short the market and feds action have cost him profits. I got his book in my office if you want to read it…..

Lawrence Summers is a democrat who wants to change the current political environment and is pushing his agenda with his write up. I respect what he has accomplished but I’m also taking it with a grain of salt.

Not sure what you are trying to show with the world economic forum example, those guys are just a bunch of idiots that will never agree on anything.

Finally I agree that fed action may have been to slow but there are no perfect solutions to the current problem.

None one that you have mention is telling people to get out of the market and go all cash. This situation will play it self out, we were do for a major correction and this could have been it.

—But the more worrying suggestion by many was that the action might not be sufficiently effective to head-off a US recession.Joe Stiglitz, a Nobel prize-winning economist at Columbia University, said the Fed’s action was “too late” and, with structural forces in the US housing and financial systems likely to bring a contraction, would be as effective as “pushing on a piece of string”.—

—Speaking to FT.com’s View from the Top, George Soros, the head of his own hedge fund, accused the Fed of cutting rates in a “rather panicky way?.?.?.?because people fear there are hidden problems” which had yet to surface. Then there is worry about the monoline [insurers] and there may be another problem with money market funds,” he said.—

—Goldilocks gives way to the sombre bears
Published: January 23 2008 22:49 | Last updated: January 23 2008 22:49
Sour describes the economic mood at the World Economic Forum. While there is always fierce debate, the comparison with last year is stark. Gone is all talk of a Goldilocks world economy – not too hot and not too cold – and it is replaced by fear of a nasty US recession that might spread.—

(this last one is one of the most important pieces of economic literature written on the economy. Larry Summers was ALSO Bill CLintons Sec. of the Trasury)

Lawrence H. Summers
Charles Eliot University Professor, Harvard University
Risks of Recession, Prospects for Policy
I am speaking here today because I believe that our current economic situation requires a comprehensive program of measures to contain the fallout from problems in the financial and housing sectors and to assure sufficient policy support for economic growth over the next several years. Perhaps because of a failure to appreciate the gravity of our current situation and the problems our political process has in responding quickly and collaboratively to emergent threats, such a comprehensive program is neither in place nor in immediate prospect.
No economic projection put forward with anything like complete confidence should ever be trusted. The current consensus suggesting that growth is likely to be slow over the next several quarters and that the odds of a technically defined recession are in the 40% range is troubling enough given that it means rising unemployment and budget deficits, likely falls in real family incomes and a downturn in plant and equipment spending.
For the last year, the economic consensus, and the policy actions that have flowed from it, has been consistently behind the curve in recognizing the gravity of the problems in the housing and financial sectors and their consequences for the overall economy.
This continues to be the case. In my view it is almost certain that we are headed for a period of heavily constrained growth, quite likely that the economy will experience a recession as technically defined and distinctly possible that we are headed into a period of
the worst economic performance since the stagflation of the late 1970s and recessions of the early 1980s

Apparently he is just an eternal pessimist too. This piece is a mere excerpt of a paper he sent to Congress recently. Here, do some homework: http://en.wikipedia.org/wiki/Lawrence_Summers