George Soros: Obama Team Falls Short in Financial System Overhaul

George Soros spoke to a full house of bankers, lawyers, Wall Street types and journalists this morning at Bryant Park Grill behind the landmark New York Public Library this morning. The billionaire is not only one of the world’s best investors, but is also one of the great philosophical leaders and engaging speakers of our time. In measured tones, the 79-year-old warned that Americans still have their head in the sand about the implications of the financial crisis and the prospects for their economic and political welfare.

He says that political rhetoric and "story telling" is shielding Americans from the harsh truth that the financial system is still in dire need of a dramatic overhaul and that our living standards based on debt and over-spending must be changed. "The political discourse is effectively manipulating reality," he said. "The electorate needs to be concerned with the truth."