Billionaire financier George Soros says he’s sitting out the 2010 midterms because he’s convinced the GOP tide cannot be slowed with more of the money he used to help Democrats like Barack Obama get elected in 2008, The New York Times reported.

“I made an exception getting involved in 2004,” Soros told the Times in a brief interview Friday at a forum sponsored by the Bretton Woods Committee, which promotes understanding of the International Monetary Fund and the World Bank.

“And since I didn’t succeed in 2004, I remained engaged in 2006 and 2008. But I’m basically not a party man. I’d just been forced into that situation by what I considered the excesses of the Bush administration.”

Asked if the prospect of Republican control of one or both houses of Congress concerned him, Soros told the Times: “It does, because I think they are pushing the wrong policies, but I’m not in a position to stop it. I don’t believe in standing in the way of an avalanche.”