Gross has been saying this since 2010
He also pulled his clients out of bonds and cost them a nice run 2011-2012.
This guy is right in the inner circle of banksters. He makes money issuing paper whether you make money or lose money.
He's the dealer at the bond/treasury casino.
But he did say he would have voted Ron Paul if nominated.
Just b/c he lost money for investors doesn't mean he doesn't know economics, it more likely means he didn't correctly predict how the FED & gov't would manipulate the market or how they manipulations will affect the market.
Most economists that I trust will say they don't know when the bubble will burst, if gold will rise, which direction housing prices are headed, ect...b/c we don't have a working market to observe and we don't know where the next trillion dollar infusion of capital will be injected.
The economy is so warped that most of the consistent winners are getting there of 1 bet - most gov't spending. If a financial planner knows where the gov't or FED will put their money next, and gets there early they will do quite well. Nothing to do with a sound understanding of economics, a lot to do with understanding politics and understanding the precise degree of confusion that current head of Federal Reserve banks are suffering from.
The front page of the Wall Street Journal yesterday had an article about a new housing boom and people are being duped into buying houses they cannot afford because interest rates are low. I actually had to scan the paper a couple of times to make sure it wasnt actually from 2006. And around and around we go...
We all share this eternally evolving present moment- The past and future only exist as inconsequential mental fabrications.
To all the folks clinging to the financial armageddon thesis... don't get blinded by your ideology. Politics have nothing to do with making $$
Uh, politics have a ton to do with making money. Sure they can't make us all rich, but that sure can make a lot of us poorer.
Politics is just a type of discussion or interests that go on surrounding policies and those policies will determine how much of my production I will keep and how much will be taken from me. It determines who I can purchase from, what I can purchase, how much of it I can purchase, and what I can do with it once what I've bought is "my property". If politics will decide that for me, for my business, and for any business I choose to invest in...then how can one think "Politics has nothing to do with making $$"?
Well considering this clip is from CNBC, I was referring exclusively to the stock market and bringing your ideology to the table while buying and selling securities. For example I have no problem trading solar companies funded by DOE grants even though I laugh at said companies at the end of the day and know they will die an egregiously bad death, in flames.
On the other end, I like silver but am currently shorting the piss out of it.
He seems wise, but still learning about him.
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