Tuesday, June 21, 2011
Bond king says focus on deficits "recipe for disaster"
And on Wall St you don't mess with Bill Gross unless you want to lie with the rest. When one of the most knowledgeable people on debt says something, normal people will listen.
In a prospectus for clients, Bill Gross, a co-founder of investment management giant PIMCO, says members' of Congress incessant focus on deficit -- and in particular, the manner in which they obsess about deficits -- is foolhardy, and a recipe for disaster. What the country needs, Gross said, is real stimulus now, and a measured return toward fiscal balance in the years ahead.No doubt Sen. Shelby of Aladumbfuckinbama would say that Mr. Gross is not qualified to speak on these matters.
"Solutions from policymakers on the right or left, however, seem focused almost exclusively on rectifying or reducing our budget deficit as a panacea," Gross writes. "While Democrats favor tax increases and mild adjustments to entitlements, Republicans pound the table for trillions of dollars of spending cuts and an axing of Obamacare. Both, however, somewhat mystifyingly, believe that balancing the budget will magically produce 20 million jobs over the next 10 years.
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