Bill Gross, Managing Director of PIMCO, asks a question all of us should ask, “what has become of the American nation?” He addresses the question in his most recent “Investment Outlook” commentary. The answer is not as difficult as it may seem, if there are no hidden agendas or ulterior motives. Mr. Gross’ missive is excellent, yet also impressive given that he was one of the cheerleaders of Geithner’s financial bailout announced in the early part of 2009. This last part does not take anything away from Mr. Gross uncanny ability. It is merely evidence that anyone, irrespective of their level of intelligence and talents, can be taken for a ride or swept away by somebody else’s “good intentions”.
It is worthwhile to read all of Mr. Gross’ commentary, which you can find here. However, here are some of his most remarkable statements:
“Conceived with the vision of liberty and justice for all, we have descended in the clutches of corporate and other special interests to a second world state defined by K Street instead of Independence Square.”
“What amazes me most of all is that politicians can be bought so cheaply.”
“The fact is that American citizens have never been as divorced from their representatives – and if that description fits the Democratic Congress now in control – then it applies to Republicans as well – past and present. So you watch Fox, or is it MSNBC? O’Reilly or Olbermann? It doesn’t matter. You’re just being conned into rooting for a team that basically runs the same plays called by lookalike coaches on different sidelines. A “ballot box” pox on all their houses – Senators, Representatives and Presidents alike.”
He goes on to explain about the major economic themes prevalent in our current environment, particularly about Central Bankers’ level of quantitative easing and its effect in the economy.