Bill Gross Issues "Mea Culpa" Sees 0% Growth For Developed Economies Over The Coming Quarters
By now it is no surprise that Bill Gross has not exactly "caught the inflection points" in the market in the past year. Of recent note, as Zero Hedge first reported three days ago, in September he massively extended the duration of his holdings in an attempt to catch up with Operation Twist just in time for the 30 Year to have its biggest drop in quite a while. Which may explain why he has released a letter to investors titled, simply enough, "Mea Culpa" in which he essentially apologizes for underperforming the market, when he says "I am having a bad year". That's fine, and so are your clients. But what is far more troubling Bill, is that your corporate parent, Germany's Allianz, as is now well known is the entity pursuing the conversion of the EFSF into a multi-trillion "insurance" fund to backstop even greater trillions of corporate and sovereign fixed income exposure. Please tell us Bill that this is not your doing: that it is not your "influence" that has been upstreamed to corporate, and is forcing Europe's taxpayers to foot the bill for your, and others', "bad year." Because while everyone can make a mistake, those of us who are not too big to fail, read manage $1.2 trillion fixed income portfolios, get punished for said mistake. It is far more reprehensible when you come crawling to the same taxpayer and engage in the same activity you so loudly complain about in every single letter (there is a reason why the broader population has grown to loathe Warren Buffett). Anyway, with that aside, here is what Gross sees as happening in the future: "So where do we go from here? Our internal growth forecast for developed economies is now 0% over the coming several quarters and the portfolio more accurately reflects this posture." Well, while Pimco may have been spot on 10 days ago with this assessment, the subsequent 10%+ short covering squeeze has forced a dramatic sell off in the 10 Year (the 10s30s has flatten substantially in recent days). And naturally, in this world in which effect implies cause, the moves in the market now are taken to represent an avoidance of the recession. Granted that makes absolutely no sense, but such is bizarro world. So our only question is - did Gross just jinx the recession out of existence?
Full letter:
h/t Dealbreaker
(5 votes)
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this is pretty big. If I'm not wrong, a lot of folks out there listen to him and mainstream reaction is bound to follow.
Bill Gross got what was comming to him when he had the sheer audacity to short safe-haven US treasuries. Let this be a lesson for anyone else who thinks about betting against America. You do NOT want to be short the world's number one safe-haven asset during a time of crisis. US- treasuries are the only asset that can protect you and your family during these uncertain times.
If you think US Treasuries are a safe haven then youre a fucking idiot.
Is this the friday afternoon humor post?
Yes. Ya gotta love hamy, i mean million dollar bonus.
But it has been true so far.
I used to like Bill Gross until he started dissing the united states merely to talk his book.
I have some respect for legitimate criticism not based on financial motives.
Bill showed himself to be a whining loser and his losses bring me joy, particularly since he made the same mistake shorting treasuries after qe 1. He claims he wasnt short, but Tyler proved him to be a liar in addirion to a conniving mercenary whiner.
It's a shame, really. I used to think he was Mr. Trial Balloon for the Fed, since he was so spot on in predicting Fed policy. You'd think that would be a license to print money, but if he knows policy changes in advance and still manages to lose money, then the PTB may have really lost control of this thing.
Pimpco VS Fed and Fed won because it had the backing of ECB and Chinese central banks too.
But Mr. Gross has nothing on US Fed after socialism handout:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aifsOWlwkqYM
http://www.pimco.com/EN/Experts/Pages/NeelKashkari.aspx
SO STFU Gross with your government subsidies and inside info and tell El-Erian to stop yapping on CNBC (parent GE got bailed out)
99% should go protest at his newport beach gambling parlor.
+1
"My fabulous rock of a wife"
never heard of that expression before; my take is that his rock of a fund (total return or whatever it's called) is imploding and he needs to find a new rock of gibraltar to lean on. as for bill's '0% growth' forecast, debt driven growth will not offset negative growth and we are in a depression; after some sugarcoating and windowdressing bill says let's just call it '0% growth"
ps. milliondollabonus is a disingenuous fraud, he's probably selling all of his tnotes right now so he could buy more bullion, ignore his comments.
Did you forget who you were talking to?
How he keeps a straight face while typing that shit is beyond me.
that wouldn't be hard for folks who have an ulterior motive or some hidden agenda. for all i know milliondollarbonus could be some cuban agent trying to undermine democracy in the US by working up sentiments against the kleptocracy, or maybe his wife left him for a bankster and he wants bankster blood (in which case i'd be happy to oblige him)
He has totally outclassed me as a troll. I am getting jealous.
"for all i know milliondollarbonus could be some cuban agent trying to undermine democracy in the US by working up sentiments against the kleptocracy..."
Huh? Shouldn't you be thanking him? Or...huh?
nope i'm not ready to go that far, at least not until he speaks his mind. but i enjoy milliondollarbonus' crazy antics, his parody of the FED, his mocking bernanke's ponzinomics, i find it amusing ;D
If it helps, it's totally possible for stocks to crash up before hyperinflation hits. When the sovereigns really start moving out of US Treasuries and into gold and "productive" assets (read: S&P500) it could look like Benny was right all along for a few months.
And then (for whatever reason, but quite possibly an oil shock) the failed bond auctions hit, treasuries crash, rates spike, and a massive flood of dollars ($trillions) is pushed onto the economy as investors try to get their hands on anything tangible.
KA-BOOM, bitchez.
When Benny is finished i predict DJIA $36,000. The problem is bread would be $36,000, too.
http://azizonomics.com/2011/10/14/the-great-treasury-dumping-game-begins/
Somethings got to give soon. I dont know about protracted economic developments playing out anymore, I think theyll just take us into a world war like the other depressions.
I've been writing about that today, too:
I’m coming to believe that the military-Keynesian establishment might try and kill every bird with one stone — a new regional war, probably involving Syria, Iran and Israel in Eurasia. Let’s look at what that might accomplish:
http://azizonomics.com/2011/10/14/war-the-quickest-way-to-kill-a-protest-movement/
too much in-fighting with the Jones's to unify
survival of the fittest and luckiest and a total reset
Nowadays computer science degree from MIT is not "fit" enough.
http://online.wsj.com/article/SB1000142405274870469960457534275192733443...
Extreme wealth is all about luck...many bullshitters sitting in corporate offices outsourcing and offshoring jobs to non-US citizens while collecting and complaining about lack to STEM workers.
Well I guess there's always the lottery or a gun.
Good stuff there.
"4. Take out Iran, a powerful enemy of America..."
"Powerful"? Your kidding right? They IMPORT oil, for cryin' out loud.
Pakistan would be a challenge, I bet. And get us on the Indians good side to boot. We'll need their help to pressure China's back door when we invade through the South China Sea, leveraging our assets in Brunei.
TOTAL WAR
SE,
I like! That's some cold, hard logic friendo.
I was just discussing this type of scenario with a co-worker today.
progression:
new threat emerges through either attack on western soil or oil pipelines.
us convenes with western partners.
un resolution to establish war.
patriotic fervor is amplified by the media and/or brainless citizens.
those raging against the system via "ows" means will be deemed malcontents and unpatriotic/unproductive scum.
goals:
turn the tables on civil disobedience.
adrenaline boost to economy via manufacturing.
war bonds issued in us and eu to shore up auctions.
aids unemployment.
now, this type of pathological thinking is anathema to most (including myself), which makes it precisely right when viewed through the prism of our leaders and the unquenched thirst for power.
stay thirsty, friendo.
... I took a walk this evening. Something ist changing very fast, and the smell of the real change is in the air, despite all that brainwashing " Uns geht's gut "...
The mightiest of all warlords rides again - General Fear .
K, maybe I'm just imagining it. I'd like to.
MDB.
A week or so ago, you'd been on a crusade suggesting that everybody should be happy about paying taxes... implying more is good, America, patriotism, etc.
I had challenged you to in fact do as you preach, to show all of us the quality of your character, that you are indeed a man of honor amd integrity by following up upon your own suggestions. And to inform all of us publicily, veryify that you in fact had done so.
I offered you a once in a lifetime opportunity to show the quality of your convictions, to assure us that you are not simply a shill expousing nonsensical diatribes in which you truly hold no conviction.
Thus I ask you outright sir, have you yet made additional volitinal contributions of personal monies above and beyond that required under the tax code to the Federal Government?
Thereby proudly supporting the country you so love?
Please let us know.
Indeed, you should be grateful for such an opportunity, both philosophically as it is in concert with your stated beliefs and as a proud American to establish a precedent to which we may all aspire.
We look forward to your exercise of this amazing privilige to show your patriotic feality with America.
Please demonstrate such for us, verifying such. We eagerly support your contibutions to our country in a time of need.
Remember, it takes a village of many giving altruistically for the benefit of Your Federal Family.
It is possible, knuckledragger, than he was being facetious then and is being facetious now. Just a thought.
-1 shhhhhh
but...but...oh, ok. you're right.
It would be highly inappropriate to disclose my tax details to the public, but mark my word there are many Americans who simply do not pay their FAIR SHARE of money to the government. This is a time to make sacrifices for your country and allow the most talented politicians and economists to allocate capital for maximum effect.
If one should make sacrifices, then we call upon you to show us how, to lead by example as any Great Patriotic American would do. And if disclosure is good enough for Warren Buffet, it's good enough for you, too.
Nothig whatsoever inappropriate about it. Time as you said, for sacrifice. Particulary when the Our Counrty is facing such dark hours ahead.
So quit with the dissembling, diversions and pablum.
Stand up and be counted as a True Americn Patriot.
Do you love America or Not?
Display your honor, credibility and feality, your love of America.
Else we might take you as a Troll.
Or just not take you seriously.
Which nobody wants to do, for we all love America and Her True Patriots.
Time to Man Up for America, Sir.
The Weight of Leadership is Heavy.
I love your stuff, MDB. And I am surprised some of the frequent commenters still fall for your clever trolls.
Million DollAR Bonus - you have the best POKER face of anyone on this sight! Bless you....
From
Rick Perry
MillionDollarBonus_,
How can you be so heartless, and cruel? Have you no shame, sir?
Mr. Gross' letter is the most beautiful, and touching I've read in quite some time. (And this, among many other moving missives from Fund Managers, and like-minded Patriots we, here at Zero Hedge, have had the undeserved good fortune to be blessed with.)How can you denigrate such a fine man, and yourself, by presenting such callous commentary.
Was he mistaken in his analysis? Yes, yes...to be sure. But, he had no idea that what was clearly a most concrete recovery would be torpedoed by events in Europe. Nobody, nobody could have seen what was coming. Your advantage of hindsight should not be assumed by yourself to be carte blanch to criticize Mr. Gross.
I haven't the time to engage with you in a discussion explaining the merits, nay...the blessed wisdom of occasional "short selling". So I'll leave you with a thought for you to ponder.
"Is not the healthiest tree made stronger, indeed more whole, by artist pruning now and then?"
Respectfully,
A Humble Schmuck
"Let this be a lesson for anyone else who thinks about betting against America. You do NOT want to be short the world's number one safe-haven asset during a time of crisis. US- treasuries are the only asset that can protect you and your family during these uncertain times."
Sure. Put in your ante already? Good! I hold and raise by 100%.
You can call or raise, its your choice but do not base your calculations on ideology or it will be game over sooner than I'd hoped for, silly.
What you should have said was don't let the govt. know that you are shorting Treasuries big time. Because they will do everything in their power to make sure you don't collect on that bet. He bet against the US and him thinking that he was an insider (I still like to know why he did it in the first place, he's an insider he had to know that US treasuries and the dollar is important for the US and they will protect it no matter what). And for him to make this mia culpa, he must have lost alot more than what he is letting on. I'm not saying that US treasuries are sound, they aren't. But the US will do an manipulation it can to make sure US treasuries are bedrock or appear bedrock.
we saw it first, totally right.
http://expose2.wordpress.com
Nah, this guy is grossly overrated as an asset manager.
Nah, he's just Gross.
No - he's just gay.............a switch hitter!
one of the great comeuppances on Wall Street. next to Bill Miller and Warren Buffett this has been a classic too big to succeed story. Gross is a book talkin' asshole. You cannot invest along side him and make money...now you cannot invest with him and his Titanic of debt shit fund Total Return. What a scumbag earning fees for himself and Allianz while returning less then zero. burn, Bill, burn!
did Gross just jinx the recession out of existence?
No. The term "Recession" has simply gotten more complex.
And that's for the same reason that Bill Gross (and many other experts) got it wrong on inflation/deflation in 2011.
Biflation is a tough concept to accept in a world that was once more simple. Yes, there can be inflation and deflation co-existing side by side. Net-net, that means decreasing buying power of money. Which means a constrained consumer and margin squeezes for most business. Necessities are inflating. Personal assets like real estate and incomes are deflating.
So Bill Gross projects 0% growth. But that doesn't mean that there won't be inflation. What will that mean for interest rates? Volatility. For the same reason Gross did a 180 on his investment thesis for Treasuries. Some will perceive 0% growth, others will see monetary inflation. The two are currently canceling each other out and that's why we have biflation. And CPI will never reveal inflation with housing dragging down 40% of the calculated figure.
"biflation"? if i understand that correctly, it just like a girl being digging dicks and cunts
Stagflation bitchez.
We have seen this before. No need to make up words that show your lack of ejumacation.
Biflation is a tough concept to accept in a world that was once more simple. Yes, there can be inflation and deflation co-existing side by side. Net-net, that means decreasing buying power of money. Which means a constrained consumer and margin squeezes for most business. Necessities are inflating. Personal assets like real estate and incomes are deflating.
So Bill Gross projects 0% growth. But that doesn't mean that there won't be inflation. What will that mean for interest rates? Volatility. For the same reason Gross did a 180 on his investment thesis for Treasuries. Some will perceive 0% growth, others will see monetary inflation. The two are currently canceling each other out and that's why we have biflation. And CPI will never reveal inflation with housing dragging down 40% of the calculated figure.
*************
You cannot have both Inflation and Deflation at the same time-
Both are monetary phenomena -money supply and credit supply-
If cash and credit are going in opposite directions-it's as simple as which one is contracting or expanding by the largest amount-
Asset values decreasing is deflation-(a decrease in personal balance sheet worth ie: decrease in personal money supply)
Housing prices are not included in CPI and haven't been for years-
They used "owners equivalent rent" to hide the Inflation of the last 30 years and now they will use it to hide the Deflation in housing values-
The old concept was one of "a strictly monetary phenomenon". However those concepts were designed to describe a much simpler world. Today, you could contract the money supply to zero and still have inflation. The dollar is global reserve currency and there are oceans of dollars outside the porous border of the US economy. Same way that for 3-4 decades there was near limitless monetary inflation with concomitant price deflation due to the special arrangement between the US and China where money was sterilized into a form of seller-financing. There are even more complexities to this theory that I have been discussing on ZH for 2 years. Many are becoming hip to the Biflation theory (see today's Casey Report cited on ZH) and it's gaining acceptance. But the Fed's Chicago monetarists get pale at the mere suggestion of it because it defies all that they have theorized regarding the cause and effect of their money printing and interest rate tweeking
I have been arguing for a "Maslow's Hierarchy of Needs"-flation for the last few years. The notional values of any product will move depending on the vagaries of the central banks, but the key is to understand the relative value between products. The spread between products at the bottom of the hierarchy and the products at the top is going to be closed over the next few years. In the worst case, you will find that a product at the top of the hierarchy that used to be valued at >100x of a bottom product will be valued at <1x that bottom product.
here is a little secret...you can meet ALL of maslow's hierarchy of needs with..... a gun. That's what OWS really needs...guns. Just rob the banksters and sleep with their wives. fuck them as they fucked you. eye for an eye bitches!
The old concept was one of "a strictly monetary phenomenon". However those concepts were designed to describe a much simpler world.
Same way that for 3-4 decades there was near limitless monetary inflation
Today, you could contract the money supply to zero and still have inflation.
***********
I don't believe the concept of inflation and deflation as strictly monetary phenomena has changed at all-no different today then the clipping of gold by the Romans-
I agree that prices can run opposite to the money supply-but prices cannot hang above the market clearing level for long-affordability enters the picture and prices must clear-or your commodity is essentially worthless-
Yes we've had horrendous inflation for the past 30 years and to see where the inflation occurred-you need to look at both credit and money/cash-
Cash supply
http://research.stlouisfed.org/fred2/series/BASE
Credit supply
http://research.stlouisfed.org/fred2/series/TCMDO
The Credit supply makes the cash supply look pathetic-
I agree that prices can run opposite to the money supply-but prices cannot hang above the market clearing level for long-affordability enters the picture and prices must clear-or your commodity is essentially worthless-
Affordability to whom? As the US consumer withers, the Chinese step in. All the holders of oceans of dollars around the world can support price and make it go even higher even if it's unaffordable to Americans .
Affordability to whom? As the US consumer withers, the Chinese step in. All the holders of oceans of dollars around the world can support price and make it go even higher even if it's unaffordable to Americans .
**************
There is no oceans of dollars-(BASE) above-
There is debt that needs to be paid but obviously it hasn't been-
How in hell can China compete with 35 cents an hour wages?
China is like we were ATM'n the friggen house-living on credit-
China will crash and go into deflation-just like us-
Prices will meet affordability-they "must"
The growing protests around the world guarantee it-
Don't think for a second they're not looking down from their ivory towers with a chill running up their spine-
Today, you could contract the money supply to zero and still have inflation.
************
The money supply in cash-cannot be deflated-the printed dollar is always somewhere-
You can stop printing but you cannot contract what's already there-
Credit is a different type of money supply-it can be expanded (Inflation) as we've seen and it can deflate in cloud of smoke-like we've seen-
You and your theory are full of shit.
"Biflation" would mean inflation twice in a time period, like "biannual", not inflation and it's opposite.
On top of that, "inflation" has to do with the money supply, not prices. The money supply cannot be growing and shrinking at the same time.
Only morons like you use inflation / deflation to describe price changes.
There is no one word in the English language to describe price changes up nor down. Hence "rising prices" and "falling prices", two words.
Nobody says "stock XYZ inflated 3 points today" nor "stock XYZ deflated 3 points today". They say "stock XYZ rose 3 points today" or "stock XYZ fell 3 points today".
What you describe as "biflation" is not new, and you have no "new theory". It has occurred in the past. Expanding money supply in an economic depression characterized by severe demand collapse causing prices to fall overall, what's happening in residential real estate. Home values have dropped around 40% since mid 2007 while the money supply has grown around 35%, roughly offsetting each other, leaving home prices stagnant or slightly dropping (not "deflating"). Without that 35% money supply growth (true inflation) home prices would be down 60% or more.
If home prices fell 60% the real estate market would simply crash. Bernanke has been trying to keep real estate prices from falling 60% by expanding the money supply rapidly, softening the real estate price drop in nominal terms, but at the same time causing prices of commodities not experiencing severe demand collapse to rise rapidly, like gold and silver ...and milk and eggs and bread, etc.
Hear-hear! Well said.
Precisely my thought.
And, I'm staying out of that guys yard.
Clearly you don't get it. Congratulations! You're in ignorant bliss. That can be a blessing, good for you. In the short run :-)
Oh, so you're in the "it's different this time" camp.
Nothing is different this time. All this stuff has happened before in varying degrees. It's just more intense this time.
A "perfect storm" is not some new kind of storm. It's just way more intense.
The continent of Pangea once existed, and ceased to exist becuase of plate tectonics. Neanderthal man ceased to exist. The DoDo bird, T Rex, the Caspian and Java tiger too, and the California condor almost ceased to exist if it hadn't been saved. Monarchies have died, empires have crumbled, religions have become extinct, mighty volcanoes have too
Some changes come along that are game-changers.
And all economic theories have a life-cycle: they emerge when the old ones fail, they have a heyday and then they too fail, get discredited and get replaced. Because the world never stops changing. Change is the constant. You can't feel yourself spinning through space but you are. And you can't always see the giant changes as they are occurring until after they become more obvious
We're not dealing with bullshit economic / monetary theories here you fucking moron. We're dealing with economic / monetary FACTS.
FACT: Price collapse in a collapsing real estate market IS attenuated by expanding the money supply correspondingly. Exactly what Bernanke has been doing.
FACT: Bernake couldn't care less about the real estate market. He cares about maintaining book values of real estate paper held by banks so the fucking banking system won't crash.
FACT: It's why they went to mark-to-myth accounting as well. Trying to maintain book values of financial paper while the underlying physical assets collapse in value, creating a widening gap between the financial sector and the real economy.
FACT: Without Bernake's 35% money supply expansion ...going to criminal bankers and our criminal government incidently... the financial system would have imploded by now, we would have hit the proverbial "reset" point, and we'd be in true recovery now ...unless our enemies around the world (of which there are meny) decided to take advantage of the opportunty and take America down once and for all.
So far you have cited NO facts about the current situation, merely engaging in vague generalities ...exactly what those criminal Wall Street bankers do ...and our criminal government. Vague generalties to placate the stupid sheep out there ...and hide the fact that they don't know what the fuck they're talking about ...like you.
COG--
Very good on the facts-
Corrections: Home values have dropped around 50% since mid 2007. If Bernanke hadn't expanded the money supply 35%, home prices would have dropped correspondingly, around 50%, not 60%. But 50% would still precipitate a real estate crash ...and crash the banking sector along with it.
Long commodities. Short emerging markets.
No. The term "Recession" has simply gotten more complex.
No, you're wrong. It's really very simple. A good part of the "growth" we've all enjoyed over the past 30 years has been fueled by two things: cheap oil and pulling forward demand by issuing debt at 2X (or so) the rate of real economic growth. Those two dynamics have reached the end of their rope and that's why we're in recession. That's also why there will be no "recovery" in the sense of resuming the previous growth profile but rather a re-set to a lower level of prosperity.
Thats a good comment right there.
I agree, but what you're saying shows that it is more complex in the sense that it's a "non-traditonal" way of looking at it. When you say "recession" to the average Chicago U-trained monetarist, what they see is a classic post-war business cycle recession: supply outstrips demand, costs rise to unsustainable levels and need to correct. But ultimately to them it's a very simple cycle, a pendulum that just swings back and forth.
That was all true when the system was in equilibrium, which it's not anymore as a consequence of a build up of forces over the past 4 decades of money printing, but also shifts in the global economy, demographics and natural resource allocation. It ain't as simple as they'd like it to be and that's why their policies are making things worse.
hes like Cramer, a fade, always was a fade,
fade him on bonds, fade em on stocks, (when he bt stocks short)
every one a fade, open up your pie hole either of you and say.
BI BI BI, lol..... a fade.
Nah not like Cramer, he's more like another domino falling from optimism, or even thinking he can play this rigged market within a depression. 1 by 1 theyre capitulating.
it is a shame (on their part) billionaries like Gross continue to doubt gold despite all the money that has been printed worldwide, 0% interest rates, debt/gdp ratios 90%+, unfunded liabilities, continued government intervention in the economy with keynesian stimulus programs, never ending war... I could go on.
Continuting to doubt the fact we are not only at the end of a economic era of phony leveraged growth, but the end of the entire dollar world reserve monetary system will continue to smack the portfolios of these so-called equity/bond Titans
ZERO,.....
BITCHEZ!
Gross just thinks he had a bad year in 2011. He will be looking back upon the past few quarters soon and regarding them as "the good old days".
...The golden age.
...where fiat still worked
when the last bond bear capitulated.
Yea well buzzsaw a whole LOT of people will be looking back on today (in a couple months) thinking 'wow those sure were the good ol days'.
http://www.youtube.com/watch?v=eFHJ41ktt3Q&feature=related
blackjack bitches, blackjack.
Not one to post links but WOW....
http://news.yahoo.com/blogs/lookout/more-americans-chinese-t-put-food-ta...
Crap, could the CCP run someone in our elections please...
Zero seems high for the retarded, errr, developed economies.
"Lots of safety in treasuries"??
It took 205 years to accumulate $1 trillion in US debt and now we are adding $1.7 trillion a year in new debt and about $6 trillion a year in unfunded liabilities. And US treasuries are the safest investment - because they are backed by the Fed and gold and silver are backed by nothing.
The world has always been insane - just more so now.
What's wrong with ZERO growth anyway? Fuck those perpetual growth motherfuckers.
We need massive tax increases to spur growth and support the war in Uganda.
We now know what half darkies are capable of.
So how amny wars do our fearless one have us in now?
Iraq
Afghanistan
Pakistan
Yemen
Somalia
Uganda (plus 2 others where the buffalo roam)
What am I missing?
Well glory fucking be, by this count it's at least 4 more than under that vilified predecessor warmonger.
Imagine if the US gov brought home all those service men and women to this shitty economy. Now that would be an OccupyAmerica movement. And you forgot Libya.
Both parties have fed the war machine.
Bill Gross should turn over his full year income to ZH. Because ZH was right and Bill was wrong.
Or Bill could just buy gold with his OPM and be right for the next year.
Bill is old stupid and most importantly WRONG.
Being wrong should lead to death. If other people or animals are wrong, guess what they die. So should CEOs. But that since we are a civil people he should just lose his earnings, income or other money for this year.
Face it Bill you are stupid, and if nature had her way you would be rightfully dead.
Oh thats right you will be soon, nature wins you lose again.
Bill Gross is correct, but there could be the illusion of growth due to (a) inflation/hidden inflation (b) cooked books and (c) falsified government reports.
I write this knowing full well I just made myself sound like a gun-toting conspiracy theory hick straight out of Deliverance.
Yea we've been running on illusions for a few years now, problem is someone has to pay now.
...Just as long as you don't end up like Ned Beatty. Best stay away from that river.
Dear Bill Gross,
On behalf of the 99%, let me just say "FUCK YOU".
Long WW3.
Wonder whom else is going to apologize...Greenspan anyone ? A former All American Gold Bug turned bubble buiding and popping machine whom handpicked the Bernank