Thursday, July 30, 2009

Bill Gross At PIMCO Speaks

To summarize:

Doesn't like stocks.
Thinks new 3% nominal GDP Growth is really a slow growth environment.
Permanently higher unemployment.
American Capitalistic Model is over as consumer is tapped out.

Sees massive Commercial Real Estate defaults and outright government backstopping of losses.

Last but not least - Likes Treasuries and MBS. That's not a surprise considering they are a bond shop. Hmmmm, they must be sellers of treasuries and toxic mortgage debt.


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