Bill Gross shows signs of losing his mind. He suggests the government should direct the allocation of resources.
Most of the time, I agree with Mr. Gross’ analysis. His firm is filled with sharp people (and well-connected). Now I am wondering whether he has gone crazy or have I. Perhaps the entire world has, and Mr. Gross has his finger on the pulse of what happens next.
More likely, someone should send him a copy of Hayek or Mises’ work (or dozens that followed them) on the failure of Central Planning. Mises dealt with the impossibility of socialism and central planning in the 1920s. Hayek followed shortly thereafter. If theory is too difficult or dry, history shows one failure after another. Does he want us to be like Russia, East Germany, North Korea, Cuba, or one of the other failures?
A thought process like this sure would make me nervous if I had funds invested with Pimco. Keynes, however, would be proud of his analysis (as might Karl Marx).
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I believe Bill’s comments in this video are a result of his publicity, not his real thoughts. A colleague recently spent time with Bill, one-on-one. What he states in this video is not what he discusses “off the record.” Therefore, he plays the game to appease would be critics in our failed political system. Most likely, literally being politically correct allows Bill to quasi operate without receiving scrutiny. I always knew politicians are corrupt, but working in the industry that they look upon as their “piggy bank” has revealed the proverbial “Man behind the Curtain.”
By the way, “Monty,” this may seem as trivial, but the constant refresh of Quotes is quite a pain. Stuck using IE at work, I cannot go twenty seconds without the page jumping, which makes it difficult to read a page efficiently. I could disable the refresh function, but it has to be activated again. My opinion and/or request probably means very little, but your attention to it would be highly appreciated. Besides, there are probably others who encounter this frustration, including colleagues to whom I sent your site.
Kind Regards,
Jack Cade †
Thank you for your comments. I don’t disagree with public vs. private commentary on the part of Bill Gross or other high-profile individuals. Unfortunately we live in a country where the government has too much power, including the ability to pick winners and losers. If you are high-profile and publicly speak out, chances are you are headed for the losers category.
Yours is the second remark regarding the effect of quotes causing the site to bounce around. I will remedy that when I return from vacation.
Thanks again,
Monty
It reminds of General Electric. They were for so many years considered by acclimation the model corporation, yet then switched on a dime over to collaboration with government in it’s worst schemes of control. No transition, just betting the old world was gone, and not a moment of nostalgia. Or, like the insurance companies, who joined up when they saw in some mirage that they could continue to administer, if only from a different master.
James,
It is the old tale of feeding the crocodile. At some point you run out of food and you become it. The insurance companies, in particular, were doing just that.
Monty