“What the average citizen doesn’t explicitly understand is that a significant part of the government’s plan to repair the financial system and the economy is to pay savers nothing and allow damaged financial institutions to earn a nice, guaranteed spread,” said William H. Gross, co-chief investment officer of the Pacific Investment Management Company, or Pimco.
Oh wait, I did say it. But now Bill Gross agrees with me.
But before we get all warm and fuzzy about Bill Gross, look at his next comment:
“It’s capitalism, I guess, but it’s not to be applauded.”
Exsqueeze me? What the f&^@ do central planners manipulating interest rates for the benefit of the politically connected wealthy have to do with capitalism?!?
Bill Gross is an asshat.
HT: Calculated Risk