Wednesday, July 2, 2008

Bill Gross's Open Letter to Potential President BO -- Please read

Bill Gross is the Chief Investment Officer at Pacific Investment Management Company, or PIMCO. His commentary is razor sharp, and if nothing else, he provides his readers with a satirical, but purposeful thoughts about the economy. As of late, and given the markets' turmoil, many (including this blogger) have come forward to try and explain some of the dynamics, etc. Bill Gross has been talking about the impending housing/credit bubble for years, and last year, his firm's restraint into structured finance products proved out. Bear in mind, it's Mr. Gross's job to understand the capital markets intimately, and since the economy is the biggest thing on voters minds, you should read his op-ed piece to Obama, the presumed president elect. It's that good, and spot on, and cuts away all the bullshit that politicians say to get elected.

We're in a lot of trouble folks, and there will be no easy, short term fixes. The only fix to change anything will be as always, when things hit rock bottom. Only then will the policital will allow leaders to make tough choices that aren't predicated upon their desire to stay in power. The beer was good, but the hangover will be worse.

Bill Gross's Open Letter to "President Obama"