Right after the Madoff scandal I wondered aloud, via Twitter, to Paul Kedrosky if all of Wall Street was a Ponzi scheme. He replied that the Madoff scandal would severly damage trust in US markets.
Today, a Citywire article quoting Bill Gross, famed bond-fund manager at Pimco, says he finds Ponzi-like schemes across the entire US economy.
It reminds me of a quote I heard on CNBC (I can't remember who said it) late last year when a guest analyst said "C'mon. The entire US economy is based on lending people money they can't afford to buy things they don't need".
Thursday, January 08, 2009
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