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".
Showing posts with label Bill Gross. Show all posts
Showing posts with label Bill Gross. Show all posts
Thursday, January 08, 2009
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