Sunday, June 26, 2011

Business Insider Discovers the Second Gilded Age

See Digby's post and link to Business Insider magazine here.

Between the above and PIMCO's Bill Gross' statement that we need a New Deal style stimulus, and his corollary statement that it is wrong to worry about short term deficits and debt, perhaps someone should alert our inert president...


At June 26, 2011 at 1:19:00 AM PDT, Anonymous hip703 said...

It really does not matter what Bill Gross SAYS. What matters is what he DOES. He runs the largest bond fund in the world (PIMCO Total Return), and he alone virtually controls the U.S. bond market, and has done so for years. Recently, Gross dumped virtually ALL the treasuries from his bond fund portfolio.

Although the first round of stimulus was failure, I may welcome another round. As a hedge against this country's ruinous fiscal and monetary policies, I invest in gold.

In 2009, GLD was up 24%; the gold miners index (GDX) was up 37%. In 2010, GLD was up 29%; GDX over 33%. So should we keep printing more money to finance all the spending you propose, I expect the upward trend in the price of gold to continue.


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