Bill Gross, Hypocrite? Bill Gross, the “Bond King,” announced his departure for the Janus Capital Group recently, after his long 43 year history with PIMCO. He recently has come out with amazing statements – you guessed it, another 1%er ready to help the common man and save us from the evil banksters.
Gross said recently: “How could policymakers have allowed so much debt to be created in the first place, and then failed to regulate their own system accordingly? How could they have thought that money printing and debt creation could create wealth instead of just more and more debt? How could fiscal authorities have stood by and attempted to balance budgets as opposed to borrowing cheaply and investing the proceeds in infrastructure and innovation?”
How could they Mr. Gross? You act like you were not even in the picture. Were you so small that you could not have influnced policy makers to make the right decisions durring the 2008 crash, that you claim now to be astonished over?
I refer our readers to a past New York times article from 2009, that states differently – click here. It reads: Mr. Gross has emerged as one of the nation’s most influential financiers. His frequent appearances on CNBC draw buzz, as do his wickedly humorous monthly investing columns on the Pimco Web site. Treasury secretaries call him for advice. Warren E. Buffett, the Berkshire Hathaway chairman, and Alan Greenspan, the former Federal Reserve chairman, sing his praises. The policy makers had his number on what some called, speed dial.
And now Mr. Gross is implying he had no part in the very thing he cites is wrong. Can you say the word, hypocrite?
Gross goes on to say: “Investors may want to begin to take some chips off the table: raise asset quality, reduce duration, and prepare for at least a halt of asset appreciation engineered upon a false central bank premise of artificial yields, QE, and the trickling down of faux wealth to the working class.”
I would agree with Bill Gross’s last statement and have been saying similar things for years on this Blog. But it’s far too late and hypocritical for Gross to speak like this. Am I too hard on Mr. Gross? No. But I believe in redemption. If Bill Gross really feels this way, it’s time to come down from his penthouse appartment and take to the streets and really join the common man. Join the protest in Fergeson, OWS or on streets with Russel Brand in London. Talk is cheap Mr. Gross. Do it before your maker comes for you. In the mean time, keep quiet.
Blue Point Trading, William Thompson