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Rating:Gross: 'We Have Met Mr. Ponzi and He is Us' Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, January 09, 2009

Gross: 'We Have Met Mr. Ponzi and He is Us'

Reported by Neil Anderson, Managing Editor

"Shake hands with the government ... Anticipate, then buy what they buy, only do it first." PIMCO superstar Bill Gross gives out those suggestions and more in his latest investment outlook column. In the process, he also worries that the entire U.S. economy became one giant Bernie Madoff scheme and that our "bailout nation" will have consequences.

For you history buffs, here's one sidenote. Gross cites a now-famous quotation attributed Depression-era Treasury Secretary Andrew Mellon: "Liquidate labor, liquidate stocks, liquidate the farmers -- purge the rottenness from the system." The quote makes for nice fodder in the midst of the seemingly eternal bailout debates, with just one small glitch: the quote may be at best apocryphal and at worst, unfair and unrepresentative (see University of Missouri - St. Louis economics professor Lawrence H. White's thoughts on the matter.) 

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