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Rating:Gross Calls For an Infrastructure Bank Not Rated 4.0 Email Routing List Email & Route  Print Print
Thursday, June 23, 2011

Gross Calls For an Infrastructure Bank

Reported by Neil Anderson, Managing Editor

Bill Gross
Pimco
Co-Founder, co-CIO
Fundsters eagerly anticipating Bill Gross' next monthly prognostication must wait no longer. The Pimco [see profile] co-chief investment officer just released his "investment outlook" for July, and it sounds like Gross wants an FDR-esque "New Deal" from the Obama administration.

Specifically, Gross attacks the current emphasis on deficit reduction as a solution to all our economic problems. He's more worried about job creation, and he wants the U.S. government throwing its weight into the endeavor. Gross comes out in favor of a national infrastructure bank (also advocated by General Electric chief Jeff Immelt, Princeton economist Paul Krugman and Newsweek editor Fareed Zakaria), government support of the nascent green energy industry, a bigger emphasis on technical -- as opposed to liberal arts -- higher education and more.

Gross even hearkens back to FDR's Civilian Conservation Corps, an employer of last resort program during the Great Depression. He offers a quote from economist David Rosenberg: "I'd have a shovel in the hands of the long-term unemployed from 8am to noon, and from 1pm to 5pm I'd have them studying algebra, physics and geometry." 

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