| Bill Gross|
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
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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