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Wednesday, December 05, 2012

Bill Gross Invokes John Lennon

News summary by MFWire's editors

It's the beginning of the month, and that can only mean one thing — another off-the-wall commentary from Bill Gross.

This month's pop culture metaphor? None other than legendary rock band the Beatles, specifically John Legend's classic tune "Strawberry Fields Forever." The Liverpudlian icon wrote the song about growing up in a working class neighborhood, playing in a Salvation Army garden and how he'd always felt different from those around him.

The Pimco [profile] chief appropriates it to be about the 2012 presidential election and the potential fiscal dangers coming down the road.
As John Lennon forewarned, it is getting harder to be someone, and harder to maintain the economic growth that investors have become accustomed to. The New Normal, like Strawberry Fields will “take you down” and lower your expectation of future asset returns. It may not last “forever” but it will be with us for a long, long time.
Gross does go into more detail about important issues that will define the economy in the coming years: debt, globalization, technology and demographics.

As always, the financial press (yes, that includes MFWire) lapped up Gross' words like thirsty puppies around a water bowl.

Reuters, Forex Live, Bloomberg, and Forbes all got in on the act.

If you want to read the metaphors and analysis yourself, check out the original letter here

Edited by: Ben Geier


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