Tuesday, August 18, 2009

PIMCO's $23 million teardown

Bill Gross buys a new house---It's 9 bedrooms, 12 baths, $23 million, and it's a tear down.

And today, another PIMCO co-hort said the dollar could soon lose it's reserve status:

“While we have not yet reached the point where a new global reserve currency will arise, we are clearly seeing a loss of status for the U.S. dollar as a store of value even in the absence of a single viable alternative”

So one guy at PIMCO says stocks suck, another says the dollar sucks, and a third believes them, and spends $23 million to tear down a house.

Maybe that's what is wrong with PIMCO's predictions.

As much as they like to talk Democratic, they've been breathing the rarified air so long, they can't grasp reality.

And now, they want the world to think anyone investing outside of PIMCO's bonds, is just grabbing their ankles.

While PIMCO's leader spends $23 million on a teardown!

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