Bill Gross Is Not As Optimistic On the US Economic Future As Buffett

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Subject:	Bill Gross Is Not As Optimistic On the US Economic Future As Buffett
Date:	Wed, 2 Mar 2011 11:55:40 -0800
From:	Jas Jain

Bill Gross Is Not As Optimistic On the US Economic Future As Buffett

In this case, I agree with Mr. Gross.

Those of you who have followed Mr. Gross's forecasts on the 10-Year Treasury yield, he has been "grossly" wrong. His hiring Greenspan didn't help! (It made his forecast worse). My record speaks for itself since I don't change my long-term forecasts that are based on the fundamentals of the American system and the behavior of various participants. These things don't change over a period of few years, even decades. Mr. Gross has bought into the idea that Bernanke Fed would achieve its objective of 5% nominal GDP growth. You want to bet Mr. Gross that the nominal GDP goes negative within 5 years, maybe even 3 years? Why can't Bernanke Fed fail badly as it has already demonstrated?? That is where the born-and-bred American dopiness comes into play.

 

Interestingly, just as Greenspan used to blame "conundrum" on the low rates that were consistently lower than Fed's forecasts, Mr. Gross blames failure of his forecast on the Fed purchases of Treasuries. Being a genuine born-and-bred America dope, Mr. Gross can never entertain the possibility that his thinking is flawed when his forecasts are proven wrong.

I sincerely hope that with examples I am proving my case about born-and-bred American dopes. It happens to be the most fundamental reason why America is headed down and there is no turning back from the wrong path it has been on. The job of Bernanke and Obama is to keep American economy on the wrong path from which Crooks, at home and abroad, profit handsomely.

Jas

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