Gee Bill, it only took you three years to figure this out?
The New Normal will not be aided nor abetted by a slower-growing population nor by cyclical policy errors that thrust Keynesian consumption remedies on a declining consumer base. Current deficit spending that seeks to maintain an artificially high percentage of consumer spending can be compared to flushing money down an economic toilet.
Somebody finally pulled up a chart!
Gee Bill, how long did it take you to figure this out? Three years? Pimping yourself out for Keynesian BS games for the last two, right? You remember, you’re going to “shake hands” with the government, right?
Except what you were shaking wasn’t the government’s hand.
Yeah.
Now, after nearly $5 trillion flushed down your economic toilet, after your firm’s “customers” profited tremendously from that “shake” while the rest of us got the drips that came from it (and we didn’t like the taste), now, when the Keynesian fantasy games are threatening to run into a brick wall and destroy the budgetary capacity of the government – NOW you call for a change in course.
Wouldn’t it have been something special if we had taken that $5 trillion and instead of spending it on throw-away consumerism we spent $50 billion on 100 nuclear power plants and the upgrades in distribution systems to support them – two per state, with any state that attempts to block, defer, or “NIMBY” them cut off from ALL interstate power delivery? Oh yes, that’s within Federal Power too by the Federal Government’s view and argument (go read that “Commerce Clause” that the Obama administration, and all previous over the last 50 years, so much love to rely on.)
How about if we bought 80 or 90 of them and spent the rest on electrifying the entire US long-haul rail system? That would have been special too – bye-bye diesel consumption for rail delivery of goods and services, along with the nice, clean nuclear power.
Jobs? Oh that would have created a bunch of them. And unlike the “fun-employment” payments for 99 weeks, you’d have had to get off your fat ass in order to get a check. Yes, it’s labor – real labor, with real muscles.
But that’s what you finally came around to, isn’t it? Something I wrote about many years ago: all production comes from mining something, growing something or manufacturing something.
“Financial engineering” is a stripping operation – that is, it’s a tax and redistribution scheme on production – it is not production.
It just happens to be a private tax as opposed to a government one.
PIMpCO ran with the “tax ‘em” folks, both government and private, right up until now, when it suddenly becomes apparent that it’s not going to work. Now, having realized it, Bill has a great idea – let’s grow a brain that extends beyond the stem!
Unfortunately the $5 trillion that was utterly wasted on the stupidity of the previous course of action – a course of action that Bill Gross fully supported – is gone.
Bill Gross: INTENTIONAL FAIL
