From a New York Times op-ed piece comes this gem:
“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”
Great. Alarmist nattering or legitimate portents of future calamity? I have no idea. Read the piece yourself and draw your own conclusion, I will say I’ve paid more attention to economic news the last several months than I have at any other point in my life.
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