PIMCO's Bill Gross Nov. Investment Outlook - Bashes Bush, Praises Dean

[swag]

(he disses Kerry too - for whom I raised GE money and voted - by the way)

http://www.pimco.com/LeftNav/Late+Breaking+Commentary/IO/2005/IO+November+2005.htm

From the November Investment Outlook:

The reason that W is on the hot seat of course has nothing to do with whether Karl Rove or Scooter Libby “outed” CIA agent Valerie Plame, and everything to do with the Iraq War, and perhaps even a growing dissatisfaction with America’s course in general – our changing perception as the world’s leader as well as the unbalanced distribution of wealth within our own borders. The war, Katrina, gas prices, and Republicans’ continuing focus on tax cuts as the elixir to cure everything are getting ordinary citizens downright depressed. “Plame-gate” is the result. Their dissatisfaction’s focal point is the war: the pretenses under which it was initiated, the lack of visible progress despite the recent approval of an Iraqi constitution, and the absence of a timeline for an exit of U.S. troops.

My position on Iraq was well publicized before the war and doesn’t require repeating here. In the 2+ years since I last wrote, much has come to the public’s attention and it is obvious at least to me that there is blame aplenty, including not only the President and his advisors, but an uncritical Congress and the press, conservative and liberal alike. But it doesn’t change things now that we didn’t discover weapons of mass destruction (WMD). What that realization should change, however, is how we approach the future – hopefully with greater scrutiny from all parties including the public, which just sort of trusted its elected first and second estates and assumed that the fourth estate was doing its job. What America needs now are more reporters like Frank Rich and fewer Judith Millers; more politicians like former Governor Howard Dean and fewer like the “go along to get along” John Kerry. I think we should also be looking for the first authentic presidential candidate – Republican or Democrat – to stand up and recommend a future course of action that offers Americans a choice at the polls beginning in 2006. We deserve a leader with the willingness to at least address the possibility of a policy change in Iraq, and who is willing to risk disapproval from a vocal minority or even a silent majority to lead his or her party and this great country of ours towards a resolution in future years.

[mattclearing]

1. I guess it's not surprising to see that the investment community is

starting to think like we are, but it's nice to see. Are any other financial analysts starting to talk like this?

Cause it's obvious to me that the Republicans are bad for business in the long-term, even if their deregulation was good for short-term profit.

[Mike03]

3. The "Bears" have spoken out against Bush

They have eviscerated him.

One huge puzzle to me is that, essentially, the truth about how bad things are IS in the financial/investment press, so those people are fully aware of how bad things are. If they say they are not, they are lying. If they say things are good, they are lying. They know how bad things are. I think they keep their mouths shut because they know how to profit from incompetence.

[Jack from Charlotte]

4. As a guy who used to work on Wall Street, I've been amazed that...

the investment comunity hasn't ditched this Chimp/morons ass. The stock market, after 4 1/2 years of Monkey boy, is lower than when he was appointed.

I don't think that's occured under any pres since Hoover.

And BTW, under Clinton the S&P was up on average over 17% per year..... for 8 straight years.

"Rule of 72" says at that rate the market DOUBLES every 4 years..... Which is what it did from '92 through '01. It doubled.... TWICE.

What's monkey boys excuse?

[Mike03]

6. But don't you think...

they are taking his stupidity into account? They have known full well for two years that energy/diversified oil/natural gas/commodities/mining/gold were going to take off and the dollar was going to drop like a stone? (Oh, and also, that pharma would do well?). They hate him but they love him at the same time.

It is totally sick, but it's Wall Street

[Mike03]

7. P.S.

And don't forget the miracles of deregulation and acquistions.

Edit: Um, Sarcasm, I hope obviously

[swag]

12. Capitalism: the Unknown Ideal!

Kenneth Lay, Capitalist Hero!

[swag]

11. Bob Shiller pretty much said that Bush's Social Security scheme was plain

stupid, and proved as much with some simple math, Warren Buffett has been railing against Bush from the start.

Sadly people like Jeremy Siegel are too blinded by the dividend tax cut to think about anything else.

Many financial types receive their pregurgitated opinions from the infantile editorial page Wall Street Journal which is blindly pro-Republican.

[Mike03]

2. Good for Bill Gross

Thank god finally he's saying what has been on his mind for months.

[KoKo]

5. Bill Gross is a "Good Guy" and funny, too. If you read all his old posts.

thanks for this...a good read!

[Mike03]

8. True, he and McCauley are playing both sides

of the street. I used to like their commentary, but when they got on the Bretton-Woods II bandwagon I wanted to puke. The new view at PIMCO is apparently that it will all work out in the end. I think they are dreaming.

[Mike03]

9. I didn't know he had dissed Kerry. n/t

[swag]

10. He did so in the quoted paragraphs as "go along and get along."