Almost no one can top the insane proclamations of Bill Gross, a certified nut who runs Pacific Investment Management Co (PIMCO) and consistently partners with government in order to assist with the design of government planning schemes that enrich Wall Street firms and guys like him who pull all the levers behind the black curtain.
This time, Gross, a mega-holder of US-backed mortgage debt, declared the private sector dead in terms of the secondary mortgage market. At a recent housing summit, he was quoted saying this in Bloomberg Business Week:
“To suggest that there’s a large place for private financing in the future of housing finance is unrealistic,” Gross said today at a U.S. Treasury Department conference in Washington. “Government is part of our future. We need a government balance sheet. To suggest that the private market come back in is simply impractical. It won’t work.”
By the way, a “housing summit” is translated as a bunch of arrogant, empowered government central planners and industry bigwigs gathering to discuss the best way to force out the private sector and take over slices of the housing market for the purpose of expanding government’s role in our private lives, expanding the federal work force, and enriching the cooperative power players in the corporate-government complex who will gain a pivotal role in policy decisions and accumulate immense profits for playing the game by the rules declared by their bureaucratic masters.
