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Why is it possible to rescue S&L buccaneers in the early ’90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?

Bill Gross

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.
BILL GROSS

Equity Expenses Return
We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.
BILL GROSS

Austerity Long Many
Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That’s where they want to go.
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Order Safety Trying
The market can move for irrational reasons, and you have to be prepared for that, … you need to make big bets when the odds are in your favor — not big enough to ruin you, but big enough to make a difference.
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Differences Moving Odds
With all this consumer debt, business debt, government debt, smaller movements in interest rates have a magnified effect. a small movement can tip the boat.
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Debt Government Movement
If companies don’t know that they can run out of money, they won’t be thinking of ways not to run out of money.
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Running Thinking Way
Finding the best person or the best organization to invest your money is one of the most important financial decisions you’ll ever make.
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Decision Important Organization
Even if a country can print its own currency and write its own cheques.
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Country Currency Even Out Print
Pay per click was just the beginning. The real evolution is pay per action.
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Action Click Pay Real
Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin was good.
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Brilliant Fidelity Fund Mutual
I would admit Im an introvert. I dont know why introverts have to apologize.
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Apologizing Introvert Knows
Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.
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Ideas Oblivion Portfolios
Imperceptibly, the developed world’s manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.
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Develop Economy Finance Manufacturing World
Bonds despite their ridiculous yields will not easily be threatened with a new bear market.
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Bears Ridiculous Yield
I have a 41-year track record of investing excellence… what do you have?
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Excellence Track Years
When you’re underperforming the index, you go home at night and cry in your beer. It’s not fun, but who said this business should be fun. We’re too well paid to hang our heads and say boo hoo.
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Beer Fun Home
Whenever I read the newspaper, I say to myself, ‘At least my wife loves me.’
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Newspapers Wife Wives Love
You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.
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Butterflies Butterfly Chasing Rose
Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren’t enough of those jobs.
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Enough Jobs Myth People
Damn inflation, full speed ahead,’ Greenspan has said in both action and word. I think an investor should believe him and invest accordingly.
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Action Believe Inventor Thinking
When the tide goes out, you get to see who’s swimming naked. PIMCO has had its bathing suit on for a long time
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Long Naked Swimming
Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries.
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Creditors Dollars Sanity
Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
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Analysis Aspect Judging
Bond investors are the vampires of the investment world. They love decay, recession – anything that leads to low inflation and the protection of the real value of their loans.
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Decay Real Vampire
In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well.
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Doors Icons might Question
Well, I, you know, I think at PIMCO we always try and be open with the press and the public. I mean, isn’t that what voters want from their politicians? Mohamed El-Erian, our CEO, writes several op-eds a week.
BILL GROSS

Mean Thinking Writing
Accountants, machinists, medical technicians, even software writers that write the software for “machines” are being displaced without upscaled replacement jobs.
BILL GROSS

Jobs Political Writing

Why is it possible to rescue S&L buccaneers in the early ’90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?

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Why is it possible to rescue S&L buccaneers in the early ’90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?

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