One again El Erian is clueless. Hand-picked to succeed Bill Gross at PIMCO, one of the worlds largest bond houses, El Erian recently wrote an op/ed piece supporting Obama's $447 billion jobs plan. Not only is this plan far too small to make any meaningful impact, but it would have to pass Congress, which is a non-starter. There is no way Congress, especially Republicans are going to "coalesce around the President." Has El Erian forgotten the debacle that caused S&P to downgrade the U.S. debt rating a few weeks back? Further, how are we going to fund another $450 billion in spending, which is exactly what the President proposes? We will have to borrow it, and we have already borrowed so much that we are teetering on oblivion. El Erian is a sham. He flies around the country making speeches while Bill Gross does all the work. Look at the investments El Erian made for Harvard and how they have performed. Unfortunately, the only thing that is more of a joke than Obama's jobs plan is El Erian.
Craig D. Allen
Montecito Private Asset Management, LLC