Wednesday, September 10, 2008

Croney Capitalism at Work

If this doesn't piss you off, then me writing a rant about it won't do any good either. Read it and weep:

Pimco's Total Return Fund Has Record Day
NEW YORK -- The world's biggest bond fund, Pimco's Total Return Fund, had its best ever day on Monday relative to its benchmark index as prices of mortgage-backed securities rose after the government seized control of mortgage finance agencies Fannie Mae and Freddie Mac.

"Our mortgage overweight and the performance of mortgages on Monday gave the Total Return fund its greatest one day relative performance (compared to our index) in its history," Bill Gross, chief investment officer of Pacific Investment Management Co. told Reuters on Tuesday...

Let's see, buy up crappy assets. Lobby the federales to backstop said crappy assets. Pocket huge gain without any productive labor.

Current events sound more and more like anecdotes out of Atlas Shrugged every day.


Poppa Bear said...

I wonder how confident Bill Gross will be when the economy collapses. Will he be as arrogant as he is right now.

At some point the public is going to start taking a good look at the people that opened their big mouths while picking every ones pockets.

These people are vultures and not happy until they get their hands on everything you own.

More on Bill Gross and the US Treasury take-over of Fannie Mae and Freddie Mac -->

Flagg707 said...

Infuriating, isn't it? And just what do these guys think is going to happen when it comes flying apart? They can do budget math as well as anyone - better in fact. They can see what's going to happen once the federal government runs into the greatest fiscal crisis in recorded history.

This is the kind of arrogance that breeds radical politics.

Thanks for the link Poppa Bear - it is appreciated.