It is important to understand the thinking of those who are in fact making the decisions at the Fed and Treasury. In today's Outside the Box, Paul McCulley, Managing Director at PIMCO, gives us some insight into the thinking that is driving the massive stimulus and bailout programs. Whether or not you agree, it is important to have a handle on what is actually happening and the thinking behind it.
As a bonus, let me give you a link to David Kotok's excellent and very clear analysis of the Public-Private Investment Program (PPIP). The PIPP is basically a call option financed by the US tax-payer. David shows us why as tax-payers we should be concerned. You can read it for your self http://www.cumber.com/commentary.aspx?file=032909.asp&n=l_mc. Have a great week!
John Mauldin, Editor
Outside the Box
Comments Before the Money Marketeers Club
Playing Solitaire with a Deck of 51, with Number 52 on Offer
New York City - March 19, 2009
Thank you, Dana, for that wonderfully kind introduction. It is a deep honor to be speaking before this august club for the fourth time. When I look at the list of speakers over the last 50 years, I am very humbled.
As I've mentioned…