A new normal? Is that a close relative of new plateau? The two are only separated by about 100 years.We've heard that the people at Pimco had the term copyrighted. How's that for conceit?
New normal. That's sounds like some of Bill Gross's nonsense when he and his bearded buddy were at Pimco, the bearded one who once boasted that every Xmas during the break he went home and read John Maynard Keynes' General Theory cover to cover.
If it is, it's apparently one Gross doesn't understand given his performance since leaving Pimco and going over to Janus. The only thing normal is the absence of common sense and leadership at the Federal Reserve. The only thing new is more and more people are catching on to their charade.
In his younger days, Gross reportedly during his early Pimco years had a special license plate that said something like Bond Guru and he made it his purpose to position his car directly in front of the CEO every night leaving the parking garage after work.
Now that's conceit. Some will say it takes a big ego to make big money. Maybe. And maybe not. Big egos usually are Siamese twins with another attribute--contempt for others, especially those seemingly beneath you.
And that leads us to Wall Street in general and their contempt for you. It's pervasive. If it can be packaged, irrespective of its content, Wall Street will find a way. And over its history Wall Street has packaged and perpetuated some real crap. There is some hidden in the bowels of nearly every bull market waiting to be excreted when Dracula finally climbs back into his crypt at the first sight of real light.
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