Credit, of course, is what makes the global economy go.
-Bill Gross, managing director, PIMCO
- Our entire finance-based monetary system - led by banks but typified by insurance companies, investment management firms and hedge funds as well - is based on an acceptable level of carry and the expectation of earning it.
- In a New Normal economy where lenders dance to the Blue Danube instead of the Lindy, how should we move our own feet? Carefully, I suppose, and with recognition that historic returns are just that - historic.