There is no light in sight for this struggling U.S. economy. According to a report by the Commerce Department, economic growth slowed sharply in the spring, only showing a modest 2.4 percent growth. As the U.S. economy is slowing down other countries are passing by. China has officially overcome Japan and become the world's second largest economy. Is the U.S. taking a serious downward turn? RT Correspondent Lauren Lyster explains that the U.S. economy is a result of bad policy and the government isn't doing enough.
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Friday, July 30, 2010
Mohamed El-Erian the economy continues to lose momentum
Mohamed El-Erian, CEO CO-CIO, PIMCO Interview on Bloomberg TV
July 27 (Bloomberg) -- Mohamed El-Erian, chief executive officer at Pacific Investment Management Co., discusses the outlook for the global economy and financial markets. El-Erian talks with Tom Keene and Ken Prewitt on Bloomberg Radio's "Surveillance." (This report is an excerpt. Source: Bloomberg)
Mohamed EL-ERIAN : "you know the market will always look for return. The market will worry mostly about the return on capital rather than the return of capital. So the minute someone puts out a green light and earnings constituted the green light, you’ll see people rushing back into risk markets, be it the equity market or the high-yield market and the issue, Ken, is will it be sustained? And for that to be sustained, we need continued improvement in data and continued improvement in top-line revenue."
"I think it’s uncertain. The indicators we look at, and I know that there’s disagreement on this, but the indicators that we look at suggest that the economy continues to lose momentum. So we are more worried than some of the other people you’ve had on your show recently."
Mohamed El-Erian interview with Bloomberg LP Jul 27, 2010
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