Paul McCulley was chief economist, and #3 man at PIMCO for many years. Its not quite Reddit, but if you could ask him anything, what would you ask him?
Economics, the Fed, the “New Normal,” economic recovery, sub-prime, rates — what questions would you post for Mr. McCulley if you had him for 90 minutes?
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What would you like to ask Paul McCulley (formerly of PIMCO)?
Respond here, you may get your question asked on #MiB
— Barry Ritholtz (@ritholtz) August 11, 2015
What led you to your analysis of the Minsky moment ?
What’s Bill Gross really like?
Is he as much a hardass to work with as depicted in the media, or is he a pussycat behind the scenes?
I read your early discussion of the “new normal” — a phrase that has since become ubiquitous. Do we have you to thank for that ?
What will the Fed do with all the bonds it bought during quantitative easing, and what effect will whatever they do have on the economy?
Perhaps your interested in this answer by Vice President Research, Federal Reserve Bank of St. Louis Stephen D Williamson. “Q. How is normalization of monetary policy going to work?” https://goo.gl/3KGNQx
Minksi Moments derive from herd mentality. On a boat sailors don’t all go to one side because they know better.
Where is the line that separates the times people are all on the wrong side of the boat from the boundary condition, Warren Buffet sitting in the same place, aft, hand on the tiller year after year, decade after decade?
Put another way where is the backlash against Glenn Beck for selling so much gold? When Buffet is reviled for opining in top marginal tax rates by so many people who don’t come close to paying at that rate?
Is it that markets are NOT natural extensions of man, but unnatural insurance to protect the prudent?
What does he think about Alan Greenspan as Fed Chairman, and his public comments since he left the Fed?
Answer honestly. Is [mild] deflation bad for the general economy or just bad for the financial sector?
Financial sector generally likes mild deflation. It also depends on what is deflating.
Inflation of the 70’s called for Volker to squash inflation, resulting in high interest rates that set up a 30 year glide path of rate reductions whenever there was a war or recession. Effect was asset inflation which enabled additional consumer spending and investment.
1) With rates at zero through out the world, reflation largely complete, perpetuating beggar they neighbor policies and positive demographic changes in the rear view mirror, how can we drive inflation to “Reset”?
2) Assuming you say infrastructure spending, swelling employment to drive wage growth, do you think it’s possible with a Democrat President and a just say no republican majority in the legislature?
hlowe8
Another Baby Boomer retirement driven NFP surge in the 4th quarter again? Nobody wants to talk about the retirement boom. It is the key in understanding the recovery and why its shaped the way it is. The retirement boom is also giving the illusion wages are not growing. How wrong. Getting more and more difficult to find help in my area. Wages are accelerating in temp companies right now.
Has QE been a success or a failure? If the jury is still out, what more data is needed to come to a judgement on this?
A fair amount of text has been expended on the topic of banks creating money from “nothing.” As a technical matter this does not seem particularly newsworthy — even before the era of “fractional banking” lending institutions were able to extend credit whether there were covering funds immediately on hand or not — and, since money is fungible, it does not appear possible to tell the difference between a “thin air” unit of account and a unit of account created some other way (assuming there actually is “some other way”).
So is there some deeper significance to this complaint? Do analists such as Paul L. Kasriel* who inveigh against the evils of “thin air” credit have a substantive economic point?
*e.g., http://ritholtz.com/2014/09/the-money-multiplier-a-rite-of-passage-for-the-wrong-reason/ and http://ritholtz.com/2014/11/2015-is-shaping-up-to-be-a-turkey-of-a-year-for-the-u-s-economy-and-stock-market/
Did McCulley catch a bigger fish this year?