>Pimco’s El-Erian: US Economy Is ‘Grim and Scary’
Friday, 02 Sep 2011 01:00 PM
By David A. Patten
Following Friday’s report that zero jobs were generated in the month of August, Pimco investment firm CEO Mohamed El-Erian called the condition of the U.S. economy “grim and scary.”
Speaking to Bloomberg Television’s Betty Liu, El-Erian estimated the chance of another recession as at least one-in-three, and possibly as high as one-in-two.
“The downside risk is increasing,” El-Erian, whose company manages a portfolio of over $1 trillion, told Bloomberg. “Now, there is going to be even more attention on what President Obama will say on Thursday. It’s a critical speech.”
https://www.moneynews.com/StreetTalk/Pimco-El-Erian-US-Economy/2011/09/02/id/409598?s=al&promo_code=CF96-1