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Gross thinks that the recent Fed announcement is the most significant one from the Fed since Paul Volker promised to crush inflation in 1979 with a 20% prime rate.
Bernanke has promised to buy mortgages and short rates near zero until the “cows come home.” His intention is to raise house prices to help strengthen the economy and lower employment.
Gross is skeptical whether this action is going to be effective. His favored assets for investors are real assets, especially gold and even real estate.
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