El-Erian is CEO and co-CIO at PIMCO which manages an impossibly large amount of money. CNBC spoke with him today on the current mess in Washington and other issues. Some of his thoughts:
- He doesn't think going over the fiscal cliff is the end of the world, but it isn't a good thing, obviously.
- The fiscal cliff gong show is leaving investors with a sense of two things: One is dysfunction (Congress can't get together to accomplish anything), and the second is polarization (investors have no idea when this might get better).
- If you are an investor or someone running a business you are left with all kinds of uncertainty over how the fiscal cliff will be resolved. This uncertainty means that you are going to delay taking any action (for example spending money on expansion) until there is some clarity.
- At best we are going to get a stop-gap fix, which means investors will face continued political uncertainty indefinitely.
- He doesn't think going over the fiscal cliff is the end of the world, but it isn't a good thing, obviously.
- The fiscal cliff gong show is leaving investors with a sense of two things: One is dysfunction (Congress can't get together to accomplish anything), and the second is polarization (investors have no idea when this might get better).
- If you are an investor or someone running a business you are left with all kinds of uncertainty over how the fiscal cliff will be resolved. This uncertainty means that you are going to delay taking any action (for example spending money on expansion) until there is some clarity.
- At best we are going to get a stop-gap fix, which means investors will face continued political uncertainty indefinitely.
