Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Business Insider has a slideshow from last night’s webcast from Doubleline’s Jeffrey Gundlach, and let’s just say he is somewhat bearish very long term. Of course it doesn’t mean one darn thing to the markets near or intermediate term. Follow the link for the presentation, as always he does a great job of illustrating what might get lost in a jumble of words otherwise. (We’ve touched on many of these themes since 2007 from the first part of the presentation – food stamp use explosion, huge drop off in labor force participation, central bank balance sheets, pay in public sector v private, etc)
Like the U.S., he noted that Rome had an insufficient tax system and a huge military budget. Like Rome, the U.S. faces “persistence of a destitute underclass,” as reflected by the excruciatingly slow job recovery. Gundlach’s talk also included commentary on the year-to-date performance of markets as well as his outlook for the rest of the year.
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