– Goldman Sachs Wrong on Economic Recovery, Macro Hedge Funds Say (Bloomberg):
Sept. 1 (Bloomberg) — Paul Tudor Jones, the billionaire hedge-fund manager who outperformed peers last year, is wagering that Goldman Sachs Group Inc. and Morgan Stanley got it wrong in declaring the start of an economic recovery.
“If we have a recovery at all, it isn’t sustainable,” Kevin Harrington, managing director at Clarium, said in an interview at the firm’s New York offices. “This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later.”
– Head of China Investment Corporation: China & America are addressing bubbles by creating more bubbles (Reuters):
“It will not be too bad this year. Both China and America are addressing bubbles by creating more bubbles and we’re just taking advantage of that. So we can’t lose,” he said.
– US: Biggest pension funds record steep losses of almost $100bn (Financial Times)
– CalPERS Admits California “Pension Costs Unsustainable” (Global Economic Analysis)
– CalPERS Invested More than $110 Million with Former ‘Car Czar’ CalPERS has invested more than $110 million with financier Steven Rattner, who resigned as President Barack Obama’s “car czar” amid an investigation into his dealings with New York’s public employee pension fund.
Guest is Mike Morgan of GoldmanSachs666.com
Mike Morgan: “Obama is the worst thing that could happen in the US.”
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