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    El-Erian: U.S. Economic Conditions ‘Terrifying’

    Mohamed El-Erian, CEO and co-CIO at PIMCO, talks about U.S. budget policy and the economy. He speaks with Betty Liu and Dominic Chu on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)

    Some quotes below:

    “We have less economic momentum than we thought we had and we have no policy momentum.”

    “What’s most terrifying; we are having this discussion about the risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time then the fiscal deficit is at 9 percent and at a time when interest rates are at zero.”

    “The big concern is us being tipped over by Europe. And things in Europe are getting worse, not better.”

    “Unlike Europe, the U.S. doesn’t have an engineering problem. It faces a political problem.”

    Full video embedded below: