This week we speak with Paul McCulley, former chief economist at PIMCO, and often mentioned potential FOMC candidate.
H/T Barry Ritholtz
McCulley worked closely with Bill Gross for many years, and was brought back to PIMCO after Mohamed El Erian stepped down. Even if you are unfamiliar with McCulley, you probably know with his work. He coined such well known phrases as “Shadow Banking system” and “The Minsky Moment.”
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McCulley criticizes those who believe the Government and Federal Reserve should have let the crisis run its course on its own, with zero interventions (ZIRP, QE, etc.). He is especially harsh on the austerians, who he says made the recovery weaker than it need be.
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