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All those daily Obama Administration
assurances that the U.S. economy is heading in the right direction might just be wishful thinking or cynical public manipulation.
Dr. Mohamed Abdulla El-Erian, the chief executive of Newport Beach-based investment house giant Pimco--the world's largest bond investor with $1 trillion, told The Independent in London today that he's "worried" the U.S. economy is "heading for a double-dip recession and a period of deflation."
How sure is El-Erian, who is reportedly fluent in English, French and Arabic?
A 25 percent chance, which he says, should alarm everyone.
He told The Independent, "If you wonder how meaningful 25 percent is, ask yourself the following question: if I offered you that I drive you back to work, but there's a one in four chance that I get into a big accident, would you come with me?"
Well, doctor, it depends on what you're driving.
A $1.7 million Bugatti Veyron?
--R. Scott Moxley / OC Weekly