The fascinating Bill Gross, liberal billionaire investor:
Markets will be downsized by regulation, even if governments are slow in applying new laws. “The sun is not setting on Wall Street – there will always be sunshine on financiers – but high noon is in the past. It’s time for ordinary people to benefit.”
Governments should raise taxes on bankers, who “don’t deserve all this”, Gross says, including himself. “I don’t need so much,” he says. Economies such as the UK and the US should look to making “things, rather than paper” to prosper. “The bubble was reflective of wealth as a function of house prices and derivatives – that’s not wealth. The Chinese are showing us what wealth is: transforming creative and well-trained work into exportable goods.”