Bill Gross Wants To Bring Back Shop Class

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"Philosophy, sociology and liberal arts agendas will no longer suffice."

​A mind is a precious thing to waste, so why are millions of America’s students wasting theirs by going to college? All of us who have been there know an undergraduate education is primarily a four year vacation interrupted by periodic bouts of cramming or Google plagiarizing, but at least it used to serve a purpose. It weeded out underachievers and proved at a minimum that you could pass an SAT test. For those who made it to the good schools, it proved that your parents had enough money to either bribe administrators or hire SAT tutors to increase your score by 500 points. And a degree represented that the graduate could “party hearty” for long stretches of time and establish social networking skills that would prove invaluable later on at office cocktail parties or interactively via Facebook. College was great as long as the jobs were there.

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One thing college does do is to keep 25 million students off the unemployment rolls, much like it did for me when I went on my own four year vacation. The world was a different oyster in 1966, however, and it behooves America to recognize the reversal and the necessity for significant changes if it is to compete in the global marketplace of the 21st century.

What then, shall we do? My preferred solution has long- term elements, which includes the opening language in this Investment Outlook, concerning the value of a college education as currently structured. Peter Thiel may be on to something, but all of our kids just can’t up and quit college à la Bill Gates. Still, if we are to compete globally while maintaining a higher wage base, we must train for “middle” in addition to “high” tech. Philosophy, sociology and liberal arts agendas will no longer suffice. Skill-based education is a must, as is science and math.

Additionally and immediately, however, government must take a leading role in job creation. Conservative or even liberal agendas that cede responsibility for job creation to the private sector over the next few years are simply dazed or perhaps crazed. The private sector is the source of long-term job creation but in the short term, no rational observer can believe that global or even small businesses will invest here when the labor over there is so much cheaper. That is why trillions of dollars of corporate cash rest impotently on balance sheets awaiting global – non-U.S. – investment opportunities. Our labor force is too expensive and poorly educated for today’s marketplace....The “golden” days are over, and it’s time our school and jobs “daze” comes to an end to be replaced by programs that do more than mimic failed establishment policies favoring Wall as opposed to Main Street.

School Daze, School Daze Good Old Golden Rule Days [PIMCO]

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Bill Gross's Mustache Is Never Coming Back

Has there ever been a person in your life you didn't realize how much meant to you 'til they were gone? Who you would have treated better if you'd known your final day with was your last? Who you would have begged to stay? Who you assumed would be back eventually but as the weeks, months, and years crept on forced you to come to the hard realization that the next and only time you'd see them would be in your dreams, because they were never coming back? Whose permanent absence, once finally accepted it, hit you like a ton of bricks? Then you know how people involved with Bill Gross's Mustache feel today. Once a daily presence on the PIMCO manager's face, the BGM went away for a while but it was assumed not for good because how could that be? Why would that be? It felt impossible. Then this happened: Bloomberg's Tom Keene: When does the mustache come back? Gross: Never. My wife has finally adjusted, so it's not coming back. If you never got to say a proper good-bye, if you would have done things differently, if you feel like the wind's been knocked out of you, if you can't bear the thought of being alone tonight, join us as we light a candle in memoriam. Bill Gross's mustache in deep contemplation Bill Gross's mustache in an insane asylum Bill Gross's mustache mustache so stoned it can't feel its face Bill Gross's angry mustache! Bill Gross's suicidal mustache Bill Gross's mustache undressing you with its mind ... Pimco's Gross on Financial Repression, ETF, Greece [Bloomberg]