He's wearing a Jets jersey.
We'll update LIVE if he says anything notable.
After a little bit of football banter, he gets to Europe...
- The problem is not solved, he argues. We've seen this movie several times before, and just printing more money won't help.
- It's time for a "Plan B" he says.
- Ultimately, there will be haircut on bonds issued by certain governments in the Eurozone.
- If you're buying right now, you're just making a moral hazard bet.
- On the muni market: We are in the midst of a massive adjustment at the states.
- On Bill Gross vs. Meredith Whitney: They're not actually saying much that's different. Both acknowledge the need for massive adjustment. Some are going to make it; some will face way more difficulties. In order to get to $100 billion defaults (Whitney's forecast) you need to stretch, and find some major defaults.
Read more: http://www.businessinsider.com/mohamed-el-erian-on-cnbc-wearing-a-jets-jersey-2011-1#ixzz1B1h4XAha
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.