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Sounds like he sees a breakdown of the financial sector. I'm waiting for CNBC to post the video. I want to hear it again.
I was wrong. That is not what he said. Basically he said that the FED will need to maintain high liquidity to sustain equities. The reference to cannibalism was if the new bond fund would cannibalize PIMCO’s existing total return fund.Here is a video replay:http://video.cnbc.com/gallery/?video=3000082383&play=1