Pimco CEO Mohamed El-Erian urged Congress in a blog post to work on the economy and end partisan bickering to quell a new phase of economic malaise that is spreading throughout the country.
His blog post, published in the U.K.’s Guardian, reads like a real letter, urging Republicans and Democrats to worry about the self-inflicted fiscal cliff that is coming, which could thrust the country and the world back into recession.
Specifically, he warns lawmakers about housing and housing finance saying: “At the root of the global financial crisis, the troubled U.S. housing market continues to act as a millstone around the economy’s neck. The longer the problems persist, the greater the pressure on consumer and business sentiment, and the harder it is for the unemployed to find and relocate to new job opportunities.”
El-Erian says despite the politics that come with an election year, the U.S. needs Congress “to overcome a prolonged period of congressional paralysis and polarization in order to address the country’s malaise.”
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