We normally think if you're going to lend someone money, you should get some reward for doing this. In Europe, it's a tax!
Mohamed El-ErianInvestors should invest on what they know. The biggest mistake is to invest on what they don't know.
Mohamed El-ErianInvestors should be cautiously positioned as the global economy and markets face major uncertainties. The downgrade will be a further headwind to growth and job creation in the U.S.
Mohamed El-ErianOnce you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise cash. So, what you then get is spreading malaise throughout the global markets.
Mohamed El-Erian