Bill Gross’ case for long-term slow growth (VIDEO)

Interesting Bill Gross interview on CNBC today, following the release of his September investment outlook. In full video below he admits he was wrong on Treasury demand waning, and his long-term-slow-growth theme is best captured in this excerpt:

Free market capitalism depends on a balanced market between labor and capital. And clearly we’re reaching a point where impoverished main street cannot afford to buy the goods that capitalism so magnificently produces. So i think there’s an exhaustion here in terms of free market capitalism that has worked so well for 20 to 30 to 40, 50 years, but now is reaching structural impediments that prevent, you know, strong growth that we’re used to.