EXCLUSIVE: Mohamed El-Erian on Policy's Role in the Financial Crisis

Last week, I asked PIMCO CEO and co-CIO a simple question with big implications: How has public policy contributed to the financial crisis and the lethargy of the recovery ever since?

Monetary policy. Bailouts. Stimulus. We've had it all in unprecedented amounts over the last four years.

How is it all done? Here's what El-Erian had to say:

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