Wall Street was abuzz Monday with sunny forecasts and talk of economic recovery, with new data unveiled by PIMCO and the Federal Reserve.
PIMCO, the colossal Newport Beach, Calif.-based asset manager, focussed on the idea that recent concerns of an economic recession are unfounded, at least when considering how far U.S. output is still below its potential level.
The fund also noted that previous economic slowdowns were preceded by sharp periods of "overheating" output, which the current economy has far from reached.
The St. Louis Federal Reserve also touted a bullish forecast in a new report that indicates U.S. disposable income per capita peaked last month to its highest level since 2012. The metric is a standard economic belwether for future spending -- and always a surefire GDP driver.
Meanwhile, billionaire mogul Richard Branson, founder of Virgin Group (VA), lamented the frivolous $100 billion being spent annually on the so-called "war on drugs," which he deems as entirely ineffective.
He also unveiled via Twitter his new plan of creating new controls that would beef up the government control over the world's most dangerous drug networks, which have created seemingly uncontrollable networks of violent black markets. "It's high time we stop pretending we have any control over drugs," Branson said in a report posted on his corporate website. "The only way to wrest back control is to end the drug war, take the markets back from criminal networks and put governments in charge, so that drug production, supply and use can be regulated via doctors, pharmacists and licensed retailers."