Markets Pricing In Global 'Paradigm Change'

Pimco's Mohamed El-Erian talks about the guts of a secular bear.

"We're starting to get people to realize that we're not in a 'V' anymore, (it's) more like a square root"... "We're going to come back off (the bottom) and then we're going to level off at about 2 percent growth....Put it all together and it's an image of the private sector delevering and the government relevering...That is not an ingredient for sustainable growth. That is the ingredient for a multi-year adjustment."