Pimco’s Bill Gross says America is basically “for sale”

October 3, 2008 by · Leave a Comment
Filed under: Opinion 

I love these type of comments.  Here is some real honesty on the situation we are in.  Because of the reckless lending and over-use of credit for 30+ years.  Now people are over there heads and because they can not keep up with the payments on whatever asset was pledged as collateral.  This puts these borrowers into a distressed situation where the asset now needs to be liquidated to cover the credit loan and that is why Mr. Gross is saying that America is for sale because in effect it is and people who either can gather savings ie: capital or have their own capital are going to profit from this misfortune.  We made our bed so now we have to sleep in it.  Good luck.

Press Release:

he manager of the world’s biggest bond fund said on Friday he is raising cash and waiting for asset prices to become more appealing.

Bill Gross, chief investment officer of Pacific Investment Management Co. or Pimco, said he was raising cash for a time when prices are attractive enough.

Speaking on CNBC television shortly after the U.S. House of Representatives approved the Bush administration’s $700 billion financial rescue package on Friday, Gross said the problem plaguing the financial markets lies not necessarily in the mortgage market now but in the credit markets.

Gross added America is basically “for sale.”

Source: Reuters

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