I rarely make the Quote of the Day about financial matters but this quote from fund manager Bill Gross was too good to pass up. Gross is the Chief Investment Officer for Pacfic Investment Management and is the manager of the world’s largest bond fund, PIMCO Total Return. With regard to the amount of debt in the developed world including the United States, Gross had this to say:
The midriff “bulge” would be a rather kind description of
today’s debt crisis. No muffin top there – if anything,
sovereign balance sheets resemble an overweight diabetic on
the verge of a heart attack.
I should note in passing that Gross tends to lean towards the Democrats and was very critical of President George W. Bush.