http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2008/IO+July+2008.htm

you’ll have your tax bill and your healthcare bill and your housing fix, and somehow it’ll all be paid for by wealthy hedge fund managers, oil companies or, pray tell, a robust economy that’s creating good jobs at home instead of exporting them abroad. Uh, I don’t think so, Mr. President. That’s where the “yes we can” morphs into “no we can’t.” Not that you won’t accomplish most of that – the robust economy and the good jobs notwithstanding. It’s just that you won’t be able to pay for it and it’s better to admit it now as opposed to later. No David Stockman confessions in your administration. You’re smarter than Ronald Reagan and too nice of a guy to distort reality like King George. So let’s start out by dropping all of that “budget neutral” rhetoric and admit where we’re headed. Your administration will produce this nation’s first trillion dollar deficit!

While the Republicans will blame you for years and label you “Trillion Dollar Obama” in future campaigns, there is in fact not much that you or any other President can do. You’ve inherited an asset-based economy whose well has been pumped nearly dry with lower and lower interest rates and lender of last resort liquidity provisions that have managed to support Ponzi-style prosperity in recent years. Foreign lenders have cooperated by purchasing Treasuries at yields which when combined with dollar depreciation have resulted in negative returns on their money.
We're doomed.

This Ponzi scheme began by Republican deregulation, it's not inevitable. Republicans will never end it either. Only investing the obscene wealth generated for the benefit of a few can rescue this nation. Bush already doomed us, Obama can do no worse.

Well King George II and his Republicans have done a pretty good job of it thus far. The national debt has almost doubled under King George II and his Republican buds...going from 5 trillion to almost 10 trillion dollars at the end of this year. This year the deficit is projected to be almost a half trillion dollars. In addition, King George II was kind enough to saddle the next administration with the costs of getting out of the Iraq war, an expense we will bear well into the future no matter who is elected and the Medicare Prescription Drug Bill which prevents the United States government from negotitation drug prices with the drug companies and for which Republicans in Congress voted last year to thwart an effort by the Democrats to allow the government to negotiate with the drug companies for lower drug prices and thereby mitigate the cost of the Medicare Prescription Drug Bill. Yep, King George and his Republicans have set the next president up with one heck of a deficit for 2009 and national debt...especially if the Republicans want to continue to give the wealthiest of us more tax breaks...poor dears they pay less of a percentage of their income today than the average American Tax Payer. Wouldn't it just be terrible if they had to pay the same percentage of their income in taxes like Social Security as everyone else.

http://en.wikipedia.org/wiki/United_States_public_debt

If Bill Gross doesn't want to be taken seriously, why should anyone else take him seriously?

Or is he just a complete prig?

If Bill Gross doesn't want to be taken seriously, why should anyone else take him seriously?

Or is he just a complete prig?
Bill Gross is the biggest bond trader of US treasuries in the world. I'm pretty sure he's taken far more seriously than you are although his Commie political views are a joke.

http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2008/IO+July+2008.htm


We're doomed.

What's the deficit at now? And what was it prior to Bush taking office?

OilIsMastery: If the deficit is your focus, I'm pretty sure I saw a report that showed it would increase the most under McCain. I'll try and dig up the link for you.

Bill Gross is the biggest bond trader of US treasuries in the world. I'm pretty sure he's taken far more seriously than you are although his Commie political views are a joke.

Swing and a miss. Here, I'll give you a better hint: If the guy wants his article to be taken seriously, it shouldn't be written as a humor piece.

Thus, you need not worry about "doom". The article was a joke.

Or, if he's just a prig, that explains a lot. In his note at the outset, he presumes that Obama won't read his article, and then spends the rest of his words biliously pandering to his fellow Republicans as if he's using a joke to define what party talking points should be.