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Bill Gross, the bond-fund-manager superstar, not only thinks Barack Obama will be elected president, but that the nation’s budget deficit, now nearly $500 billion, will explode to $1 trillion.
Gross, a registered Republican, wrote an open letter to Obama on the Web site of PIMCO, where Gross is co-chief investment officer. “You have inherited a mess,” Gross writes.
MoneyNews - Bill Gross: $1 Trillion Deficit Under Obama (http://moneynews.newsmax.com/streettalk/Barack_Obama_/2008/07/01/108974.html - broken link)
John1960, I thought you were nonpartisan in your headlinin'. “You have inherited a mess,” Gross writes.
To some extent, the next president will be helpless, Gross maintains. “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 another president can do,” he writes.
“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.”
As the economy needs $500 billion of stimulus, and the budget deficit already totals almost $500 billion, that leaves a deficit of $1 trillion, probably by 2011, Gross says.
MoneyNews - Bill Gross: $1 Trillion Deficit Under Obama (http://moneynews.newsmax.com/streettalk/Barack_Obama_/2008/07/01/108974.html - broken link)
Posters who might conclude from the thread headline that "An Obama Presidency Will Create a $1 Trillion Deficit!" - you're hereby warned. Please read and absorb the information in the article, such as it is.
Bill Gross, the bond-fund-manager superstar, not only thinks Barack Obama will be elected president, but that the nation’s budget deficit, now nearly $500 billion, will explode to $1 trillion.
Gross, a registered Republican, wrote an open letter to Obama on the Web site of PIMCO, where Gross is co-chief investment officer. “You have inherited a mess,” Gross writes.
MoneyNews - Bill Gross: $1 Trillion Deficit Under Obama (http://moneynews.newsmax.com/streettalk/Barack_Obama_/2008/07/01/108974.html - broken link)
John1960, I thought you were nonpartisan in your headlinin'. “You have inherited a mess,” Gross writes.
To some extent, the next president will be helpless, Gross maintains. “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 another president can do,” he writes.
“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.”
As the economy needs $500 billion of stimulus, and the budget deficit already totals almost $500 billion, that leaves a deficit of $1 trillion, probably by 2011, Gross says.
MoneyNews - Bill Gross: $1 Trillion Deficit Under Obama (http://moneynews.newsmax.com/streettalk/Barack_Obama_/2008/07/01/108974.html - broken link)
Posters who might conclude from the thread headline that "An Obama Presidency Will Create a $1 Trillion Deficit!" - you're hereby warned. Please read and absorb the information in the article, such as it is.
Not only the economy, but also will inherit a war and inherit immigration issues, whether McCain or Obama, it is a mess.
Highly intelligent answer.
There is ony one problem: many people do not vote on the issues or their ramifications; they simply vote on party line or because someone said they should or because the ads were good or because the guy has a nice face.... you get the idea: they don't investigate positions of candidates on the issues.
Personally, I prefer the candidate who won't socialize the country more than it is.
? Nothing to do with John. It's for people who will get as far as the headline and not bother to read the story. People like, uh, you.
Any comment on the content of the article?
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“You have inherited a mess,” Gross writes.
