Bill Gross Explains Why He Is Not Buying Portuguese Debt (Read: Is Short), And Gives His Latest Muni Bond Outlook

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Wed, 01/12/2011 - 15:46 | 870936 centerline
centerline's picture

Keeping his cards tight against his chest.  But, who can blame him?  He's got skin in the game and he's gonna play it until it can't be played any more.

Wed, 01/12/2011 - 22:57 | 871987 Buck Johnson
Buck Johnson's picture

Thats exactly what I took from the conversation especially with regard to the Muni's. 

Wed, 01/12/2011 - 15:52 | 870950 akak
akak's picture

I would rather hear a four-hour rant by Lyndon LaRouche, delivered in Steven Hawking's robot voice, than listen to the thready, frightened little girl whining of Bill Gross.

Wed, 01/12/2011 - 16:11 | 871006 tsx500
tsx500's picture

... I    would rather gargle Oprah's diarrhea  than listen to this sheister  .....

Wed, 01/12/2011 - 17:27 | 871202 Jaw Knee Cash
Jaw Knee Cash's picture

I would prefer to gargle Margaret Brennan's diarrhea.

Wed, 01/12/2011 - 15:56 | 870968 AccreditedEYE
AccreditedEYE's picture

The conclusion is that in April or May, something "unexpected" will happen to give the Fed ammo to continue monetizing.

Under normal conditions, I would say that the market is a forward discounting mechanism. (One can have an entire debate on this stmt alone) However, saying that even in this bizzaro world we live in that this is still true, we should be seeing the effects of the spigot being turned off much sooner. (Read: this month. lol)

Wed, 01/12/2011 - 15:56 | 870969 Sophist Economicus
Sophist Economicus's picture

The word Putz comes to mind...

Wed, 01/12/2011 - 16:06 | 870979 virgilcaine
virgilcaine's picture

The half smirk with grin was a nice touch.. thanks for that riveting interview. Margaret takes this stuff so seriously, no booze filled underwear waving scenes from her. (though I did hear a faint chuckle)

Wed, 01/12/2011 - 16:03 | 870981 StopInvesting
StopInvesting's picture

Why does anyone believe the fed will stop buying treasuries in june?  it's much like the debt  ceiling, it will continue past any short term deadline.  

Wed, 01/12/2011 - 16:04 | 870984 Salinger
Salinger's picture



One arrested in threats against Seattle congressman FBI: California man (Charles Turner Habermann) admitted calls, said he wouldn't risk his $3 mil. trust fund by hurting McDermott

Wed, 01/12/2011 - 16:05 | 870987 Bahamas
Bahamas's picture

I've read that Meredith Whitney is forecasting 50 to 100 USA municipalities to defaul within days.

Wed, 01/12/2011 - 16:08 | 870998 Alcoholic Nativ...
Alcoholic Native American's picture

BULLSHIT, I've been saying it for a while, even gotten kicked out of forums **cough** market ticker forums **cough** but it's frankly no longer about fiscal responsibility, it's a national security issue.  UNLIMITED FUNDS TO PREVENT SOCIAL UNREST!

Wed, 01/12/2011 - 16:24 | 871049 youngman
youngman's picture

"UNLIMITED FUNDS TO PREVENT SOCIAL UNREST" that is definately a factor...and a big one...that is why the pumping of the stock market...and keeping interest rates low...they forgot the gas and food thing though

Wed, 01/12/2011 - 16:12 | 871008 AccreditedEYE
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Seeing the margin calls from such an event would be glorious...

Wed, 01/12/2011 - 16:11 | 871009 Rockfish
Rockfish's picture

MW was on cnbc this morning along with Gross making that call and and flat out disagreeing with Gross.

Thu, 01/13/2011 - 01:30 | 872333 Cameli
Cameli's picture

I'd like to take that bitch out to the woodshed. Sure she's on the air warning the poor, ordinary folks about the dangers of imminent municipal defaults because she is a caring soul and couldn't bear to see the average Joe lose his retirement nest egg. Wake up suckers. These people all have agendas. She's short municipals.

Wed, 01/12/2011 - 16:06 | 870989 Alcoholic Nativ...
Alcoholic Native American's picture

For a while there, you would have to be crazy to bet against America, now it seems its collapse in General. Goldilocks and mustardseeds BITCHES, the world economy is TBTF.


Wed, 01/12/2011 - 16:06 | 870990 Tic tock
Tic tock's picture

Well, that sounds like the crash is right here and now

Wed, 01/12/2011 - 16:10 | 871003 buzzsaw99
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Illinois raised income taxes from 3 to 5% in a secret session last night.  That is progress...

Wed, 01/12/2011 - 16:15 | 871026 AccreditedEYE
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Austerity you can believe in. lol

Wed, 01/12/2011 - 16:17 | 871031 cossack55
cossack55's picture

May 6 my ass.  Cinquo de Mayo Bitchezzzz.


QE? QE? We don need no stinkin' QE, Senor.

Wed, 01/12/2011 - 16:21 | 871043 Logans_Run
Logans_Run's picture

Get it right TD! It is Newporsche Beachian.

Wed, 01/12/2011 - 16:29 | 871060 buzzsaw99
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The JPMorgan CEO said he expects to see more U.S. municipalities declare bankruptcy, Bloomberg News reports. His concerns echo those of Meredith Whitney, the analyst who has said the next major financial crisis will come from a wave of local government defaults, and those of famed investor Warren Buffett, who has called the municipal debt situation a “terrible problem.”

“If you are an investor in municipals you should be very, very careful,” Dimon said, according to Bloomberg…

Why is Jamie Dimon trying to cause a panic in the muni market?

1) Steal underwear.

2) ???????????????

3) Profit!

Wed, 01/12/2011 - 16:52 | 871123 Bahamas
Bahamas's picture

They're just creating so much confusion. So many different alarm bells going off at the same time in all kinds of different situations.

They just want us scared and meek. Shock and awe technique. So that when a solution is prospected we would just accept it.  "Anything will do, just stop tormenting us with these catastrophic forecasts".  "Give us some soma for Goodness sake".

When SDRs will be on the plate. people will be glad to get them, the same way European southern countries were scared of default if they didn't accept the Euro back then.

History repeats its self and memory is very short term.

Wed, 01/12/2011 - 17:04 | 871157 johnnynaps
johnnynaps's picture

Cutting municipalities' police and fire fighters makes sense? Sure, but don't touch that low-balled 600-800 billion dollar defense budget to chase camel-riding terrorists who dwell in caves 4000 miles away. I'm so happy and proud to be a leach on the system these days!

Wed, 01/12/2011 - 17:46 | 871257 Motorhead
Motorhead's picture

Margaret Brennan is hot.

Thu, 01/13/2011 - 00:44 | 872270 Rick Blaine
Rick Blaine's picture


Wed, 01/12/2011 - 17:58 | 871306 kita27
kita27's picture

That Bloomberg reporter is so hot its amazing Gross was paying enough attention to her words to respond appropriately.

Wed, 01/12/2011 - 18:57 | 871489 The Rock
The Rock's picture

I've got a magnet he can pull right here...

Wed, 01/12/2011 - 19:01 | 871502 The Rock
The Rock's picture

blah blah blah in terms of blah blah blah in terms of blah blah blah in terms of blah blah blah...

Wed, 01/12/2011 - 19:35 | 871581 medicalstudent
medicalstudent's picture

thanks for posting the text


more entertaining than this squirrellfully tepid mug.

Thu, 01/13/2011 - 02:50 | 872388 SmittyinLA
SmittyinLA's picture

Well, I think the Portagee bonds were purchased by Uncle Ben to help round out the old portfolio.

I'm dragging out my supply of Confederate, Bonds, King Zog Bonds, Weimar Bonds and packaging them up in stunning Triple A garb with a little help from my friends at S&P and Mooody's. Wouldn't you like to have some these? They are really pretty.

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