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Peshe

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"You have inherited a mess. Your predecessor, fixated on emulating a former Republican icon from a far different economic era, chose to emphasize tax cuts for the rich and excessive consumption for all Americans. He promoted deregulation and free markets when, in fact, the markets and their institutions needed tough love. Over eight years, he failed to put forth a coherent energy policy. He needlessly invaded Iraq and lowered worldwide esteem for this nation as a symbol of freedom and benevolence....

By January, home prices will be down another 10% or so and our Japanese-style property deflation will be in full stride."

Excerpts from the open letter to Obama by Bill Gross of PIMCO, one of the smartest investors out there. 
Ten years of deflation like Japan? ouch...
Greg

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spare us.
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