Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.

Why is it possible to rescue S&L buccaneers in the early '90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?

When the tide goes out, you get to see who's swimming naked. PIMCO has had its bathing suit on for a long time

Finding the best person or the best organization to invest your money is one of the most important financial decisions you'll ever make.

We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.

I am tough but I have a soft side.

Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.