Bill Gross

It's going to be difficult to stimulate the real economy in the U.S. at a faster rate than 2 percent and perhaps even less if we have that fiscal cliff in December or January 2013. ”

Accountants, machinists, medical technicians, even software writers that write the software for 'machines' are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs. ”

Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go. ”

I am obsessed with delivering value to investors and winning the game from a personal standpoint. ”

Both from the standpoint of stocks and bonds, an investor wants to go where the growth is. ”

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP. ”

In terms of economic growth, PIMCO originated the famous phrase the 'new normal.' ”

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. ”