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Bill Gross Accepts Jesus.

By Implode-Explode Heavy Industries

"The real issue is whether or not Mr. Gross agrees with his own emphatic arguments that asset prices must be supported. He gives time to the other side, and refers to Andrew Mellon, a Treasury Secretary during the depression. Mr. Mellon advocated the sale of assets, the recognition of losses on loans, and widespread bankruptcy ? which is the position supported by the author of this story. The reason: a debt investment which cannot be paid pack is not a debt investment. It is a loss. This is the lie which to date defines our crisis. "

Full post as published by Mortgage Lender Implode-o-Meter on May 05, 2009 (boomark / email).