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The Donnybrook
Saturday, February 5, 2005
Manager Of World's Largest Bond Fund Comes Out Against W's Privatization Scheme...

Bill Gross, fund manager at PIMCO funds thinks Bush's scheme is crap. That's gotta sting...

Here's the most telling (and true) part of his comments:

Gross, managing director at Pimco, called the argument about the solvency of Social Security "silly" and said it was an example of the president not focusing on more important issues, such as the budget deficit.

The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site.

"Without a blockbuster of a program in his second term it is unlikely that Bush can go very far in the history books on the back of a paltry 3 or 4 percentage point tax cut for the rich," Gross wrote.

"Presto!" he continued. "We now have partial privatization of Social Security heading the agenda upon which the president intends to spend his well-advertised political capital."

That's referred to as "getting to the heart of the matter"...


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