Bill Gross Thrilled To See Standard And Poor’s Grow A Pair

As you may have heard, Standard and Poor’s knocked the US’s debt down to double-A plus from triple-A Friday evening. Several hours before it was made official, the ratings agency was notified their team had made some calculation errors but chose to say “fuck it, on with the downgrade.” This made a whole bunch of people very upset, including Treasury Secretary Tim Geithner, who commented S&P demonstrated “really terrible judgement, handled themselves poorly, showed a stunning lack of knowledge about basic US fiscal budget math, and…came to exactly the wrong conclusion” and Warren Buffett, who shared that he could not give less of a rat’s ass what S&P thinks, that he’s “not changing his mind about Treasurys based on the downgrade,” that “if anything, it may change my opinion on S&P,” and that the United States’s debt is like that of the first buxon milkmaid he laid his eyes on 70 years ago today- her tits may be down on the ground now but they’ll always be triple-A rated in his mind and that’s all that matters.

A slightly different reaction came from PIMCO CEO Bill Gross. He loved the downgrade and if we’re being really honest? It earned S&P some respect in his eyes, ’cause it showed the ratings agency has balls.

“I have been criticizing them and Moody’s and Fitch for a long time. Moody’s and Fitch are on the “S” list. I think S&P finally demonstrated some spin. S&P finally got it right. They spoke to a dysfunctional political system and deficits as far as the eye can see. They are enforcing some discipline. My hat is off to them. “

Oh god, does anything top the thrill of being a total prick just because you can? Now you guys finally know what it felt like to leave that waitress a negative tip for not being quick about the refills. Conga line in all your honor today at lunch.

PIMCO’s Bill Gross speaks to Tom Keene on U.S. credit downgrade [BloombergTV]

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43 Responses to “Bill Gross Thrilled To See Standard And Poor’s Grow A Pair”

  1. Ricky Martin says:

    I never realized until now that Bill is actually a handsome guy…in that classic, Steve Buscemi kind of way.

  2. Alt_EST says:

    The interview says, "I have a profound respect for the mentally handicapped subsidiary of a textbook publisher," but the hair and mustache says, "Hey little boy, I have some free candy in the back of my van."

  3. Rep. Boner (R. OH) says:

    That stache makes it move. I wonder what it'll look like around my Boehner

  4. Backdoor_Bess says:

    The stache makes me think Bill had 'a pair' on his chin back in the 70's

  5. Guest says:

    I think Bill Gross has it wrong. As Marshall Auerback has pointed out ad nauseum, the U.S. can always print its way out of debt (although it will be a rare day when Auerback uses "print" and "money" in the same sentence – he prefers vague circumlocutions, like a "sovereign issuer of its own currency always has the ability to make payments" – just don't call it printing money to pay debts, that's what disreputable banana republics do!)

    But at any rate, both Gross and Auerback are wrong. It isn't the U.S.'s bond rating that deserves a downgrade, it's the U.S. dollar. The U.S. can always make payments, but would have to debase the currency to do so. But since S&P doesn't really rate currencies, it has to settle with rating bonds, which is a bit of a cop-out in my view. They could save themselves the trouble of working through all the downgrades of U.S. federal and municipal issuers just by downgrading the dollar and declaring anyone who accepts dollar-denominated debt to be a fool.

  6. Guest says:

    That photo looks like a casting call for the next Tim Burton movie.

  7. guest says:

    Dear DealBreaker,

    I saw this TV show Entourage on TV last night and this first older guy was too scared to have sex with this girl and then this second older guy got way high and shot himself. Anyhow I thought that was realistic because of how getting older makes you feel all sad and scared. Except, who keeps a loaded handgun in the powder room? Is that like a West Coast thing?

    Curious in NYC

  8. Pretty Banker says:

    He's so Gross

  9. Texashedge says:

    “if anything, it may change my opinion on S&P,”

    Says the guy who owns Moody's

  10. PermaGuestII says:

    Nice jacket.

  11. I'm An Idiot says:

    Isn't that the director of the movie "Pink Flamingos?"

  12. worth79 says:

    ("finally that April short is turning around for me")

  13. dubiousdistinction says:

    I clicked the tag "balls" to see how many times Bess used it. Turns out, it's enough for 2 pages of results.

    Bess – something on your mind?

  14. Eggplant Parm says:

    Bill's mustache doubles as David Beers' dick broom

  15. Predatornado says:

    "…the United States’s debt is like that of the first buxon milkmaid he laid his eyes on 70 years ago today- her tits may be down on the ground now but they’ll always be triple-A rated in his mind and that’s all that matters."

    – That line makes me want to suck on your toe, Miss Levin

  16. Der_Guest says:

    In times of uncertainty we need leaders with moustaches to tell us what to do.

  17. Talk my book says:

    I think you will like this, I promise.

    B Gross
    aka creep

  18. buckettrader says:

    Lights off.

  19. Buffetisabore says:

    I am sick of Warren Buffets holier than thou attitude…any person who own Moody's and bad mouths S&P, points to his ethics…..this dudes senior most manager was caught with his hands in the till (charlie munger). Plus all his shady dealings with Goldman, the Chinese Suit maker , where he subtly let it know he buys the suits there and surprise surprise he owns this stock and stock goes up…. jeez this man should step off his high horse…

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