Bill Gross of PIMCO has written a tough, satirically colorful piece on the subprime loan problems the economy faces.  In Looking for Contagion in All the Wrong Places, he pretty much nails the issues and states his views that the U.S. housing markets will continue to be hit hard, affecting growth across the economy and especially for short-term yields. Very good read… somewhat unnerving as he is adamant about escalating subprime defaults. A good time to look at where your money is in the mortgage-backed securities arena. Think I’ll stay out of that mess for now.  Treasuries anyone?Â
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