PIMCO: We were wrong about US Debt.

Caught this on Reuters.  Bill Gross - finally - admits that they (PIMCO) made the wrong bet on US debt, but specifically that the growth of US debt would lead to high, rampant inflation -- it hasn't.  All I have to say, is that it's courageous for Gross to admit his mistakes.

And you know what?  You won't find a single Republican admit to getting this wrong.  To do so would be to put into jeopardy their mid-term wins that were based on a fallacy: that the growing US debt was a serious issue that needed addressing immediately.  (10-year UST yesterday was 2.22%...well below what would be expected, if US debt was a serious concern of investors.)

And unfortunately because of the intransigence of Republicans, we're likely headed into a double-dip, if we're not already there.  The obvious sign: profits growing (and meeting market forecasts) despite flat sales, via mass layoffs.