the real issue is that Gross bought a ton of bonds expecting to capitalize on the spreads given the implied guarantees from his friends paulson and bernake...now he is siting on a time bomb and the spreads have moved very far away from him and he is LOOSING a lot of money. he wanted to play the inside track for easy returns and the market proved that the treasury guarantee is not the main issue there are other reasons that spreads will not improve and his investments will be impaired and that has to do with the spreading economic and liquidity issues from the rest of the world undermining the impact of any fed or treasury backed plan to maintain asset values...for obvious reasons...real values are much lower...why should anyone be duped by the fed or the government into thinking anything else...additionally why should anyone seek to buy impaired or risk valued assets when cash is tight? So guess what Bill Gross who attempted to capitalize on getting huge returns guaranteed by the tax payer is now sitting on HUGE losses - he won't admit it...but that's why he is on TV complaining about in reality and that's why he is angry...the free money he was expecting because of his insestuous relationship with Bernake and Paulson let alone GS and JPM is gone kaput. They are all a bunch of criminals and should be arrested for crimes agains the american citizens that they work for.