Bill Gross Accepts Jesus!

``A debt deflation (the loss in the value of loan assets) is a serious hazard to the health of Pimco. You might think that the owner of these scary companies would be a major loser, but Mr. Gross has done better than the rest by discounting the fear of default which other investors see, and embracing the government guarantee. A reversal by the government in its guarantees of debt in the banking and government-sponsored mortgage sector would be a death blow to Pimco.''