Interesting chart from Bill Gross, on the eve of the SOTU address.
You will note that missing from the chart is the $5.5 trillion in mortgages that the Uncle Sam has on their books, having followed Gross’ suggestion that the government make the GSE backing explicit instead of implicit.
Essentially, Gross is complaining that (amongst other factors) the government listened to him . . .
The Ring of Fire
PIMCO, November 2010