US heavyweights clash on S&P move

Bill Gross, Bill Miller and Warren Buffett have clashed over Standard & Poor's downgrade of the US' credit rating.

PIMCO’s Gross, the manager of the world’s largest bond fund, said the ratings agency showed “spine”, while Miller and Buffett both criticised the move. In an interview with Bloomberg Television, Gross said: “I think S&P has demonstrated some spine; they finally got it right.” He added the US has “enormous problems” in terms of its debt pile. However, Legg Mason’s Miller said S&P was “precipitous, wrong and dangerous” in lowering the rating after last week’s stock market selloff, Bloomberg reports. He said US is the “most productive economy in the world,” adding there is “simply no ...