Gross: Government Must Act Quickly to Save U.S. Economy

Wednesday, April 2, 2008 1:38 p.m. EDT

According to Bill Gross, the decline in home prices must stop if the U.S. economy is to revive, and Washington must act immediately — even though supporting home prices flies in the face of traditional Republican thinking. "President Bush and Treasury Secretary Paulson argue that markets must ‘clear’ in order to avoid similar mistakes made by Japanese authorities in the 1990s,â€