US heavyweights clash on S&P downgrade

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 which came after last week’s stock market selloff, Bloomberg reports. He said the US is the “most productive economy in the world,” adding there...