PIMCO might get what it wants in California

With Brown's veto the timing of a budget for the fiscal year beginning July 1 is uncertain. But Christian Stracke, head of credit research at PIMCO in Newport Beach, California, said that does not worry him if Brown follows through on his vow for a spending plan free of one-time moves and gimmicks.

"He's decided to take a stand, and to take a stand to continue to try to address the long-term fundamental fiscal problems California faces," Stracke said. WNFL

But it will come at the expense of what PIMCO wants in Washington DC, now that is has reversed its bet.

Brown vetoed the Dem budget, because it was made of one time tricks. I prefer to call it month by month budgeting, making the legislatures work.

If Brown wants to solve the fundamental California problem, then welcome to the revolution against DC.