Market Heavyweights Weigh In On Rescue Package

As the House gave a thumbs up to the bailout bill on Friday afternoon, CNBC asked the market experts to weigh in.

Gross: America Is For Sale

"America is basically for sale as they [deleverage] and assets are liquidated... We want to be in a position of not having to liquidate and so we're raising cash and waiting, yes, for the time when attractive prices allow for that cash to be invested."

- William Gross, Pimco manager

Buffett: Bill Is Not A Panacea

“This is not a panacea. This does not solve all our problems. It just would have been a total disaster if it hadn’t have passed. It gives some tools to reducing the impact of this recession on the economy… It will be quite a while before unemployment bottoms out or the recession bottoms out. It will certainly loosen them [credit markets] up.”

- Warren Buffett, Berkshire Hathaway chairman

Grasso: Maybe It’s Not A Great Bill

“The idea of passing the bill was a lot better than passing the bill. We’ve got to look behind the curtain; we saw what was really in that bill. And I think the more time we got to digest it, maybe it’s not such a great bill, maybe it’s not going to rescue us, maybe it’s not everything we hoped it would be. Now we’re going to focus on negative earnings, negative economic data."

- Steve Grasso, Stuart Frankel

Heller: Bill Will Help

“It’s going to help a lot. If it hadn’t passed, I think we’d be looking at years and years ‘til these banks and everybody else could struggle to get things done. I think what a lot of people don’t understand is just how deeply the credit markets go into the American way of life. It’s not just, you know, buying Christmas cards and maxing out your credit card at the end of the year. I mean there are ranchers out in Montana who only get to sell their product once a year so the rest of the year they’re getting credit. Everybody’s getting credit.”

- Bobby Heller, Chapdelaine Brokerage

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