Bill Gross: There is no exit strategy

There is no exit strategy. The Fed will never be able to sell all the garbage it's bought. America's crack-addict economy is so hooked on Fed money-printing that the Fed may even start buying mortgages again in the second half of the year.

Sound like something you might read on an angry, Fed-bashing blog? But it's PIMCO bond guru Bill Gross.

Ha! Remember those quaint old days when the Fed's stated role was to "take away the punch bowl?" Well, it's not punch any more. It's crack. And your crack pusher Fed would never take it away from you.

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