Anyone think ole' Bill may be short long bonds? http://www.bloomberg.com/apps/news?pid=20601087&sid=a_qX29XEwEqg&refer=home U.S. Must Spend to Avoid Mini Depression, Gross Says (Correct) Email | Print | A A A By Kathleen Hays and Dakin Campbell (Corrects spelling error in headline.) Feb. 5 (Bloomberg) -- Bill Gross, co-chief investment officer of Pacific Investment Management Co., said the U.S. may slump into a âmini depressionâ unless policy makers spend trillions of dollars to spur growth. âThis economy needs support from the government, a check from the government in the trillions,â Gross said today in a Bloomberg Television interview from Pimcoâs headquarters in Newport Beach, California. âThere is a potential catastrophe if the U.S. government continues to focus on billions of dollars.â Gross manages the $132 billion Total Return Fund, the worldâs biggest bond fund. The fund gained 4.8 percent last year and has outperformed 99 percent of its peers over the past five years, according to data compiled by Bloomberg. The average government and corporate bond fund lost 8 percent in 2008, Bloomberg data show. Pimco is a unit of Munich-based Allianz SE, Europeâs largest insurer.