Bill Gross on eurozone banks failing their stress tests

Bill Gross of Pimco spoke to Bloomberg Television’s Tom Keene this afternoon about the economy, the debt debate in Washington and the European stress tests.

Gross said that he doesn’t expect QE3, but that he expects the Fed to reiterate language. He also said that lawmakers ‘don’t get’ the long-term implications of the debt debate and that they ‘need to approach it gradually’ when it comes to cutting spending.