Mohamed El-Erian PIMCO CEO/co-CIO. :" I think unlike what he said on banks and on Europe he didn't add much on the debt ceiling issue. it's important to reiterate that default is off the table. it's not enough to just say that. this is a market that's facing a lot of uncertainties both domestically and globally. there is underlying deleveraging tendencies. we need a more proactive approach at this point. we need a vision as to how it is that we can both avoid default and avoid a downgrade. that didn't happen today. that's why the market reaction has been, well, he didn't really say much"
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