Much like I would like a pony, a small island and other things that would require me to print currency in order to procure them, PIMCO would like the Fed to at least double its already burgeoning balance sheet. This from PIMCO’s top man in Asia:

Bond giant Pacific Investment Management Co said the Federal Reserve needs to double its balance sheet up to $6 trillion to replace the amount of wealth destroyed in the United States, an executive said on Thursday.

Liabilities on the Fed’s balance sheet should rise to between $5 trillion and $6 trillion later this year amid the financial crisis that roiled global markets, said Brian Baker, chief executive Pimco Asia Ltd.

“Right now, the Fed has spent about $3 trillion. We believe there has to be further stimulus policies put in place,” Baker told Reuters.

Also, PIMCO is apparently a big believer in the “too big to fail” theory, if you look at their investments:

Pimco’s chief investment officer Bill Gross is one of the industry’s most widely watched figures. Pimco is buying high-yield bonds in some U.S. banks that have received government support.

“We are investing in Citibank. We are investing in Bank of America. Those are, we believe, national champion banks or financial institutions that will survive,” he said.

Emphasis mine, on the “national champion banks” part. Did you know that Citi and Bank of America had been crowned our national champions? When do we start getting the Shepard Fairey “C” agitprop billboards, brought to us by ClearChannel? (Though I should say, if by “national champion” he means “A#1 at gaming the system,” I might actually allow it.)

Also, NYC-ers: it’s “Stimulus Thursdays” at the (B)anchor…. flyer moderately NSFW so you know you want to be there.