  Gross has found an exact expression for the density of eigenvalues in the
simplest version of the Kazakov-Migdal model of induced QCD. In this paper we
compute the spectrum of small fluctuations around Gross's semi-circular
solution. By solving Migdal's wave equation we find a string-like spectrum
which, in four dimensions, corresponds to the infinite tower of mesons in
strong coupling lattice QCD with adjoint matter. In one dimension our formula
reproduces correctly the well known spectrum of the hermitean matrix model with
a harmonic oscillator potential. We comment on the relevance of our results to
the possibility of the model describing extended objects in more than one
dimension.
