Morgan Stanley’s former Asia chief Stephen Roach stopped by to talk to the Kelly Evans of the Wall Street Journal the other day, on his way to a new teaching stint at Yale.
Roach puts the odds of a double-dip recession at 40 percent and says he wouldn’t have voted for Ben Bernanke as Fed chairman since he’s always condoned asset bubbles. From excerpts posted at the WSJ Econ blog, he comments on our last two Fed chairman: “Alan Greenspan kept the policy rate too low for too long, set us up for credit and property bubbles that led to an enormous crisis, [and] I think Ben Bernanke is just rerunning the Greenspan movie of seven or eight years ago.” You’ll read much the same thing from Roach on this very first TMTGM post from about five-and-a-half years ago – The Test.
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F— these so called experts. They’re the ones who didn’t even see the crash coming and the pending doom coming. He’s probably one of those people who buy the Mercedes with stolen taxpayer money.
The only thing that saved this video was the lady’s beautiful legs!
I believe Stephen Roach was bearish throughout the 2000’s, until around 2007 with the Dow over 13,000, when he amazingly converted to the bullish case! Talk about a contrary indicator.