Wednesday, November 03, 2004

Even the Winner May Be a Loser: "Morgan Stanley's Stephen Roach, one of the few Wall Street economists still willing to admit to caring about current-account deficits and consumer debt, is now forecasting a 40% chance of global recession next year as high oil prices interact with the existing vulnerabilities of the world's big economies (such as America's consumer-debt overhang) to bring growth to what he calls 'stall speed.'"—Fortune

Mmmm... global recession.