May 2003
Enough pessimism already
| |
Roach: "I've been a
pessimist for three
years and it's
depressing" |
Who says economists are dull? Three of Wall Street's
finest, and most bearish, took part in an early-morning
debate about the impact of the Iraq war on the US economy at
the Council for Foreign Relations in New York last month. At
times it was like stand-up comedy, with Morgan Stanley chief
economist Stephen Roach as the main act.
Asked about the possibility of deflation, he
replied: "Well, I was the first jerk to mention the D-word 14
months ago. I got a call from the Federal Reserve. I used to
work there years ago, and they said that they were
disappointed in me, and that they expected more from one of
their illustrious alumni." Then, after a pause: "I
exaggerate, of course. They called me a crackpot and an
embarrassment." You don't expect an economist to draw a
laugh, at least not on purpose, but the crowd loved it. And
it wasn't even 9am.
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