Boston Herald: Economic `Armageddon’ predicted. Stephen Roach, the chief economist at investment banking giant Morgan Stanley, has a public reputation for being bearish. But you should hear what he’s saying in private. Roach met select groups of fund managers downtown last week, including a group at Fidelity. His prediction: America has no better than a 10 percent chance of avoiding economic “armageddon.” Press were not allowed into the meetings. But the Herald has obtained a copy of Roach’s presentation. A stunned source who was at one meeting said, “it struck me how extreme he was – much more, it seemed to me, than in public.” Roach sees a 30 percent chance of a slump soon and a 60 percent chance that “we’ll muddle through for a while and delay the eventual armageddon.”
Now I try to be as positive as the next American. But this Administration’s blatant disregard for the economics of our unborn grandchildren really has me concerned about our own economic future. With the upward spiral of the national debt, and many wondering if we’ll ever pay it all back by the time we’re done with this war, I wonder if we’re not about to see the 70s and 80s all over again. Is it time to trade in the gas guzzling SUVs for a fuel efficient hybrid compact? Maybe not quite yet, but I think I’ll hold on to the mortgage rate I have and hunker down with as little debt as possible. At least for 4 more years….