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> Boston Herald - November 23, 2004
>
> On State Street: Economic 'Armageddon' predicted
>
> By Brett Arends
>
> 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."
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