Extent of the Economic Crisis - Stephen Roach

Complete video at: http://fora.tv/2009/01/28/World_Economic_Forum_Update_2009_The_New_Economic_Era

Stephen S. Roach, Managing Director and Chief Economist for Morgan Stanley, summarizes the grim status of the worldwide economy. "This will most likely be the first year since the end of WWII when world GDP actually contracts," he cautions.

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In the opinion of many pundits, the global economic collapse that began in 2008 rivals the Great Depression of the 1930s.

In partnership with Time magazine, members of the World Economic Forum's Global Agenda Councils and Time magazine's Board of Economists examine the new fundamentals of the global economy that will emerge in 2009 - World Economic Forum

Stephen S. Roach is Managing Director and Chief Economist of Morgan Stanley, a leading global financial services firm. In this role, he oversees the Firm's team of economists located in New York, London, Frankfurt, Paris, Tokyo, Hong Kong and Singapore.

Before joining Morgan Stanley in 1982, Mr. Roach was Vice President for Economic Analysis for the Morgan Guaranty Trust Company in New York.

He also served on the research staff of the Federal Reserve Board in Washington, D.C. from 1972-79 - where he supervised the preparation of the official Federal Reserve projections of the U.S. economy. Prior to that, he was a research fellow at the Brookings Institution in Washington, D.C.

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[Shaddi100202]

Stan1208: "The sheep of America are following Obama as if he is magic. He will lead us to the greatest single casatrophe the world has ever seen. and it will be too late".

It's already too late, the people got manipulated and don't even know it yet.

[sugarpuddin88]

Every 15 months, the USA owes another trillion dollars against Gov expenses!

Prop up the bad guys with money!

Reward the mistakes!

Weve increased the Money Supply 70% since October!!!!!

Can you imagine?!

Bernanke refused to show up the other day before congress

Altogether, the worlds markets over the past four weeks saw $11 trillion worth of assets wiped out. This sum corresponds to virtually the entire annual gross national product of the US, or the European Union

[tokanite]

@TruthAxe Did you even listen to what he says in this video? Lol

[ObowMao666]

As of August 20 2010, he is exactly correct, except that it is not even a recovery at all. There was a small blip up with the stimulus, but that was all.

[TruthAxe]

Steven Roach is yet another dipshit who suggests that Collectivist, Oligopoly Corporatism of the U.S. is a "free market" economy.

Roach is a fucking moron.

[Jyoyo1]

What a poorly constructed basis for a "conclusion."

Roach doesn't have a clue where we were, where we are nor where we're going.

He's joined the dark side and speaks in tongues.

Where are the tits?

[sunpokerdotcom]

I think we really need to consider legalizing online casino and poker like the UK did, and did it well. I promise it will not corrupt the moral fiber of the US people. In fact I'll bet on it:) if someone would like to have a real constuctive conversaton on the subject, look me up.

[shroomduke]

well said detroit!

These Wanna-be robber barrons are nothing but small time nobodies that have been suckered into believeing some day, if they play their cards right they too will be WEALTHY men. If they just pick the Right Stock or get in on the ground floor of the next Global Phenomena they will be BLESSED BY GOD with copious amounts of Cash and adoration by all who matter, even land that Super Model or movie star!

They are all gullable suckers spewing the vomit of greed!

[buzzz1213]

War was necessary sad but true, oil is our monetary lifeline if it goes down or Sadam was allowed to trade oil for some other currency US and Western civilization destroyed Checkmate!

Bush has excerated inflation which has been in existence for 70+ years, Obama is finishing the job!

PS- thats why this liberal dove Obama has us in Afganahstan, think about it either way we're screwed.

[DarkAngelAsSatan]

taking this for 99% true == 50% drop, Stephen Roach takes it easy - he will take a vacation I guess.

[Wrkoutguy08]

So, all of you think this is tied into politics? Sure there were times when Bush's Monetary policy fueled inflation, but this economy has more to do with irresponsible lending than anything else.

[jjrglobal]

detroitsports

So you know absolutely nothing yet think you need to voice your ignorance, why?