Roach of Morgan Stanley: recession now and slower recovery ahead

Stehen Roach of Morgan Stanley points out that over-spent consumers now will mean a longer recession and a slower recovery this cycle.
People will be spending less, but as I have said many times, in the end this shift in habits will be a postive trend for more sustainable, sane habits down the road.
Watch his interview with Bloomberg here: Stephen Roach, Morgan Stanley

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