] 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.''

I don't think this is a big surpise to people who have been watching this sort of thing, the fact people with big bank accounts are starting to say it should be frightening.

BostonHerald.com - Business: Economic `Armageddon' predicted