This week on our Masters in Business radio podcast, we speak with Stephen Roach, the former chief economist at Morgan Stanley, the Chairman of Morgan Stanley Asia, now a fellow and lecturer at Yale.
Via Barry Ritholtz
Stephen Roach began his career as a researcher at Brookings and the Federal Reserve before going to Wall Street.
In his first-quarter letter to investors of Greenlight Capital, David Einhorn lashed out at regulators. He claimed that the market is "fractured and possibly in the process of breaking completely." Q1 2021 hedge fund letters, conferences and more Einhorn claimed that many market participants and policymakers have effectively succeeded in "defunding the regulators." He pointed Read More
In a wide-ranging conversation, Roach discusses the role of the Federal Reserve in helping to both foster the credit crisis and rescuing the financial industry from its own follies afterwards. He gives Ben Bernanke mixed grades for his performance (bad pre-crisis, good post), and is especially critical of Alan Greenspan.
He also discusses the impact of China and Emerging Markets, and what the US and China misunderstand about each other.
The entire discussion is a tour de force education in how economic analysis can be part of an investing discipline.