Two opposing views on the US economy

Morgan Stanley's Stephen Roach and JPMorgan's Bruce Kasman both make predictions.
Every once in awhile weÆre reminded that analysis is all about what data you choose to focus on the most. On Friday, ahead of the long weekend, two major banks had two chief economists in town, talking to packed audiences while they dined on hotel meal lunches.

Stephen Roach, chief economist for Morgan Stanley, beat his familiar drum about the need for global rebalancing when he spoke to a packed crowd at the Grand Hyatt.

He argued once again that the US could be headed for trouble with its housing bubble and a massive sector of society - particularly in the manufacturing sector - underemployed at jobs that offered half the wages they once earned....
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