Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (1167)	7/2/2002 12:24:32 PM
From: stockman_scott	Read Replies (1) of 89467

9:12 (Dow Jones) Granted, they have different jobs, but the difference in opinion out of two Morgan Stanley bigwigs seems to be growing. The company's global strategist, the formerly bearish Barton Biggs, says the U.S. stock market has demonstrated on many occasions the ability to heal itself. The world economy is in gradual recovery that will not be derailed by the turbulence, equity markets are bottoming, and stocks should be bought, not sold. Enter the company's well-respected economist, Stephen Roach, who says corporate America could be forced to bite the bullet on the disclosure of earnings distortion, which could accelerate much of the cost cutting that is still being deferred. Such cost cutting would entail another managerial shakeout, sufficient to boost unemployment toward 7%. That would trigger heightened concerns of job insecurity, enough to derail a vulnerable American consumer and spark another dip. (TG)

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