Tuesday, May 15, 2007

Protectionism Rears Its Ugly Head in Congress

One of the most well-respected macro strategists on Wall Street, Morgan Stanley's Stephen Roach, recently testified in Congress on China trade.

His comment after leaving Capitol Hill: "the protectionist train has left the station."

He says China bashing could backfire and endanger the balance of the global economy.

Bottom line? "The U.S. Congress just doesn't do macro."

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