When the shit hits the fan, the pirates of Wallstreet have this to say:

“Global equity markets are incorrectly extrapolating a profusion of idiosyncratic risks into a broader perception of systematic risks…”

By Stephen Roach, Chairman Morgan Stanley Asia in “Six experts give their views on the global financial crisis…” in the Financial Times of September 19th.

Is Mr Roach thinking he is a contender in Bullshit Bingo?