Stephen Roach: We've Opted For Financial Engineering Through Bubbles

An excellent summary from Stephen Roach on where we are today;

"We've tried to squeeze too much juice out of the lemon. We have opted for financial engineering through bubbles. That provides some temporary gratification but ultimately comes back to bite you. We're in a bubble right now."

When we ultimately raise rates...

"We will definitely have a difficult time dealing with another piece of bubble induced economic activity. The debt overhang is there."