Stephen Roach, : we're setting ourselves up for yet another series of bubbles that could end rather painfully

Stephen Roach, Morgan Stanley non-executive chairman.:"I agree on both counts. too bad we didn't get to those, but i'll say one thing about monetary policy. he's a terrific central banker. we need more central bankers like richard fisher, but he spoke a lot about the fed post-crisis, and i think we'll have a much different assessment of the fed pre-crisis. it's pretty clear to me that a 1% federal funds rate was not the right answer for the u.s. economy for several years leading up to the mortgage and credit crisis. it's equally clear to me right now that zero is probably not the right answer either, and I worry we're setting ourselves up for yet another series of bubbles that could end rather painfully. we've got to take a long and hard look about not what they are doing to stave off the post-crisis pain but to prevent the next crisis from ever happening again"