Stephen Roach, chief economist for Morgan Stanley, might also be introduced as their chief iconoclast and contrarian. In these latter roles he regularly challenges the optimistic consensus on the basis of facts and analyses that tend to be ignored as the herd embraces a new trend. For example, while numerous analysts confidently hold that asset-based (rather than income-based) consumption can continue to power the US economy, Roach has been raising doubts about this for years. As America's housing bubble slides and leaves a swathe of consumers stuck with exorbitant mortgage payments, their “propensity to consume” is falling and Roach is looking prescient (again). The American housing bubble is only beginning to slide, but this may be one reason that growth in consumption has recently slipped to 1.5% after recording a robust 4% for the past decade.