Stephen Roach - Grow now, ask questions later formula will end in tears. He points out that the 1997 Asian Contagion was in large part alleviated by policies that got us in to the current mess. Massive trade in balances, where the U.S. sucked up all Asian exports. Jump-starting U.S. consumer consumption will not re-set these imbalances. Asian governments want the same thing - to get the US consumer buying again - because that is what their economy is geared for.

This will not be a recipe for future happiness.