Overseas Flight From Wall Street

Are foreign investors souring on Wall Street? The data say yes. In September and August, foreign investors were net sellers of $5.9 billion of American stocks. These two monthly declines highlight a sharp slowdown in inflows from abroad since the beginning of the year.

Economic `Armageddon’ predicted

Stephen Roach, the chief economist at investment banking giant Morgan Stanley, has a public reputation for being bearish. But you should hear what he’s saying in private. Roach met select groups of fund managers downtown last week. His prediction: America has no better than a 10 percent chance of avoiding economic “armageddon.”