Morgan Stanley: Risk of Systemic Shock “Alarmingly High”

Reuters piece Friday evening pulling some choice quotes from a nervous Morgan Stanley report:

“At the root of our near-term negativity is the alarmingly high potential for a systemic shock, as well as concerns on the financial system and economic environment due to the derailment of the securitization process… in addition to our above concerns, if we begin factoring in escalating energy prices, the collapsing U.S. dollar and a possible wobbling in the emerging markets, we become even more convinced that the markets aren’t braced for the downturn.”