As Adam Jonas of Morgan Stanley points out, there is no certainty that American customers will flock to buy rebadged small Fiats.

如摩根·士丹利的亚当琼纳斯所指出，还无法确定美国消费者是否会蜂拥地去买换了商标的小型菲亚特车。

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But as Morgan Stanley points out, given off-book liabilities such as retirement, healthcare and education, the average consumer is practically in negative equity.

但正如摩根·士丹利指出的那样，假如考虑到退休、医疗和教育等账外债务，中国普通消费者实际上是负资产。

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As Adam Jonas of Morgan Stanley points out, there is no certainty that American customers will flock to buy rebadged small Fiats.

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They realize that some defense companies are paying hefty dividends (almost 6% at BAE Systems, 5% at Lockheed Martin), but as Heidi Wood of Morgan Stanley points out, that matters less if taxes on dividends are likely to rise.

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As Stephen Roach of Morgan Stanley Dean Witter points out, every economic expansion since the second world war has had at least one quarter of growth below 1% which did not become a serious downturn.

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