.
Oh gosh, do I hate to say, "I told you so". OK, not really, it actually feels fairly good! What I find gratifying is his call of a 2 percent raise, which is the same I had said was needed. He and I differ however on the time frame for it, he prefering it be quickly, I that it be phased in over several year time frame and the schedule of gradual increases fully stated ahead of time.
http://money.cnn.com/2004/03/08/news/economy/fed_rates/index.htm
"Morgan Stanley chief economist Stephen Roach, long among the most bearish observers of the U.S.economy, on Monday reiterated a recent plea to Federal Reserve Chairman Alan Greenspan that he made last month: raise short-term rates. Now. By a lot. "Based on the Federal Reserve's own assessment of recent and prospective vigor of U.S. economic growth, it is now time to reload the monetary cannon," Roach wrote in a note to clients posted on the Morgan Stanley Web site.
"A failure to do so ... is a recipe for a never-ending outbreak of asset bubbles. Largely for that reason, I have urged the Fed to raise the federal funds rate immediately to 3 percent." (more at page link)

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