Morgan Stanley's chairman slams bitcoin as speculative and volatile – and expects the US to dodge a recession

• Bitcoin is a volatile, speculative asset facing regulatory and industry upheaval, James Gorman says.
• Morgan Stanley's chairman says there wasn't a banking crisis last year, but three lenders messed up.
• The bank's ex-CEO expects the Fed to cut interest rates twice and skirt a recession this year.

Buying bitcoin is rank speculation, the bank failures last spring weren't a big deal, and there probably won't be a recession, according to Morgan Stanley's executive chairman.