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US bank 'to fail within months'
BBC ^ | 8/19/08

Posted on 08/19/2008 10:10:59 AM PDT by Santa Fe_Conservative

The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.

Kenneth Rogoff's comments came as shares in Fannie Mae and Freddie Mac sank on a report that the home lenders would, in effect, be nationalised.

Despite hopes that the US economy had turned the corner, Mr Rogoff claimed it was "not out of the woods".

"I would even go further to say 'the worst is to come'," he said.

"We're not just going to see mid-sized banks go under in the next few months," said Mr Rogoff, who held the IMF role between 2001 and 2004.

"We're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."

Speaking at a conference in Singapore, Mr Rogoff, now an economics professor at Harvard, forecast that Fannie Mae and Freddie Mac would "probably" not exist in their present form in a few years.

(Excerpt) Read more at news.bbc.co.uk ...


TOPICS: Business/Economy
KEYWORDS: bank; bankfailure; banking; bankofamerica; banks; credit; death; econmy; fanniemae; fdic; freddiemac; globaleconomy; globalism; govwatch; wachovia
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1 posted on 08/19/2008 10:11:01 AM PDT by Santa Fe_Conservative
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To: Santa Fe_Conservative

Please let it be Bank of America.


2 posted on 08/19/2008 10:12:08 AM PDT by Slapshot68
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To: Santa Fe_Conservative

If I had to guess, I’d say Wachovia.


3 posted on 08/19/2008 10:13:34 AM PDT by Ron Jeremy (sonic)
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To: Slapshot68

I just got spam mail from them, both in English and Spanish. But, but, the first one I noticed was Spanish, not the English. I said “these people really sent me mail in Spanish.”

I hate spam mail.


4 posted on 08/19/2008 10:13:40 AM PDT by wastedyears (Show me your precious darlings, and I will crush them all)
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To: Slapshot68

But if Bank of America fails where will all those illegals get their credit cards?


5 posted on 08/19/2008 10:14:02 AM PDT by Jaxter (Everything I needed to know about Obama I learned by Googling "Black Liberation Theology".)
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To: Slapshot68
Please let it be Bank of America.

Amen, let the Charlot-tans cry.

Nevertheless, I think it will be Wachovia before Bank of America. I see Washington Mutual getting bought by an overseas bank over the next year.

6 posted on 08/19/2008 10:16:03 AM PDT by Clemenza (No Comment)
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To: Slapshot68; All

I hope not, I’m using Bank of America..


7 posted on 08/19/2008 10:16:03 AM PDT by KevinDavis (If Obama can't handle a town hall debate, then he can't handle the job of being President.)
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To: Ron Jeremy

Wachovia or Washington Mutual.


8 posted on 08/19/2008 10:16:36 AM PDT by xc1427 (It's better to die on your feet than to live on your knees...Midnight Oil (Power and the Passion))
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To: Santa Fe_Conservative

This isn’t related to the possible closing, but,,, I turned the water off at a house that someone walked away from recently. Posted on the front of the house was the case #. The plaintiff? Deutsche Bank National Trust Company.


9 posted on 08/19/2008 10:17:33 AM PDT by Dr. Bogus Pachysandra ("Don't touch that thing")
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To: Santa Fe_Conservative
If it turns out to be Wells-Fargo, they'll have to change their motto from "Seize your tomorrow" to "Seizure tomorrow".

(Thank you, thank you very much.)

10 posted on 08/19/2008 10:17:38 AM PDT by Ken H
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To: Slapshot68
If it is does that mean all the BoA credit card debt disappears with it? =)
11 posted on 08/19/2008 10:17:51 AM PDT by chaos_5
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To: Santa Fe_Conservative
He must have a big short position.

You can't trust anyone in the investment business anymore because they ALWAYS have a finger in the pie.

Anymore they are like the Russians; if their mouths are moving, they are lying.

12 posted on 08/19/2008 10:17:52 AM PDT by Herakles (Diversity is code word for anti-white racism)
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To: Ron Jeremy

For sure its Wachovia. Most of thei holdings are under water.


13 posted on 08/19/2008 10:21:34 AM PDT by Nonstatist
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To: Slapshot68

Slapshot68, I wouldn’t be rooting for anyone’s bank to go under.

Just my opinion.


14 posted on 08/19/2008 10:21:34 AM PDT by rlmorel (If they can call George "Dubya", we can call Barack "Hussein")
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To: Ron Jeremy

I’d say Washington Mutual.


15 posted on 08/19/2008 10:21:57 AM PDT by BunnySlippers (I have already previewed or do not wish to preview this composition.)
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To: Herakles

“You can’t trust anyone in the investment business anymore because they ALWAYS have a finger in the pie.”

Thank you!


16 posted on 08/19/2008 10:22:05 AM PDT by driftdiver (No More Obama - The corruption hasnÂ’t changed despite all our hopes.)
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To: xc1427
Why are folks saying Wachovia? I've got a couple of accounts there...

I agree that you can't believe any of these financial guys, but Lehman Brothers is very close to failing, I think.

17 posted on 08/19/2008 10:22:34 AM PDT by old and tired
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To: Nonstatist

Do you know where I can read more about Wachovia? After reading all the Wachovia guesses here I’m ready to do a one man run on them.


18 posted on 08/19/2008 10:23:50 AM PDT by old and tired
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To: Ken H

LOL!!

Although that’s the bank I’m currently using, despite some past unpleasantness...


19 posted on 08/19/2008 10:24:18 AM PDT by Santa Fe_Conservative (The RINOs think that they have won but we shall see who has the last laugh in '08...)
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To: Ken H; All

My car payments and house payments go to Wells Fargo.


20 posted on 08/19/2008 10:24:48 AM PDT by KevinDavis (If Obama can't handle a town hall debate, then he can't handle the job of being President.)
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