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 ...
Please let it be Bank of America.
If I had to guess, I’d say Wachovia.
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.
But if Bank of America fails where will all those illegals get their credit cards?
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.
I hope not, I’m using Bank of America..
Wachovia or Washington Mutual.
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.
(Thank you, thank you very much.)
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.
For sure its Wachovia. Most of thei holdings are under water.
Slapshot68, I wouldn’t be rooting for anyone’s bank to go under.
Just my opinion.
I’d say Washington Mutual.
“You can’t trust anyone in the investment business anymore because they ALWAYS have a finger in the pie.”
Thank you!
I agree that you can't believe any of these financial guys, but Lehman Brothers is very close to failing, I think.
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.
LOL!!
Although that’s the bank I’m currently using, despite some past unpleasantness...
My car payments and house payments go to Wells Fargo.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.