Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

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
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-106 next last
To: thefactor

a) even stopped clocks are right twice a day.
b) he’s no longer the economist for the IMF. It was a position he held in the past. He is, however on the NBER.
c) he has done work examining the fallout of banking collapses in several other nations in the past.


61 posted on 08/19/2008 11:03:18 AM PDT by NVDave
[ Post Reply | Private Reply | To 31 | View Replies]

To: ken5050

Who do you think it might be??


62 posted on 08/19/2008 11:03:20 AM PDT by DeLaine
[ Post Reply | Private Reply | To 41 | View Replies]

To: old and tired

A salient observation...I completely forgot about Lehman Brothers.


63 posted on 08/19/2008 11:05:19 AM PDT by xc1427 (It's better to die on your feet than to live on your knees...Midnight Oil (Power and the Passion))
[ Post Reply | Private Reply | To 17 | View Replies]

To: thefactor
it’s amazing to me that you guys are putting stock in this guys musings. usually when there is a thread about the IMF

Even when it's a lefty like this IMF guy probably is, Freepers love to eat up the MSM doom and gloom.

Amazing.

64 posted on 08/19/2008 11:08:34 AM PDT by what's up
[ Post Reply | Private Reply | To 31 | View Replies]

To: xc1427
Wamu received 7 billion in funding a few months ago by an investment firm to take a 16% ownership in the company. While I expect more pain for them, they are now capitalized well going into 2009 which is the most important thing for survival right now. They many eventually get bought out by a JPmorgan, Citi, or large foreign bank like Barclays or HBSC, but not for at least another 12 to 18 months, and will not be a bailout type scenerio.

I believe its going to be Wachovia.

65 posted on 08/19/2008 11:08:37 AM PDT by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Proud_USA_Republican

Your last sentence makes a lot of sense, if they have received billions in capital...and I’m not doubting you.

Thanks for the information.


66 posted on 08/19/2008 11:10:51 AM PDT by xc1427 (It's better to die on your feet than to live on your knees...Midnight Oil (Power and the Passion))
[ Post Reply | Private Reply | To 65 | View Replies]

To: Santa Fe_Conservative

In case you missed it this is an excellent article on our economy from a guy who accurately predicted the future ..... so far.

http://www.freerepublic.com/focus/f-news/2064143/posts


67 posted on 08/19/2008 11:12:02 AM PDT by Aria (Obama: Potluck for President! "I serve as a blank screen on which people..project their own views")
[ Post Reply | Private Reply | To 1 | View Replies]

To: KevinDavis

As long as you have less than $100,000 with them, you’ll be OK. If more, you’d best spread it around.


68 posted on 08/19/2008 11:14:59 AM PDT by SeaHawkFan
[ Post Reply | Private Reply | To 7 | View Replies]

To: KevinDavis

Actually, in terms of market cap it could very well be Wachovia. Or an investment bank.


69 posted on 08/19/2008 11:30:10 AM PDT by BunnySlippers (I have already previewed or do not wish to preview this composition.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: logician2u
http://www.bankofamerica.com/Survey/online-secure/BankOfAmerica/

Hah! And where did that link really go? Guang Dong Province? North Ossetia?

70 posted on 08/19/2008 11:38:06 AM PDT by cynwoody
[ Post Reply | Private Reply | To 34 | View Replies]

To: Palladin
30. Zions Bancorporation (Salt Lake City, Utah) 53,597

What a Zionist plot!! :-)

71 posted on 08/19/2008 11:39:12 AM PDT by MaineConservative (Charlie Summers -- an Iraqi Vet and businessman for Maine's CD-1)
[ Post Reply | Private Reply | To 50 | View Replies]

To: logician2u

Classic phishing.

Barely a millimeter better than a Nigerian fraud scheme letter.

You can get a twofer - get your identity stolen AND make your computer a botnet slave.


72 posted on 08/19/2008 12:16:07 PM PDT by SargeK
[ Post Reply | Private Reply | To 34 | View Replies]

To: MaineConservative

Yeah...that’s what Obama thinks.


73 posted on 08/19/2008 12:41:41 PM PDT by Palladin (Glenn Beck on Obama: "Who the hell does he think he is?")
[ Post Reply | Private Reply | To 71 | View Replies]

To: Proud_USA_Republican; Ron Jeremy

And don’t forget about the billions in auction rate securities they are going to have to buy back and pay some hefty fines on because of the lying to customers to get them to buy ARS in the first place. Plus the civil suits on the misreps they made the ISSUERS of the ARS. Their securities arm has turned from a cash cow into a cash shredder.

Actually, it would not break my heart to see Wachovia’s securities arm go down. It would probably reduce my workload. (I probably should’nt have typed that...)


74 posted on 08/19/2008 12:46:05 PM PDT by L,TOWM (If the GOP is this desperate to lose, who am I to stand in their way?)
[ Post Reply | Private Reply | To 60 | View Replies]

To: logician2u

Same here, I don’t have an account with them.


75 posted on 08/19/2008 12:55:55 PM PDT by wastedyears (Show me your precious darlings, and I will crush them all)
[ Post Reply | Private Reply | To 34 | View Replies]

To: Santa Fe_Conservative

bookmark


76 posted on 08/19/2008 12:59:44 PM PDT by Ruy Dias de Bivar
[ Post Reply | Private Reply | To 1 | View Replies]

To: MaineConservative
I don’t have to worry, my bank is a small regional bank and most of my $$ is in a Credit Union.

Many or most all credit unions are OK but don't assume the same about "small regional banks". A relative asked me to research one where she has an account almost exceeding the insured limit. I had not previously heard anything negative about this bank headquartered about 150 miles from me. Turns out it receives the very lowest "star" rating from bankrate.com. No other financial institution I personally have looked up has a rating in that category (except those that have already failed).

77 posted on 08/19/2008 1:03:02 PM PDT by steve86 (Acerbic by nature, not nurture™)
[ Post Reply | Private Reply | To 54 | View Replies]

To: r9etb
What are the numbers to the right of those banks?

$$$---Dollars

FMCDH(BITS)

78 posted on 08/19/2008 1:03:31 PM PDT by nothingnew (I fear for my Republic due to marxist influence in our government. Open eyes/see)
[ Post Reply | Private Reply | To 44 | View Replies]

To: steve86

Meant to add that the share price falling from $20 to $1.xx in the past few months was a real tip off on the problems at this regional bank — but I hadn’t been following it as I had no reason to.


79 posted on 08/19/2008 1:05:37 PM PDT by steve86 (Acerbic by nature, not nurture™)
[ Post Reply | Private Reply | To 77 | View Replies]

To: SargeK
You can get a twofer - get your identity stolen AND make your computer a botnet slave.

Sweet!

80 posted on 08/19/2008 1:08:42 PM PDT by GATOR NAVY
[ Post Reply | Private Reply | To 72 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-106 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson