Even Goldman can't run nor hide.
No one is immune to this deadly virus.
No one is immune to this deadly virus.
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The Darkest Storm is About to Descend - You Can't Imagine the Carnage
- Thread starter ByLoSellHi
- Start date
Credit crunch may take out large US bank warns former IMF chief
Gary Duncan, Economics Editor and Leo Lewis, Asia Business Correspondent
The deepening toll from the global financial crisis could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares.
Professor Kenneth Rogoff, a leading academic economist, said there was yet worse news to come from the worldwide credit crunch and financial turmoil, particularly in the United States, and that a high-profile casualty among American banks was highly likely.
âThe US is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say the worst is to come,â Prof Rogoff said at a conference in Singapore.
In an ominous warning, he added: âWeâre not just going to see mid-sized banks go under in the next few months, weâre going to see a whopper, weâre going to see a big one â one of the big investment banks or big banks,â he said.
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article4563171.ece
Gary Duncan, Economics Editor and Leo Lewis, Asia Business Correspondent
The deepening toll from the global financial crisis could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares.
Professor Kenneth Rogoff, a leading academic economist, said there was yet worse news to come from the worldwide credit crunch and financial turmoil, particularly in the United States, and that a high-profile casualty among American banks was highly likely.
âThe US is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say the worst is to come,â Prof Rogoff said at a conference in Singapore.
In an ominous warning, he added: âWeâre not just going to see mid-sized banks go under in the next few months, weâre going to see a whopper, weâre going to see a big one â one of the big investment banks or big banks,â he said.
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article4563171.ece
Quote from capmac:
Credit crunch may take out large US bank warns former IMF chief
Gary Duncan, Economics Editor and Leo Lewis, Asia Business Correspondent
The deepening toll from the global financial crisis could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares.
Professor Kenneth Rogoff, a leading academic economist, said there was yet worse news to come from the worldwide credit crunch and financial turmoil, particularly in the United States, and that a high-profile casualty among American banks was highly likely.
âThe US is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say the worst is to come,â Prof Rogoff said at a conference in Singapore.
In an ominous warning, he added: âWeâre not just going to see mid-sized banks go under in the next few months, weâre going to see a whopper, weâre going to see a big one â one of the big investment banks or big banks,â he said.
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article4563171.ece
Can you say Wachovia and WAMU?
Quote from ByLoSellHi:
Let me tell you something. You think you know that things will get bad with the banks, right?
I mean, there's been doom & gloom all over the news, and predictions of bank failures by the hundreds, right?
You are all prepared, right? Nothing will shock you?
Things are 100x worse than what anyone has publicly been saying.
How do I know this? It's not insider information. It's not a national secret. It's not privileged, nor confidential information.
I have two very friends that work for two different law firms, and they have been taken out of their regular practice areas and reassigned to the foreclosures department.
Most of you have ZERO clue as to how many PROPERTIES (not just residential homes, but commercial, retail, office and industrial) are being foreclosed upon.
They are both telling me that their firms can't hire paralegals or attorneys fast enough to handle the onslaught, and that the senior most partners at their firms view this as unprecedented.
It's so bad, and these people are anything but lazy, that they are considering quitting their jobs. They both refer to it as a black hole. They have told me stories of people just quitting on the spot, in the middle of the day, as a frequent occurrence.
If you have access to any database that lists foreclosed properties, you would be stunned at the broad array of properties - everything from single lots to factories to shopping malls - that are being foreclosed on right now.
Everything I'm telling you is public record. Once banks file foreclosure proceedings, it's all public record.
So, if you have any doubts that we are headed for an absolute crisis, or that properties from the tens of thousands to the hundreds of millions, from New York to Boston to Cleveland to California to the Hamptons to Mercer Island are being foreclosed upon in record numbers - just go check out the public records - whether in your immediate area, or on a national level.
No one can understand the size and scope of this crisis until they actually view the reams and reams of foreclosure listings, and see that no price point, location, category, size or shape is immune.
You will come back to this thread, if you do this, and be able to do nothing but say "wow, you're right."
A tidal wave is about to hit. It's 60 feet high, just off shore, and building in velocity and height at a rapid clip.
yes, getting close to buy time when the panic starts setting in...
Quote from cleon:
yes, getting close to buy time when the panic starts setting in...
See, that's just it, though, isn't it? Who says this is the panic? The panic may occur when you do see people closing out their bank accounts and renting apartments rather than buying homes - and cutting their grocery bills by 1/3. We'll never know until after the panic as to when the panic bottomed.
The panic may only bottom when you see a rocket-fuel volume selloff - the kind we had in '87. I wouldn't want to be long the eve of.
Attempting to catch falling knives is such a high risk proposition.
I've learned my lessons.
on the flipside they usually tell us its bad after they have gotten short and are close to covering,so they can buy it at a lower price,why would they change the game after all these years,spu's went to 1200 and rallied back to 1310,now pulling back to 1260 ish,and then another rally to 1320,halfway mark from 1440 to 1200 ,the time to worry is when they tell us things are good ,we are coming out of our doldrums,thats when they will be getting out or short