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Ear to the Ground

Economy: ‘The Worst Is to Come’

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Posted on Aug 19, 2008
commons.wikimedia.org

Those words from the former chief economist of the International Monetary Fund, who warns that the global economic malaise is only at its halfway point, if that. “The U.S. is not out of the woods,” says Ken Rogoff.


Guardian:

Ken Rogoff, the former chief economist at the International Monetary Fund, added to market jitters by warning that the worst of the crisis was yet to come.

“The 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’,” he told a financial conference in Singapore.

“We’re not just going to see mid-sized banks go under in the next few months, we’re going to see a whopper, we’re going to see a big one—one of the big investment banks or big banks,” Rogoff said.

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By gary kinkade, August 20, 2008 at 11:04 am Link to this comment
(Unregistered commenter)

As an analogy to the Native American Indians:  We are all on the “trail of tears” heading for the destined reservation.

Guess it was just our turn, what goes around comes around.

After they(whose they?) are through with us, who will be the next target?

“The powers that be” are running out of objectives (well, maybe China is next )

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Ed Harges's avatar

By Ed Harges, August 20, 2008 at 9:38 am Link to this comment

Oh, good God.

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By G.Anderson, August 20, 2008 at 8:28 am Link to this comment

Not a good idea to close all your factories at the same time you send your military off to war, is it?

So the Ponzi game continues…

Instead of American’s being measured by how much they produce, we are being measured by how much debt we can carry. How much debt we can service. Hence the need for bankrupcy reform and credit card reform.

At this point it should be quite clear that Americans can’t carry anymore debt, so of course that means, our economy is worthless, because we can’t borrow anymore money.

And all those countries, from Russia, to The PRC, to Saudi Arabia, have to just be a little worried about, who is going to pay them back, and how they are going to do it.

Enter Fire Sale America, everything must go. From our banks to vast housing tracts, owned and operated by Soverign Wealth Funds, i.e., The PRC, Russia, and Saudi Arabia.

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By Jim Yell, August 20, 2008 at 7:38 am Link to this comment
(Unregistered commenter)

The American taxpayer has repeatedly paid off the disasters that were authored by the corporate gangsterism and monoplist practices of the Republican Party, Democratic enablers and corporate America.

Enron mostly got away with all the ill gotten money, the crimes either ignored or an invented technicality dimissed. Without punishment for these crimes they will continue until the economy is destroyed. Likely the country will not beable to recover from the crimes of the Bush/Cheney Administration.

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By msgmi, August 20, 2008 at 7:04 am Link to this comment
(Unregistered commenter)

Greed is the center of gravity for capitalism. The current financial black hole is thanks to the partalysis of the Fed, Treasury Sec, SEC, and Wall Street.  They all mothballed regulations for instant profiteering and were complicit in the current financial crisis. Leave it to the administration and congress to see no evil, hear no evil, or speak no evil. Now the tax payers must bail out the crooks while AG Mukasey remains silent.

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By samosamo, August 19, 2008 at 10:58 pm Link to this comment

NO BAILOUT!!!!!!

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