The whopper’s on its way
A leading economist has warned that another big American bank could fail as a result of the credit crunch within the coming months. Professor Kenneth Rogoff, the former chief economist of the IMF, said:
“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… 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.”
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