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Financial Stocks – got ulcer?

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First off, let me open by saying “I told you so“.

Financial whizz, Kenneth Rogoff, stated in an interview today that he anticipates “The worst is yet to come in the U.S.,” (source) He expects a major bank to go bust in the next few months.

As we’ve seen (July 15th, anyone?) any time even a small bank goes pop, financials get hammered.

“The degree and depth of what’s happening in the financial industry is beyond anything we’ve seen in decades and it takes time to get your arms around the severity of what’s happening and what the long-term and short-term ramifications are,” – said John Merrill, chief investment officer at Tanglewood Wealth Management. (source)

Never mind Freddie and Fannie getting hit hard by the potential government bailout… there’s more to come… (read on)

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Written by skepticalsinner

August 19, 2008 at 5:52 pm

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