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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (108644)8/4/2007 12:59:39 PM
From: Night Trader  Read Replies (2) of 132070
 
Well Jeremy Grantham who's generally fairly level headed and who I respect expects at least one major bank to fail:


"To conclude, I have been trying to come up
with a simple statement that would capture how serious the
situation is for the overstretched, overleveraged financial
system, and this is it: In 5 years I expect that at least one
major “bank” (broadly defined) will have failed and that
up to half the hedge funds and a substantial percentage of
the private equity firms in existence today will have simply
ceased to exist.

I have often been too bearish about the U.S. equity markets
in the last 12 years (although bullish on emerging equity
markets), but I think it is fair to say that my language has
almost never been this dire. The feeling I have today is
that of watching a very slow motion train wreck."
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