As early as August 2005, Raghuram Rajan, the IMF’s Economic Counselor (chief economist) at the time, was warning of weaknesses in the US financial markets. Rajan saw that something potentially dangerous was happening, warning that competition forces were pushing financial markets “to flirt continuously with the limits of illiquidity” and concealing risks from investors in order to outperform competitors.
Ya en agosto de 2005, Raghuram Rajan, Asesor Económico (economista en jefe) del FMI de esa época, advertía sobre las debilidades de los mercados financieros de EE.UU. Rajan vio que estaba ocurriendo algo potencialmente peligroso, y advirtió que las fuerzas de la competencia estaban empujando a los mercados financieros "a coquetear constantemente con los límites de la iliquidez" y a ocultar los riesgos a los inversionistas para superar a sus competidores.