Only two months before the turbulent August of 2007, Rogoff expressed in his 2007 testimony in the House of Representatives view that U.S. financial system is healthy and strong. Even though the bad timing of this statement, Rogoff has been right in almost all of his other views mentioned in the testimony (as of now), even being prophetic warning against exactly the shock that was to come, i.e. a shock in the debt markets.
