Wells Fargo is the largest bank in Colorado, with more than $10 billion in deposits and a 20% market share. The 58-year-old Bailey is a 35-year-veteran of Wells Fargo and its predecessor banks.

Although he doesn't see a return to the deep recession of the '80s, Bailey predicts the area will overbuild. For example, Lucent Technologies, which recently has announced it may lay off 16,000 people, says it will only displace 200 in the Denver area. Bailey expects the final number to be much higher, possibly putting a big dent into the huge amount of office space that is controlled by Lucent. "I don't think they're passing out misinformation; I just think they don't know," Bailey says.

Smaller high-tech companies also will be giving up space, as they continue to fold and consolidate, he says. "Some of these dot-coms never had any earnings, much less a product," Bailey says. "That worries me." He's also concerned about the speculation in the marketplace. "I see new townhomes and condominiums being sold for $350 per sf to $400 per sf. What bothers me is that a lot of people aren't buying to live in them, but to quickly sell them for a huge profit," he tells GlobeSt.com.