I love these quotes from Bank of America CEO Ken Lewis
Posted by
Brian (aka trav007)
Dec 2 '08, 10:50
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which were made in June....of 2007.
Bank of America's Lewis Says U.S. Housing Slump Is Almost Over
By Will Edwards
June 20 (Bloomberg) -- The worst U.S. housing slump in 16 years will begin to ease in the next month or two, and job growth will lift home prices and spur construction early next year, Bank of America Corp. Chief Executive Officer Kenneth Lewis said.
``The drag stops in the next few months,'' Lewis said in an interview yesterday in New York. ``It's just about to be over. We're seeing the worst of it.''
Economic growth has been crimped every quarter since late 2005 by the housing slowdown, and new-home starts probably will fall 21 percent this year, according to the National Association of Realtors. A record number of Americans faced the risk of foreclosure in the second quarter because they couldn't make payments, the Mortgage Bankers Association reported last week.
``We do not see a recession,'' Lewis said. ``Because that drag stops, you'll see the economy begin to pick up in the third and fourth quarters.''
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