Bank of America CEO: Recession “feel” may last year

Jonathan Stempel
Reuters
Wednesday, July 9, 2008

Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) Chief Executive Kenneth Lewis said on Wednesday it may feel to some people for the next year as if the U.S. economy is in recession.

“I think we’ll start a gradual recovery toward the middle of next year,” Lewis said in a speech in Los Angeles. “Until then, depending on what sector of the economy you’re in, it will feel slow, and may feel like a recession.”

Lewis, head of the country’s largest retail bank, spoke near the former home of Countrywide Financial Corp.

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Bank of America rescued the largest U.S. mortgage lender last week in a $2.5 billion acquisition.

On Tuesday, the chief executive of another major U.S. retail bank, JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) Jamie Dimon, said market conditions “could actually get worse.”

Lewis said borrowers will remain cautious, pinched by $4 a gallon gasoline, soaring food costs, and plunging housing prices, including declines of nearly 30 percent in California.

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7 Responses to “Bank of America CEO: Recession “feel” may last year”

1. Howard Says:
   July 9th, 2008 at 6:57 pm

   As long as it “feels” like recession it really isn’t one in reality. Right? My hunger, unemployment, and gloom just “feel” like hunger, unemployment and gloom.

2. CB Says:
   July 10th, 2008 at 2:33 am

   Really, I am tired of people lying to us. There is no time for talk, anymore. It is time for people to take action. No more discussion!

   If people could just take one week off from their busy 9 to 5 enslavement jobs, and do either non-violent civil or political action (mainly aimed at the corporations that support this nonsense, and not just govt,), then this world would be in a litttle bit better place than it was yesterday.

3. Spykid Says:
   July 10th, 2008 at 7:51 am

   I am so sick to death of the mainstream media puppets parroting this foolishness about not being in a recession. How do they suppose to keep this nonsesne going when all around is nothing but gloom and despair, which is getting worse. The poison is spreading throughout the U.S. the U.K. and even here in Bermuda. How much more suffering will it take before these idiots concede that we are in a recession!!!!

4. Will from Philly Says:
   July 10th, 2008 at 10:14 am

   COME HEAR THE TRUTH MUSIC JONES IS SLEEPING ON

   http://www.myspace.com/payze

5. BetterDeadThanRed Says:
   July 10th, 2008 at 10:41 am

   Yes, Red, we realize that, but tell me, how do all of our industrial technologies come home from China, Mexico and elsewhere? How do we infiltrate govt. when we have 50 trillion dollars lined up to fight us? We can bullhorn all we want, but without Jesus’ help, Satan is a rather tough enemy. Most people don’t pray and those that do don’t ask properly.

   But fear not; by the end of 2010, the current state of affairs will look like an episode from “Happy Days.”

6. FK Says:
   July 10th, 2008 at 12:33 pm

   Howard, if you are hungry, unemployed and gloomy…then shouldn’t you be looking for a job vs. posting on this site?

   Or is that what the “NWO” wants you to do…so your not?

7. FK Says:
   July 10th, 2008 at 12:39 pm

   Define recession…whats the definition?