Wednesday, June 20, 2007

The Drag Stops Here

by Tanta on 6/20/2007 06:10:00 PM

Via Bloomberg, some excellent news from BOA:

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.'' . . .

``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.'

So much for those socialist girls at PIMCO with their "blood bath" nonsense.

(Thanks, JS!)