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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (135383)	7/21/2008 11:29:50 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Stern Says Fed Shouldn't Wait for End of Crisis to Raise Rates bloomberg.com July 19 (Bloomberg) -- The Federal Reserve shouldn't wait for housing and financial markets to stabilize before it begins raising interest rates, central bank policy maker Gary Stern said. ``We're pretty well-positioned for the downside risks we might encounter from here,'' Stern, president of the Federal Reserve Bank of Minneapolis, said in an interview yesterday. ``I worry a little bit more about the prospects for inflation.'' The comments by Stern, a voter on the rate-setting Federal Open Market Committee this year, reinforced traders' forecasts for a rate increase by year-end. Stern indicated that Treasury Secretary Henry Paulson's rescue plan for Fannie Mae and Freddie Mac will help prevent a deeper housing and economic slump. ``We can't wait until we clearly observe the financial markets at normal, the economy growing robustly, and so on and so forth, before we reverse course,'' said Stern, 63, the Fed's longest-serving policy maker. ``Our actions will affect the economy in the future, not at the moment.''

To: John Vosilla who wrote (135383)	7/21/2008 11:32:47 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Bank of America profit falls 41 percent but tops views news.yahoo.com NEW YORK (Reuters) - Bank of America Corp (BAC.N) on Monday reported quarterly profit that fell less than expected, as improved investment banking and trading results offset a surge in bad loans, causing shares of the largest U.S. retail bank and mortgage lender to soar. The 41 percent drop in earnings was the bank's fourth straight quarterly decline, as the bank more than tripled the amount it set aside for bad loans, largely because of falling home prices and a slowing economy. Bank of America nevertheless became the fourth of the nation's five largest banks to top quarterly earnings forecasts, joining Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N).