June 25, 2007

Ladies and Gentlemen, we have a winner! The dumbest "we've hit bottom" quote so far - Bank of America CEO Ken Lewis

How do boobs like this get jobs running large American publicly traded companies? Boy, will we laugh and laugh a few years from now at these kinds of stellar predictions. Just like we laugh at classic "we've hit bottom" great depression quotes today


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.''

13 comments:

decaffeinated said...

These guys should start calibrating their predictions in terms of Friedman Units.

Anonymous said...

``European markets are set to extend last week's losses and start the day squarely in negative territory,'' said Matt Buckland, a trader at CMC Markets. There are ``creeping concerns over the outlook for U.S. hedge funds.''

Bear Stearns Cos. on June 22 offered $3.2 billion in loans to bail out one of its failing hedge funds, the biggest rescue since 1998, after creditors started seizing assets and investors demanded their money back.

Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the countries using the euro, slipped 29 to 4481 at 7:04 a.m. in London. The U.K.'s FTSE 100 Index may drop 31, according to CMC Markets

Anonymous said...

I believe him, Just like I do for Santa, and the Easter Bunny.

Anonymous said...

What do you expect him to say we have been cooking the books and we are sorry we lost all your money. He isn't the CEO of DR Horton for christs sake.

Anonymous said...

His personal financial fortune is tied to the crash being over

Anonymous said...

Blackstone IPO has fallen 25% since its initial trading price

OUCH!

subdivide&conquer said...

decaf-brilliant call on the friedman units (FUs). i never thought to analogize the housing crash to the mess-o-potamia but its too perfect now that you mention it! since early 06 we've been hearing perpetual pep-talks about soft landings and pent up demand. i'm waiting for NAR prez-elect Dick Gaylord to hold a press conference announcing the recent sale of a 2 story colonial (obviously indicating that the downturn is over). the press conference is in the front yard of this newly liquidated inventory and theres an oversized "SOLD" banner waving triumphantly in the background. just out of frame in the tv shot are the foreclosure sale signs in both neighboring yards, and year-over-year sales figures. now i'm even more relieved my checking account is not at BoA anymore...and i've got a couple FUs i'd like to throw around too!

Anonymous said...

So much for the ethics classes in US business schools, such as telling the truth, even if it hurts.

Shakster said...

Then South Lake Tahoe burns down.Go figure.200+homes,and buildings.Sad.

Anonymous said...

The first rule on Wall Stret - don't panic.

But, if there is a panic, be the first to panic.

Smug Bastard

Anonymous said...

The insurgency is in its last throes.. whoops!

Wait till the blood flows said...

Wait till blood is flowing on wall street or housing market, then its time to buy, buy, buy.

Housing market correction has started, but blood isn't flowing in the streets yet. Just be patient and see where things go over the next 12 to 18 months. And if Hitlery is voted in as president, then its time to sell all your stocks, and buy gold and keep atleast 20% of your entire savings in cash. A limousine communist like Hitlery is going to destroy the US economy.

Anonymous said...

The divide and conquer and tax and spend carpetbaggers have won.. they got my old neighborhood, the one where a good neighbor was one out of sight and hearing and minding their own business and not oncontrolably in my pockets, so i might vote for them... just to screw you too