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CEO pledges survival, but sees a recession
« on: August 24, 2007, 08:58:59 AM »

The U.S. housing downturn is likely to lead the country into recession, but Countrywide Financial Corp. will survive, said the company's CEO yesterday.
Angelo Mozilo, in an interview, also said that to promote liquidity, the U.S. Federal Reserve Board should further cut the rate it charges banks to borrow.
Countrywide, the largest U.S. mortgage lender, faced a credit shortage this month as mortgage defaults rose and capital markets tightened. On Aug. 16, it announced an unexpected drawdown of an entire $11.5 billion (U.S.) credit line because it had trouble selling short-term debt.
But in a deal disclosed late Wednesday, Bank of America Corp. agreed to invest $2 billion in Countrywide, buying preferred securities convertible into common stock. This eased fears about Countrywide's fate, which at least two analysts this month had said could include bankruptcy.
Mozilo called the investment a "vote of confidence" and a "priceless endorsement," but said housing and the economy were not out of the woods.
Falling home prices hurt homeowners psychologically and cause them to spend less, he said. The 68-year-old executive has worked in financial services for more than a half century.
"I've seen this movie before, and (it) always ends up in some form of recession," he said.

(So we haven’t seen the recession begin yet??)
This is what I see when I visit:

"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.
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