Earthside Comments: This is upside-down kind of country will are living in ... stock futures are up early this morning because Bank of America didn't falter as much as some Wall Street gambers expected.
Meanwhile, as the second link shows, the prospects for more inflation and less employment grows. But that is something YOU are expected to adjust to and keep 'our' consumer economy afloat (just like you are going to pay for the Fannie Mae and Freddie Mac bail-outs).
We are going to see a real effort this week to pump-up the securities markets and to propagandize that everything is under control .... don't you believe it. The crush of debt will flatten this economy as long as the Bush/Cheney, Federal Reserve and Wall Street elitists are in charge.
Link: Bank of America Profit Tumbles 41% | CNNMoney.com
Bank of America became the latest bank to report better-than-expected earnings, even as it revealed Monday that its profits plunged 41% during the most recent quarter.
The Charlotte, N.C.-based company reported earnings of $3.41 billion, or 72 cents a share, during the second quarter. That was down 41% from $5.76 billion, or $1.28, a year earlier.
Link: U.S. Companies to Raise Prices Amid Soaring Costs, Survey Says | Bloomberg.com
More companies in the U.S. plan to boost prices and limit hiring as the surge in raw-material costs hurts profits, a private survey found.
Almost four times as many businesses plan to charge their customers more next quarter than expect to reduce prices, according to the National Association for Business Economics. A net 9 percent of employers said they would increase payrolls over the next six months, the fewest in five years.
The report reinforces concern that rising expenses will contribute to a further pickup in inflation and a weakening in the labor market. A net 71 percent of firms said costs rose last quarter, up from 65 percent in the previous three months and the most since records began in 1994, the poll showed.
``The rising costs of materials and other non-labor inputs are a big concern and a big drag on profitability,'' Ken Simonson, chief economist for the Associated General Contractors of America in Alexandria, Virginia, and board member of the business group, said in an interview.
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