Profits Drop at Steepest Rate in 55 Years
Despite dramatic decreases in consumer spending, foreign demand and in effect, U.S. corporate profits and gross domestic product, the stocks and housing markets are showing signs of stabilization. Federal Reserve Bank of Richmond President Jeffrey Lacker says, "I believe that we have already received the bulk of bad news from the housing sector."And Federal Reserve Bank of Minneapolis President Gary Stern says, "I am guardedly optimistic that many pieces are now in place to contribute to improvement in financial-market conditions and in business activity."
Source: WSJ.com | March 26, 2009