This seems in line with what Mike Ruppert as been warning of since April. The bit about the economy "improving" seems to be a universal mantra - just like the Soviet economy had "shortcomings" just before the collapse.
(Reuters) - Bank of America Corp reported a record quarterly loss of $8.8 billion as persistent mortgage problems and low interest rates squeezed revenue at the largest U.S. bank.
The loss was expected after the bank said in June it would pay $8.5 billion to settle lawsuits from mortgage bond investors and take more than $14 billion of other home loan-related charges. But investors were troubled by indications that a tepid economy is retarding recovery outside of mortgages.
Interest income fell during the quarter, and Chief Executive Brian Moynihan said in a conference call that demand for loans is sluggish and the economy is not improving quickly.
Shares of the bank closed down 1.54 percent at $9.57 on the New York Stock Exchange.
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