Well folks, this morning it is official. Not only did Bank of America, this nation's largest bank, report better-than-expected (i.e., slightly less horrific than expected) earnings, but the company announced that "the worst is behind us." Whew! We sure breathed a mighty sigh of relief. It's re-assuring to know that the worst is over. What with President Bush's assurance that the banks are sound and our money is safe (this is the Bush of "major combat is over" in Iraq a few YEARS BACK), FED Chairman Bernanke's similar pronouncements (that is, money-printing Ben, who last summer, at the outset of the credit crisis, pooh-poohed its seriousness, emphasizing repeatedly that the principal threat was inflation), and Treasury Secretary Paulson's repeated iterations that all is well with depositors' money (This being the selfsame Paulson who describes the 25% 12-month decline in California real estate as a "correction" -- hey, if you don't use the hated words "BEAR MARKET" then VOILA -- There is NO BEAR MARKET)-- with all and sundry reassurances we are feeling all bright eyed and bushy tailed!
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