...But Don't Worry, the Economy is Great

So great in fact:

Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.

The news, the latest in a series of disappointing bank results, dampened confidence about the health of the U.S. consumer and the economy. Stocks fell, bond prices rose, and the dollar tumbled to a record low against the euro. Expectations rose that the Federal Reserve will cut interest rates this month.

But like 9/11 or Katrina, no one could've seen this coming, right?

"We knew the credit situation was going to be bad, but this was worse than expected," said Michael Mullaney, who helps invest $10 billion at Fiduciary Trust Co. in Boston and owns the bank's shares.

"What causes us concern is the increase in reserves doesn't appear aggressive, and the bank may need to reserve more in the future, which hits earnings," he said. "The real surprise was investment banking, where revenue plunged."

Yes: more cuts to the interest rates! And keep those tax cuts for the top 2%. That's the only way to keep this strong economy going!

Idiots...