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Credit Where Credit Is Due
Portfolio.com's Market Movers blogger, Felix Salmon has an interesting observation:
On Monday, Citigroup announced earnings down 11 percent. Part of that was due to high interest rates: "The performance of Citigroup's global consumer businesses was more disappointing, dragged down by weaker credit quality and a tough interest rate environment."
Today, J.P. Morgan annouced earnings up 55 percent. Part of that was due to low interest rates: Chairman and Chief Executive Jamie Dimon said in a statement that the company saw "some benefit from the generally favorable credit environment, which we do not expect to continue indefinitely."
Whom to believe, here?
Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.
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