Friday, September 07, 2007
Cut Rates...Or Else!
Countrywide Financial Corp. (CFC) said later today it plans to "reduce its workforce" by 10,000 to 12,000 jobs, which is up to 20% of its current workforce. However, they say less people will lose their jobs if "the interest-rate environment and outlook for market volume outlook improve." In other words; Cut those rates and save their jobs. Shares are up over 1% after hours after losing 1.5% during today's trading session. A lot of posturing going on from politicians to CEO's to Economists to try and influence the Fed to cut rates next week.