Bank of America Corp. chief executive Ken Lewis says there is an even chance the nation's economy is in a mild recession.
But Lewis said Wednesday that's not a reason to give up entirely
on the complex securities that led to last year's credit crunch.
Those investments cost his bank and other financial services
companies more than $145 billion in losses.
Economists generally are mixed on whether the U.S. is in a
recession, which commonly defined as two consecutive quarterly
declines in the nation's gross domestic product.
Speaking to business students at North Carolina State University
in Raleigh, Lewis reiterated the bank's belief that GDP growth will
accelerate in the second half of the year and return to trendline
growth in 2009.