Bank of America Chief Economist to Address Economic/Market Issues at WesCorp Conference — Impact of Potential Iraqi-U.S. War Tops the List

Business Wire, Oct 7, 2002

Business Editors

SAN DIMAS, Calif.--(BUSINESS WIRE)--Oct. 7, 2002

When asked how a U.S.-Iraqi conflict might impact global markets and the U.S. economy, Dr. Mickey Levy, chief economist at Bank of America, points to the breadth and depth of the conflict as the determining factors. Dr. Levy says, "If there is a temporary spike in oil prices, it should not have too big of an impact on the economy. Secondly, I would not anticipate any dramatic increase in risk premia or any severe negative impact on the U.S. economy if the armed conflict takes place entirely in Iraq." However, Dr. Levy says, "Should the conflict blossom to involve other countries in the Middle East, such as Iraq bombing Israel and Israel retaliating, and more importantly, the emergence of terrorism on U.S. soil, then there would definitely be a rise in risk premia that would negatively impact the stock and bond markets, slowing down consumer and business investment."

The possible Iraqi-U.S. conflict is one of several top market/economic issues Dr. Mickey Levy will address in his presentation to credit union leaders at "Credit Union Outlook 2003 -- Re-engineering the future." The investment conference, planned for The Venetian in Las Vegas, Nev., is scheduled to begin October 9 with Dr. Levy's address. Other leading Wall Street experts will join Dr. Levy during the three-day conference designed to deliver forward-thinking analysis on future trends and investment strategies. "Credit Union Outlook 2003" is a presentation of WesCorp, offered as an educational and informational opportunity to credit union officials throughout the United States. Visit www.wescorp.coop for more details.

WesCorp is Western Corporate Federal Credit Union, a financial services cooperative with assets of more than $18 billion. WesCorp serves member/owner credit unions throughout the United States by applying the strength of its assets and the expertise of its professionals to deliver education, investment, credit, funds-transfer, payment, and settlement solutions that give credit unions a distinct advantage in the financial marketplace. Headquartered in San Dimas, Calif., WesCorp maintains offices in San Leandro, Calif.; Boise, Idaho; and Seattle, Wash.; and representation in Hawaii. Visit www.wescorp.coop for more information.