economy to hit bottom in the second half of 2009

We are looking forward to seeing our fansand animal loving friends perform 'Boots of Chinese Plastic' via YouTube,"said Chrissie Hynde. For more information please go to: http:// video, once completed, will debut on the PETA, YouTube and Pretenderswebsites in an effort to raise awareness for PETA. "We're excited to have thecasting net for this special Pretenders video be open to everyone via YouTube,with the promotion help of Apple QuickTime. The winner is going to have a lotof fun while supporting a great cause," said Cory Llewellyn, head of digitalpromotion at Shangri La Music. Band founder Chrissie Hynde has been one of themost outspoken activists for animal rights and has been a member of PETA formany years."Boots of Chinese Plastic" was a 1 song at AAA radio andChrissie Hynde was recently named the best AAA artist for 2008 by the radiotrade magazine FMQB The band begins a tour of the U.S.

starting January 29 inAlbany, NY finishing March 14 in Reno, NV.SOURCEThe PretendersJim Merlis, 1-310-204-0200, ; or Cory Llewellyn, Shangri LaMarketing Contact, . NEW YORK (Reuters) - Bank of America Corp may be too big to fail, but confidence is dwindling over the near-term prospects of the largest U.S bank. China Crisis in CreditIts shares have fallen 68 percent since the bank agreed to a shotgun takeover of Merrill Lynch & Co on Sept 15, the same morning that Lehman Brothers Holdings Inc filed for bankruptcy protection. The Bank of America-Merrill merger closed on January 1.The decline in Bank of America's shares dovetailed with an industrywide credit implosion that started with the housing sector and spread to other lending areas, such as credit cards and commercial loans That has derailed the U.S.

economy.This month, several analysts lowered their earnings outlooks for Bank of America, and some now expect the bank to report a fourth-quarter loss.That would be the first quarterly loss since the Charlotte, North Carolina, bank was created in 1998, when NationsBank bought BankAmerica, according to Reuters data."People are saying, 'Gee, things cannot be good,'" said David Dietz, chief investment officer of Point View Financial Services in Summit, New Jersey, which owns Bank of America stock. "We are bracing for commercial loans, commercial real estate loans just not performing. The sentiment is terrible."Increased credit losses may also force the bank to cut its 32-cents-per-share quarterly dividend, which equates to a yield above 11 percent. The bank halved the dividend in October.More losses may also foreshadow more capital raising. The company has raised $35 billion since September, including $25 billion as part of the government's $700 billion industry rescue.Bank of America spokesman Scott Silvestri declined to comment on the bank's current business, citing a quiet period ahead of the fourth-quarter earnings report due on January 20 He said the bank expects the U.S. economy to hit bottom in the second half of 2009.COST CUTSIt would be tough to argue that Bank of America is as troubled as Citigroup Inc, which appears to be shedding its "financial supermarket" status, just as Bank of America tries to do the same thing, without using the term.Bank of America ranks first or second nationally in total brokerage, credit cards and retail deposits, and has one of the largest investment banks.But analysts expect losses to keep rising in mortgages, including those from the former Countrywide Financial Corp, and in the credit card business, which had a quarterly loss from July to September the first loss since the 2006 takeover of MBNA Corp.The bank has said card loss rates could eventually top 7 percent, up from the third quarter's 6.4 percent, and 4.75 percent in the fourth quarter of 2007.And Citigroup analyst Keith Horowitz on Monday said Bank of America may be only one-third of the way through $165 billion in credit losses and writedowns expected from 2008 to 2011.Bank of America shares have fallen 18 percent this week alone, closing Tuesday down 78 cents, or 7 percent, at $10.65."In the short run, prices on housing have to stabilize before we're through this mess," said Donald Yacktman, a portfolio manager at Yacktman Asset Management Co in Austin, Texas, which owns a small amount of Bank of America stock.Analysts also worry that the departures of Merrill president Greg Fleming and brokerage chief Robert McCann later this month reflect a culture clash that may ultimately drive some of Merrill's more profitable brokers out the door.That could tarnish a business that Bank of America Chief Executive Kenneth Lewis has called Merrill's "crown jewel."Lewis and John Thain, the former Merrill CEO tapped to oversee wealth management and investment banking in the new company, must stem defections as the bank prepares to slash up to 35,000 jobs and extract $7 billion in savings. Another 7,500 jobs are being cut from the Countrywide purchase.Bank of America sold $10 billion in equity in October, and Merrill raised $25 billion through the U.S.

Lewis, for example, has been with the bank since 1969, and been a driving force behind its big acquisitions.Executives such as Lewis "have been through a lot of cycles and are better trained to deal with what's happening now," said Peter Boockvar, an equity strategist at Miller Tabak & Co.Above all is the thinking on Wall Street that Bank of America, with an estimated $2.7 trillion in assets and 308,000 employees, cannot be allowed to fail.Lehman, which was smaller, did, pushing the global economy into convulsions.Bank of America may enjoy "good growth" in deposits and commercial loans "due to its structure as a survivor bank," JPMorgan analyst Vivek Juneja wrote Tuesday. "But, similar to peers, the stock could remain volatile near term due to sharply rising credit losses and concerns about capital.." China Crisis in Credit. Duke's chances of reaching a bowl for the first time since 1994 took a serious hit this past Saturday.The Blue Devils 19-6 loss to rival North Carolina showed both how far they have come and how far they still have to go.Leading up to the game there was a lot of talk about Duke playing for bowl eligibility and a possible shot at the ACC Coastal Division title.Even some ESPNanalyst's had picked Duke to go bowling.After that loss the noise surrounding Blue Devil Football has died down and most have written the season off as a success, but one that is for all intense purposes over.Having seen or listened to every Duke game this season, it is very clear that this is not the same team that has been the laughing stock of college football for decades.The Blue Devils are playing for more than just the occasionally bowl berth. Coach David Cutcliffe has seen to that.Duke is clearly a respected football team and while they very well may not become bowl eligible this season they certainly will go out fighting for a spot.Up this week is Georgia Tech.The Yellow Jackets are clearly the cream of the ACC this season.