Another lending rate cut is likely following the soft May leading indicators and weak new lending in the first four weeks of the month.

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"Though the economy continues to expand, consumers' confidence is weak and housing activity is soft, " says Swiss Re's chief U.S. economist, Kurt Karl, in reaction to the statement.

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This is what investors face: soft economic growth, weak revenues, the Dow up 16% for the year and financial advisors pushing clients to take increased risk.

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We must accept that the conventional, kid-gloves approach to socially responsible investing -- divesting shares in "bad" companies that nevertheless continue to exist -- is too weak an instrument to force change and its well-meaning practitioners too soft to enter the fray when emotionally and politically charged battles need to be fought.

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Weak bank lending has resulted in soft deposit growth, which in turn reduced reserve requirement needs and helped market liquidity conditions.

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