On October 2, 2001 the Greenspan Fed cut the funds rate 50 basis points to 2.5% and continued cutting the rate to 1.0% on June 25, 2003 on fears of Deflation.

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Setting aside less money for credit losses and continued cost-cutting also helped its profitability.

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Lacking any plans to drive growth, in old or new markets, it was no surprise that lay-offs and draconian cost cutting continued.

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