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Friday, November 16, 2007

News You Can Use for Friday

The US faces roadblocks ...

Wells Fargo Exec: Housing at worst point since Depression Wells Fargo & Co. Chief Executive Officer John Stumpf said the current housing market is the worst since the Great Depression. The leader of the second-largest U.S. mortgage lender said the company is "not immune" to the housing-market slowdown that has forced banks and securities firms to write down the value of more than $45 billion of debt.

Goldman Sachs: U.S. could face $2 trillion lending shock (Reuters) - The impact of the U.S. mortgage market crisis on the underlying economy could be "dramatic" as leveraged investors may need to scale back lending by up to $2 trillion, according to investment bank Goldman Sachs

U.S. Risks Recession on Subprime Losses, Greenspan's Legacy, Stiglitz Says Joseph Stiglitz, a Nobel-prize winning economist, said the U.S. economy risks tumbling into recession because of the subprime crisis and a ``mess'' left by former Federal Reserve Chairman Alan Greenspan.

...while the global economy accelerates ...

China Factory Spending Surges 26.9 Percent, Adding Pressure to Boost Rates China's growth in factory and property spending unexpectedly accelerated, stoking speculation the central bank will raise interest rates for a sixth time this year to cool the world's fastest-growing major economy.

Soybeans, Corn Futures Advance as Inflation Concerns Spur Commodity Buying Soybeans rose to a 19-year high, heading for their sixth weekly gain, on speculation investors may boost holdings of commodities to hedge against inflation.

Crude Oil Advances After Venezuela Minister Rejects OPEC Output Increase Crude oil rose after Venezuela's oil minister said OPEC shouldn't increase production at its next meeting in December.

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