World-News

Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a "perfect storm" for consumers as the housing slump spreads.

http://snipurl.com/1v4qu



The coming recession: Not an accident

The downward slide triggered by belated recognition of the subprime mortgage fiasco has a long way to go - and it's going. Recession is certain, and, despite the entire chorus of economists, bankers and government officials to the contrary, a depression such as that of the 1930s is possible.

http://www.jamesclayfuller.com/2007/12/recession-not-accident.html



Washington Mutual to close 190 offices

The nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth quarter.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/12/11/BUB6TRQ84.DTL&tsp=1



UBS to write down $10 bn in subprime assets

Swiss bank UBS, which has been severely battered by the US subprime mortgage crisis, has announced a fresh writedown of USD 10 billion. Reversing its earlier guidance, UBS said it is expecting a loss in the fourth quarter, and may even show a loss for 2007 as a whole.

http://snipurl.com/1v4qz


From Information Clearing House



http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=housing
http://freepage.twoday.net/search?q=depression