Over the past several days there have been several major events on which to report.

• First on the general economy. If we weren't sure? We are now. The recession is here. If the economy shrank .3% in the quarter ended September?  Then it isn't going to improve between now and December given the fallout from the financial trainwreck in October;
• The Federal Reserve has cut the Fed Funds rate to 1% from 1.5%, citing declining consumer spending;
• Wells Fargo has completed their sale of $25 billion in preferred stock to the US Treasury;
• The credit markets continue to creep, and we mean creep, into improvement but no significant improvements as of yet;

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