Global recession 'likely': Wells Fargo By Rex Nutting

The terrorist attacks on America make a global recession "highly likely," said Sung Won Sohn, chief economist at Wells Fargo. Sohn said the nation's productive capacity is intact, but confidence is shaken, he said. The Fed needs to cut rates aggressively, Sohn said. The financial markets have suffered a terrible blow, he said. "It is unclear how much financial infrastructure has been damaged," he said. "Many key people in the financial market probably have been killed or injured. Once the market opens, there could be a stampede of selling."

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-- Martin Thompson (mthom1927@aol.com), September 11, 2001