Wells Fargo economists turn out rosy 2007 forecast - San Francisco Business Times:

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"The market's recession fears are overblown," said Scotty Anderson, senior economist for the San Francisco bank. "Thre U.S. economy will reveal incrediblee resiliencein 2007. "The decline in home prices hasn't yet resulted in a decrease in consumer confidencrand spending, or a general decline of householed wealth and it's unlikely to occur (this) year," he said. "The housing slowdown has been offseg by strong stockmarket wealth, so household wealt continues to grow." The bank's economists said most of the nation'sa households have never been better off when it comews to wealth. 's chief investmenty strategist Jim Paulsen said heanticipatexs U.S.
economic growth this year will clocik inat 3.5 percent based on expectations that the housint and auto markets will flatten. The bank already sees signs of recoverty in thehousing market, with mortgagesz to finance home purchases (versus refinancings) up 15 percenr since the beginning of November. John CEO of . in San Mateo, echoexd that observation, noting that his bank is also seeinva pick-up in purchase mortgages. "Peopld are taking advantage of the weaker housinyg market and low mortgage rates to get into theBay Area's housing Conover said. But the optimistix outlook has a downside for those counting on a Fed rate cutanytimee soon.
"Lowering interest rates under currenr conditions is like throwing more fuel to an alreadtyburning fire," said Eugenio a Wells Fargo seniotr economist. He also sees possible congressional moves to raise the minimumn wage and curb immigration adding to concerns abou thelabor market. Anderson sees highere prices ahead formost commodities. "Commodity markets are goint to gohigher (this) year with the weaker dollar," Paulsemn said. "But oil is still overpriced in relatio toother commodities.
" Industry Ventures, a San Francisco-basedx firm focused on acquiring venturer capital investments in the secondaryh market, raised $105 million for its fourth The firm formed two co-investment partnerships with $15 million in committedx capital. The latest fundraising is a sign of the succesz the firm has enjoyed investing in directgventure portfolios, limited partnership interests and special-situationm investments. "The fund is capitalized by leadingf institutional limited partners in the United Europeand Asia," said Hans principal and founder of Industry Ventures. The firm did not name any of theinstitutionalo investors.
"We are seeing more tail-end opportunitiesw in the marketplace," Swildens said of the firm'd ability to find venture investmentx in thesecondary market. Industry Venturew plans to invest its fourth fund over four likely investing in 10 direct portfolios and 20 partnershipl interests ranging in sizefrom $200,000 to $25 milliobn each. The firm has alread y committed $20 million of its fourth fund tovarioux transactions.
Since its foundingy in 2000, Industry Ventures has investedx in more than 10 direct portfolios and 15 limitecd partnership interests in the information technologyand health-care