U.S. stock futures signal higher open
NEW YORK – U.S. stocks headed for a higher open Wednesday as investors awaited several economic readings and minutes from the Federal Reserve’s last meeting.

Crude Oil Closes Year Up 57%
Crude oil prices closed slightly lower on Monday, adding to Friday’s modest decline. Light sweet crude for February delivery finished at $95.98, down 2 cents on the final session of 2007. Oil closed the year up $34.93 or 57% from the end of 2006.

Defaults on Insured Mortgages Rise 35% to Record
Dec. 31 (Bloomberg) — Defaults on privately insured U.S. mortgages rose 35 percent in November to a record, an industry report today showed, adding to evidence the U.S. housing slump is deepening.

Top economist says America could plunge into recession
Losses arising from America’s housing recession could triple over the next few years and they represent the greatest threat to growth in the United States, one of the world’s leading economists has told The [London] Times.

The cost of living
What better way to celebrate the New Year than to sock it to grandma and grandpa with big prices increases? That may not have been the exact nature of the conversation at the US insurance companies that participate in the Medicare prescription drug plan, but it sure was the outcome, as premiums are scheduled to rise by an average of almost 25% in 2008. The sharp price hikes for 2008 could mark the beginning of the end of the relatively good news in the plan’s first two years of existence.

2008 and Beyond: Alan Greenspan’s Continuing Legacy (by Robert Reich)
The only aspect of a nation’s economy that remains unique is its people – especially their education, health and the transport and communications systems linking them together. These generate lasting productivity gains. But partly owing to [Alan] Greenspan the libertarian, even if a Democrat were to retake the White House in 2008, the government wouldn’t have nearly enough money to do what is needed.
Click through to read Reich’s history of Greenspan’s actions to help Reagan and the Bushes give away our treasury to the rich, while restricting Clinton’s ability to help ordinary citizens.