Morning News Thursday August 30th 2007
General News: - Surging exports and business spending propelled U.S. growth to the fastest pace in more than a year before turmoil in the credit markets forced the Federal Reserve to warn of a bleaker outlook. - The U.S. commercial paper market shrank for a third week, extending the biggest slump in at least seven years, as investors balked at buying short-term debt backed by mortgage assets. - Basis Capital Fund Management Ltd., the Australian investment company that hired Blackstone Group LP to sell assets, sought bankruptcy protection for its second-biggest hedge fund. GDP rose 4.0%. It was originally 3.4%.…