Wednesday December 31, 2008
Stocks in U.S. Advance, Trimming Worst Yearly Drop Since Great Depression BL
Mortgage rates hit fresh 37-year low CNN
U.S. SEC chief regrets short-selling ban G&M
U.S. Initial Jobless Claims Fall; Unemployment Rolls Jump to 26-Year High BL
The Fed Makes History AEI (Makin)
Fed aims to buy $500 billion in MBS by mid-year Reuters  FED
Paulson: US lacked the tools to tackle crisis FT
Looking ahead to the new year with hard lessons of 2008 Harrison
Don't hold breath waiting for bounce Hulbert
The Most Distrusted Institution In America Forbes
Consumers Know A Bad Economy When They See One Wachovia PDF
Jim Rogers Says He's Buying Chinese Company Shares in Hong Kong, Singapore BL
John Paulson Blasts Hedge Fund Managers Who Restrict Clients' Withdrawals BL
Kevin Bacon, Kaufman latest hurt in Madoff scheme-reports Reuters
Madoff Spotlight Turns to Role of Offshore Funds NYT
Housing swaps gaining popularity in slow market USAT
Speculation about Microsoft cutbacks heats up   MW
Instant Info Is a Two-Edged Sword WSJ
Texaco's Toxic Past in Amazon Haunts Chevron as $27 Billion Judgment Looms BL
Copper Heads for Biggest Drop in 21 Years in London as World Growth Slows BL
IMF Agrees to Provide Emergency Line of Credit of $2.5 Billion to Belarus BL
Hong Kong, Sydney up on last day of gloomy 2008 MW
Market turmoil slices £65bn off pension funds Times Online
Sharp says to book extra loss of nearly 500 mln dlrs AFP

Dollar Heads for Biggest Yearly Drop Against Yen Since 1987 on Recession BL

Tuesday December 30, 2008
SEC Halts $23 Million Made-off Ponzi Scheme SEC
GM offers 0 pct financing in big sales push AP
December Consumer Confidence Hits All-Time Low Conference Board
Home Prices in 20 U.S. Cities Dropped 18% From Year Ago, Case-Shiller Says   BL  S&P
All In PIMCO (McCulley)
‘This is economic war!' Jarislowsky warns Financial Post
Merrill’s Rosenberg Inspired by Farrell in Foreseeing Crash BL
The Bezzle Saut PDF
Dr. Doom: Short Treasurys, Buy Hard Assets CNBC
Making money the lazy way Farrell
Gloomy New Year? Stelzer
10 key trends for investors in '09 Jubak
Capitalism Is Worst System Except for the rest Baum
The undeniable shift to Keynes FT
The collapse of financial globalization... Setser
One on One with William Lockyer, California's Treasurer NBR Transcript
Is Social Security a Ponzi Scheme? Business Week
FX Strategy: GBP - To parity or not to parity? Danske PDF
Essay: The Global Credit Crisis as History Berkeley PDF
Prospects for the U.S. and the World Levy
A Crisis That Conventional Remedies Cannot Resolve
Fannie Mae’s Last Stand Vanity Fair
The long, vicious war that helped propel one of the world’s most successful companies off a cliff
A Crack in The System (AIG) WP
Fed says 169 Mortgage Finance Companies Failed Last Year BL Implode-O-Meter
Downturn Ends Building Boom in New York NYT
“Even the banks who want to give us money can’t”
Close to Home: Prices in Reno down 40% from peak USAT
As More US Retailers Fail, Malls Could Be Next Victim CNBC
Ominous problems face officeholders Stateline
It’s almost impossible to exaggerate the political and financial challenges facing state governments in coming months.
In housing fall, breaking up is harder to do IHT
Chesapeake Files for Bankruptcy, Sells Units to Investors for $485 Million BL
Banks to Post a Rare Quarterly Loss WSJ
First Red-Ink Period Since '90 Is Likely For U.S. Lenders as Bad Loans Mount
The Ultimate Bubble? Vanity Fair
At a lavish conference in Monaco, the game was guessing which big private-equity firm will be first to go bust.
Sextant invested tens of millions in Icelandic glaciers Macleans
The OSC found no independent valuation to substantiate the claim that these icefields are now worth close to 10 times what Sextant paid for them.
Citigroup Shares Plummeted as Shareholders Suffered `Figurehead' Chairman BL
AIG bailout: $127.7B and counting   CNN
Macy's, Gannett Face Debt Hangover From Stock Buybacks During Good Times BL
Grim new year in store for retailers LA Times
Can Junk Bonds Get any Junkier? CFO  Corporate Bonds Still Beckon Barron’s
M&A Looks Grim for 2009 Business Week
The Good Times Stop Rolling: Vegas Meets the Recession TIME
Even fashion giants Chanel and LVMH forced to economise Times Online
Congress to examine Madoff case on Monday Reuters
A gentle helping hand for laid-off hedge fund managers IHT
Dow Jones Worst Years: 2000-2008 BeSpoke
Gold timers more bullish than they've been in five months Hulbert
Gold regains shine with weary investors Financial Post
The Real Price of Gold National Geographic Print
For Big Oil, a Day of Reckoning Business Week
Tempers rise over oil-heat lock-ins USAT
China energy chief: crisis chance to up reserves AP
Japan stocks end worst-ever year AFP
Japan’s Economy May Shrink 12.1% This Quarter, Barclays Says BL
Japan's carmakers slashing production DetNews
Japanese banks could receive $110bn bail-out Guardian
Global growth seen weak as lending stagnates Reuters
World Economy in 2009: Three priorities for recovery FT (Münchau)
House prices fall 12.2 percent year-year in Nov   Reuters
A Black Hole in the Banking Bailout Spiegel
Does the IMF have sufficient resources to bail out the emerging markets? DB Research
Money may be root of evil, but regrettably we are stuck with it Warner
Less Than Meets the Eye to Yuan Liberalization Asia Sentinel
Chery sales down 8.9% on low demand China Daily
Italian business mood lower than early 1990s FT

Monday December 29, 2008
Treasury to Buy $5 Billion Stake in GMAC, Increase Loan to General Motors BL Treasury
Kerkorian's Tracinda Has Sold Entire Ford Stake Reuters
Bankruptcies, Store Closings Loom at U.S. Retailers Amid Holiday Debacle BL
As if Things Weren't Bad Enough, Russian Professor Predicts End of U.S. WSJ
Lehman bankruptcy filing wiped out billions: report   Reuters
Monday Morning Outlook: Is This the Calm Before the Storm? Schaeffers
Brief Holiday Update Hussman
Humbled By Our Ignorance WP (Samuelson)
Fifty Herbert Hoovers NYT (Krugman)
Say Goodbye and Good Riddance to 2008…   WSJ
Weaker Dollar Worries Japan, Germany WSJ
Some economists worry that countries could actively seek to weaken their currencies in an effort to gain an advantage over their trading partners, setting off a round of devaluations...
Cash at 18-Year High Makes Equities Irresistible to Leuthold as Doll Buys BL
The eight previous times that cash peaked compared with the market’s capitalization the S&P 500 rose an average 24 percent in six months
Where Dragons Lurk Barron’s
Stocks now have several good excuses to rally. So if they don't, brace for more pain.
There's No Pain-Free Cure for Recession WSJ (Schiff)
Obama's spending spree won't rescue the US economy from recession Jackson
I'm afraid Americans are stuck with what is going to be a highly inflationary policy that will have disastrous consequences
Obama's Down Payment Summers  Not All Stimuli Are Created Equal Lindsey
Challenging Group Thinking Economists on Budget Deficits and the Dollar Baker
The housing bubble deniers are now warning that large budget deficits could send the dollar plummeting.
Fed's Balance Sheet Is Ballooning Fast Luskin
The Fed Cannot Create Economic Growth Forbes
Some lessons from the Nixon days.
Only full disclosure of toxic debts will get the West moving again Telegraph
Formerly soaring global trade suddenly comes to a halt USAT
Index Likely to Show Further Fallout From Burst Bubble WSJ
Investing for the Future: The American Housing Market Dr. HB
U.S. Corporate Profits Probably Fell for Sixth Quarter as Spending Plunged BL
Group of investors close to buying IndyMac Reuters
KBC Says Writedowns on Investments Will Reduce Earnings by $1.28 Billion BL
Kuwait scraps joint venture with Dow Chemical G&M
The move came just days before the Jan. 1 startup date for the joint venture.
Accounting Standards Wilt Under Pressure Washington Post
World leaders have vowed to help prevent future financial meltdowns by creating international accounting standards so all companies would play by the same rules, but the effort has instead been mired in loopholes and political pressures.
Hospitals ill from more bad debt, credit troubles AP
Nest eggs getting hit with double-whammy AP
Defensive Stocks Lose Stature WSJ
A Preference for Preferreds Barron’s
Madoff probe widens to middlemen WSJ
New York University sues fund exec over Madoff Reuters
Credit Suisse clients may have lost $925.9 mln on Madoff: report Reuters
$10K statue stolen from Madoff's Florida estate CNN
How to hold money managers accountable CS Monitor
Oil Rises for a Second Day After Israeli Attacks on Gaza Roil Middle East BL Gold RIses
Rise and fall of commodities gives hints for 2009 Reuters
Gas prices: Five-year low and falling CNN
Steel output set for historic drop FT
According to the gloomiest projections, it could be at least four years before output returns to the levels of 2007.
Venezuela to Start Seizing Gold Concessions as Oil Falls AP
Catalytic converter thefts plummet HTA
Easy come, easy go after China ICBC's gold glitch Reuters
Paulson's Progress With China Evaporates as Recession Reopens Trade Rifts BL
2009: worst year for employment for 20 years Times Online
London House Prices Led Declines Across U.K. in 2008 and May Fall Further BL
Next to go? Commercial property in crisis as City faces a chill winter Guardian
British banks may face second credit crunch in the New Year Independent
Russia Devalues Ruble, Sending Currency to Record Low Level Against Euro BL
Russian economy: The Putin defence FT Russia braced for unrest
Asian firms cut staff costs with forced leaves G&M
Wave of layoffs dashes Japanese myth of job for life AFP
The Isle That Rattled the World
Tiny Iceland Created a Vast Bubble, Leaving Wreckage Everywhere When It Popped
Single currency to increase clout Gulf News
Hedges sapped by cash outflows Australian
60% of investors suffer 70% loss on stocks China Daily
Ukraine Deficit Flouts IMF Terms Moscow Times

Weekend Edition (December 27-28, 2008)
Key U.S. Data Releases and Events GI Weak demand seen dragging down manufacturing
Stock mutual funds crunched in 2008; only bear funds positive for year AP
Bargain-Hunting Shoppers Fail to Rescue Holiday Season for U.S. Retailers BL
After a Season of Cutting, Stores Sweeten Discounts NYT
The Reckoning - By Saying Yes, WaMu Built Empire on Shaky Loans NYT
Boom, Bust, Repeat NYT (Gross)
The Year of Living Gloomily WP
Contemplating the Boobs We Were NYT
Stocks' wild ride: 8 days to remember CNN
Investments for 2009 Harding  Earnings Summary Swenlin
Foreclosures Don’t Spare the House of God NYT
Madoff Must Reveal Assets by Year-End BL Madoff’s Clients NYT
They Told Me That Madoff Never Lost Money NYT (Stein)
Bailout of Long-Term Capital: A Bad Precedent? NYT
Economic crisis has small car sales making a U-turn   USAT
Hospitals ill from more bad debt, credit troubles AP

Gold Fundamentals 2 ZEAL
What happened to gold in 2008? Phillips
NCDEX to launch global contracts in gold & silver Commodity Online
Burning Coal at Home Is Making a Comeback NYT

British banks may face second credit crunch in the New Year Independent
Stampede for sales after frenzy of price cuts as shops fear worst Times
SKorea's economy may contract in first half of 2009: president AFP
Trickledown meltdown G&M
A brick works in northeastern Bangladesh is about as far from Wall Street as one can get.
Doors close at about 200 Woolworths in Britain AP
Israel Hits Gaza Strip for Second Day in New Phase of Conflict With Hamas BL

Week in Review NTrust

Friday December 26, 2008
GM Advances as Fed Approval of GMAC Bank Bid Helps Ease Default Concerns   BL
Retailers slash prices to entice holiday shoppers AP
R: “...probably one of the most challenging holiday seasons we've ever had in modern times�
U.S. Retail Sales Fall as Much as 4% in Holiday Season, SpendingPulse Says BL
Amazon says 2008 holiday season was 'best ever'   AP
Treasury Yields Hold Near Record Lows as Holiday Consumer Spending Slumps BL
Treasuries Walk, Talk Like an Old-Time Bubble BL
The Reckoning: Dollar Shift: Chinese Pockets Filled as Americans’ Emptied   NYT
An ugly, unrecognizable recession MSN (Markman)
California Bond Yields Rise to Four-Year High on Budget Impasse BL
Are We Becoming A Nation Of Wussies? Forbes
The grimmest of years Independent
New York University Sues Merkin, Hedge Funds Over $24 Million Madoff Loss BL
Hedgies’ newest gambit: Keepng investors in NYP
Solar Meets Polar as Winter Curbs Clean Energy NYT
ABCP investors to get access to money early in 2009: committee G&M
The 10-bagger pick for 2009 MW
Stephen Roach: The American Economy Will Look Very Japanese Roach Video
China to begin yuan-settlement trials China Daily
Could be the first step on the road to making the yuan an international currency.
Senior official: Renminbi likely to be used as currency for FX reserves X
China’s Yuan Stocks May Rebound in 2009 BL
Yuan Devaluation Is Unlikely Xie
Yuan faces depreciation pressure - China official Reuters
Japan's Recession Deepens as Industrial Production Falls Most in 55 Years BL
Japan auto production marks worst drop since 1967 AP
Japan to Have Bear Market Rally, Slump in 2009, Strategists Say BL
Output in recession-hit Singapore down 7.5 pct in Nov: govt AFP
China Industrial-Company Profit Growth Cools on Economy, Commodity Prices
A Worst-Case Scenario for China Asia Sentinel
Chinese industry hammered Australian
Chinese banks to feel full crisis impact in 2009 China Daily
Recession will 'set economy back five years' Telegraph
Land Prices Drop for First Time in 8 Years Korea Times
50% of property developers put plans on hold Khaleej Times
'Economic Hardship Likely to Fan Social Unrest in 2009' Korea Times
Housewives Join FX Margin Trade Korea Times

Thursday December 25, 2008
Santa Claus Bailout Hearings Blip TV
Asian Stocks Gain on Oil, U.S. Spending; Gulf Shares Decline BL
Wall St Santa rally small comfort after grim year FT
Once Trusted Mortgage Pioneers, Now Pariahs NYT
Schwarzenegger's $42 Billion Crisis Makes Judges Homeless, Derails Bridges BL
Tips slow to trickle for city's doormen NY Daily
China to begin yuan-settlement trials China Daily
In what could be the first step on the road to making it an international currency.
BOJ May Consider ‘Extraordinary Steps,’ Kamezaki Says BL

Weekend Edition (December 24, 2008)
Stocks advance in light, Christmas Eve trading AP
Unemployment lines longest in 26 years MW DOL
Initial jobless benefit claims rise 30,000 to 586,000
U.S. consumers' spending down 0.6% in November MW BEA
Durable goods drop 1 percent in November Census
Mortgage Applications Index in U.S. Jumped 48% Last Week on Drop in Rates BL
Get Ready for a Lost Decade WSJ
Obama closing in on stimulus plan CNN  How many to change a light bulb?
A key remaining issue is the size of the package.
Obama's Job-Creation Program Flunks Basic Math Baum
Keynes offers us the best way to think about the financial crisis FT
After boom year, risk of 2009 Treasuries bust Reuters
Financial meltdown averted Oxford Economics PDF
But how deep and how widespread will the recession be?
When $14 Trillion Hit Wall All Hell Broke Loose Pesek
It’s hard to ignore how far the U.S. government got into the insurance, auto and banking businesses in 2008, while China pledged to stay the capitalist course.
Recapping the 10 major themes for '08 Harrison
Can America spend its way to economic recovery? CS Monitor
Data That Could Induce the OPPOSITE of Insomnia EW
States set to impose bevy of new taxes Washington Times
Treasury Summary of Receipts and Outlays for Government MyBudget360
Jim Rogers Plans to Short U.S. Long-Term Bonds, Buy Yen BL Video
AIG's $150B bailout is just a start Fortune
When will the government's long and costly bailout of the deeply distressed insurance giant be over? Don't expect it to be anytime soon.
Treasury: $4.7 billion to local banks CNN  Treasury
Bringing the total amount dispersed to $172 billion.
Lehman Bankruptcy Roils Municipal Swap Market as Failure Triggers Payments BL
Recession, Tight Credit Compound Housing Woes WSJ
2009 Real Estate Forecast: Troubles Spread Business Week
Slideshow: Towns Hit Hardest by Foreclosure in 2008 BW
Riding the housing bust Fortune
Reserve's Bent May Be Charged by SEC Over $63 Billion Money-Fund Collapse BL
It’s the End of the Line for S.U.V.’s NYT
Even a federal bailout could not save three of the last remaining plants in the United States still making sport utility vehicles
Bush’ss auto plan will test Obama’s union loyalties Morici
Honda suspends 700 workers due to slow sales Reuters
Pondering Madoff as we enter 2009 Cumberland
Madoff dealings tarnish a private Swiss bank IHT
Bank Medici Ensnared by Madoff Losses After Winning Fund Award BL
In Madoff Scandal, Jews Feel an Acute Betrayal NYT
Private equity deals at five-year low Reuters
Google hands out dogfood instead of cash Times Online
Silicon Valley Braces for More Firings as Technology Companies Feel Pinch BL
Wal-Mart agrees to pay workers up to $640 million AP
Gold: the glitter vs. the tarnish STLtoday
Oil Falls Below $37 on Forecasts U.S. Supply Rose a Third Week BL
More declines for oil on latest batch of bad news AP
Gas states meet in Russia amid 'gas OPEC' fears AFP
Cocoa hits 23-year high on supply fears FT
Russia's Central Bank Devalues Ruble for Third Time in a Week as Oil Drops BL
Germany’s faltering bank bailout program - Bottomless Pit Spiegel
Worst crisis for a century - Hurley RTE
'House price fall will be 35% before a rise' ThisisMoney
Karachi Stock Index May Extend 25% Drop in Month as Brokers' Defaults Loom BL
Pawnbrokers Beat Banks in Lending to China Small Businesses as Credit Ebbs BL
“The interest rate they charge is high, but they are so fast and easy�
Sanlu Declared Bankrupt by China Court After Sale of Melamine-Tainted Milk BL
Hundreds line up for an hour at Osaka McDonald's for Quarter Pounder debut Japan Today

Tuesday December 23, 2008
U.S. stocks fade as investors fret over autos, GDP MW
Madoff Fund Operator Who Had $1.4 Billion Invested Found Dead in Suicide BL
Consumer Sentiment in U.S. Rebounds From a 28-Year Low in Michigan Index BL
U.S. Existing Home Sales Fall 8.6%, More Than Forecast, as Prices Plunge BL NAR
New Home Sales Decline to 17-Year Low as Consumer Confidence Sinks BL PDF File
A Daily Snapshot Of Market Moving Developments Rosenberg
Thacher Proffitt, 160-Year-Old New York Law Firm, to Close Down on Dec. 31 BL
U.S. Economy Contracted 0.5% Last Quarter, the Most Since 2001 Recession B  BEA
Frozen Ports From Long Beach to Singapore Presage Bleak 2010 BL
HFA Tumbles by Record After Halting Redemptions From Three of Its Funds BL
Another Great Depression? Town Hall
Not Your Grandfather's Depression Kasun
Demand transparency Bear’s Lair
Your 'Noah's Ark' survival kit Farrell
Gala Issue: Biggest Sea Change of Our Lifetime! Weiss
Does recession threaten to become deflation? Oxford PDF
Our society is unused to economic pain Forbes
Watch that printing press Kellner
While virtually no one is raising prices in today's depressed economy, all this liquidity will soon become an accident looking for a place to happen
Bond markets predict the worst is yet to hit MoneyWeb
Light at the end of a dark tunnel (Roubini Interview) FT
Government and Fraud Paul
Merrill Lynch Strategists on the '09 Outlook for Stocks TIME
Turning Point? Saut
Even the bears are turning bullish MSN
2009 Outlook: A World of Challenges BMO  PDF
More companies lining up for piece of bailout fund AP
Commercial real estate may be next seeking government funds MW
Moorlach Sees Up to 10 Municipal Bankruptcies in Coming Year BL
Official says Calif. could be broke in 2 months AP
Reeling South Carolina City Is a Snapshot of Economic Woes NYT
Federal Reserve’s liquidity injections: a review NB Financial PDF
IMM positioning: Speculative investors reduce USD longs significantly Danske PDF
Madoff investor warned its clients FT
Madoff's Victims May Have to Return Up to Six Years of Profits, Principal BL
“Right now there are Madoff winners and Madoff losers. Before this is over there will be nothing but Madoff losers.”
Who is Bernie Madoff? Many Investors Didn't Ask TIME
Goldman denies Madoff due diligence role Naked Shorts
The fallen giants of finance FT
GM Stock, Bond Investors Bet It Won't Stay Afloat Even With U.S. Lifeline BL
Car Slump Jolts Toyota, Halting 70 Years of Gain NYT
Tiremakers cut back capacity amid automotive slump Purchasing
India's Car Market Offers No Relief for Automakers Business Week
Gov't to Bail Out Car Industry Indirectly Chosun
Record number of M&A deals cancelled in 2008 FT
The Consumer Electronics Inventory Glut Business Week
Inventories pile up for makers of computers, cell phones, and TVs, signaling a worse-than-forecast fourth quarter
Irregularity Uncovered at IndyMac NYT
Two months before IndyMac Bancorp collapsed, a federal banking regulator allowed it to backdate a capital infusion
Unisys to cut 1,300 jobs, consolidate plants AP
Fujitsu to Cut 400 Jobs at Japanese Chip Plants as Recession Cuts Demand BL
Losing Faith in Gambling's Allure Business Week
'Repo man' urges frugality in these economic times Post Star
Hard-up Athletes Pawn Championship Rings for Cash CNBC
'Lipstick effect' in full swing, economists say Telegraph
Warren Buffett Fans Explain Why They're Keeping the Faith CNBC
WH on Times: 'Gross negligence' Politico NYT
Gold May Drop in London as Lower Oil Diminishes Hedging Demand BL
Scotiabank Commodity Price Index Scotia PDF
Gas exporters to create "gas OPEC" at Moscow meeting Reuters
Economic crisis hits Africa's mines AFP
Refiner, retailer Flying J files for bankruptcy AFP
U.K. Economy Shrank Most Since 1990 in Third Quarter, Exceeding Estimates BL
Gloom spreads to emerging markets Reuters
Default by Kuwaiti investment house hits Gulf's reputation as financial hub Independent
Analysts had expected the Kuwaiti government to meet the obligation in order to save face in the international debt markets.
Iceland `Like Chernobyl' as Meltdown Shows How Anger Boils Into Protests BL
SKorean shipyards and builders face forced restructuring AFP
Macau's Venetian sacks further 500 staff as credit crunch bites AFP
Chavez orders halt to construction of Caracas mall AP
Alberta targets old adversary G&M

Monday December 22, 2008
Shoppers haggle for deals from frantic retailers AP
“You'd have to be a moron not to ask for a discount”
Chicago Fed Index Well Into Recession Territory HAVER
Oil prices tumble below $40 on dour economic news AP
Ratings agencies downgrade GM, Ford MW
MetLife, Prudential, Lincoln Plunge as Commercial-Mortgage Defaults Loom BL
Modified Mortgages Fail 55% of the Time in Sign U.S. Efforts Falling Short BL
Bankruptcy Risk Remains High for U.S. Automakers, Standard & Poor's Says BL
Textron to Cut 2,200 Jobs in Exit From Financial Units, Slashes Forecast BL
Faber Says 2009 to Be `Catastrophic' for Global Economy BL Video
Monday Morning Outlook: Examining Key Support Levels for the S&P 500 Index Schaeffers
The Dollar Crisis Begins Hussman
Is the Medicine Worse Than the Illness?   WSJ (Grant)
IMF chief warns 2009 may be 'even darker' AFP
A recession the Fed can't easily fix MSN (Fleck)
TED Spread Narrows to Least Since Lehman Collapse on Rates, Cash Flood BL
Lowest Treasury Yields Lure FAF Advisors, Hoisington BL
Grant: “People are piling into Treasuries now, as if they were, they’re like a Cisco Systems in 1999. I don’t know what they’re priced for, but they’re not priced for life as I know it in this economy.”
Money market funds reel as yields near zero FT
Following the Fed cannot save the world FT Federal Reserve balance sheet EconBrowser
Cashing In on the Cash Bubble FT
Life Without Bubbles NYT (Krugman)
Junior Asks Daddy, Where Do Bailouts Come From Baum
Saving Capitalism No Sure Thing as Statism Undermines Economy BL
Economists missed the brewing crisis Boston Globe
The US economy is sinking in an ocean of newly-created money Jackson
The central bank flight to safety Setser Dr. HB
Now in vogue: saving CS Monitor
Attitudes change as Americans take financial hits.
Trade Barriers Toughen With Global Slump WP
US drags China to WTO over 'protectionist' policy AFP
Fischer Says Madoff Shows How Smart Investors Missed Crisis BL
Accounting sleuths on the trail of Madoff money CS Monitor
Tremont Investors Learn Tough Lesson NYTD
Madoff's auditor under ethics probe by CPAs group Reuters
NYP: Shell-shocked investors - even those with no exposure to the Madoff madness - are beginning to pull their fortunes out of hedge funds at a stepped-up pace.
Goldman’s d-e-e-e-e-p look at Madoff Naked Shorts
Expect to get dirty when a name is mud FT
Mr Madoff is not alone among disgraced businessmen in having a name that gives the game away. Take the case of Anurag Dikshit...
Feds: More market fraud yet to surface after Madoff scam NY Daily
Despite emergency loan, automakers far from safe USAT
Toyota projects 1st ever operating loss for year AP
Money Given To Banks Went Toward Bonuses, Stock Options, Country Club Memberships AP
Wall Street still flying corporate jets AP
Six financial firms that received billions in bailout dollars still own and operate fleets of jets to carry executives to company events and sometimes personal trips
Financial turmoil drives 'scared' customers to smaller banks USAT
Bank of China furious at Deutsche debt move Independent
Bank of China has told banks that "any non-call by a given institution will result in that institution's debt being ineligible for future investment consideration".
DBS to Sell $2.8 Billion of Stock at 45% Discount as Provisions Increase BL
Struggling to Survive at the Mall Barron’s
Some retailers won't survive the downturn in consumer spending -- at least not without a trip to bankruptcy court. How to spot problems on the balance sheet and at the mall.
Buffeted "quants" are still in demand Reuters
Polaroid in Bankruptcy Again, Cites Petters Charges BL
More Companies Are Cutting Labor Costs Without Layoffs NYT
Recession causing repair shops to flourish St. LToday
As hunger rises in US, so do creative ways to help CS Monitor
$700 Billion Bailout Celebrated With Lavish $800 Billion Executive Party Onion
Gold rises as safe-haven buying continues MW
Saudi Arabia's Naimi Says OPEC `Determined' to Bring Oil-Market Stability BL
Price of gas hits lowest point in nearly 5 years AP
Coal outlook dim as prices fall Australian
China's Central Bank Lowers Benchmark Rates for Fifth Time in Three Months BL
Ireland Will Spend $7.7 Billion to Bail Out Nation's Three Largest Banks BL
Japan's gloom deepens as exports suffer record drop AFP
Yen Falls Against Euro as Carmaker Loans Revive Confidence in Carry Trades BL
China's forex reserves fall for first time in five years: report AFP
Divergence Grows Between China and the West - Part I Asia Sentinel
Details of real-estate stimulus package unveiled Xinhua
China urges help for redundant migrant workers AFP
Chinese manufacturing giant outgrows its cradle AP
Oligarchs Seek $78 Billion Loans as Credit-Market Squeeze Empowers Putin BL
Brown prepares bailout worth millions for Jaguar Times Online
Insecurity drives farm purchases abroad CS Monitor
Wealthy countries seek land in Cambodia, Madagascar, and Brazil
Domino Effect on Korea's Economy Chosun
Trouble in China's toy industry China Daily

Weekend Edition (December 20-21, 2008)
Key U.S. Data Releases and Events Global Insight
Canada, Ontario to Give GM, Chrysler C$4 Billion Aid BL
Biden: U.S. Economy in Danger of 'Absolutely Tanking' ABC
Just Call This Deal Hoosier Baroque NYT (Morgenson)
I Meant to Do That Mauldin  PDF
2008 Review: Now That’s a Bear Market BMO  PDF
The Big, the Bull, and the Bankers Wakefield with Hill  PDF
Confessions of a Money Manager: How to survive a bear (market) attack Capital Times
Krugman: Monetary policy at its limits MW
Lessons From the Great Inflation Samuelson
Q3 2008 "Flow of Funds" Noland Earnings Summary Swenlin
The strange new world of ZIRP and QE Finance Asia
History Repeats Itself in Different Hues - Japan vs. United States NTrust PDF
Inflation Chartbook: December 2008 Wachovia PDF
Grapes upon the vine? State Street PDF
Global economic downturn is picking up speed MW
Some pickup seen in second half, but right now that's only a forecast
The View From the Executive Sweet? Pretti
S&P 600: That's Gary Shilling's Forecast for 2009, Not an Index Tech Ticker
The Fed, Gold, Stocks, And China … Edelson
Why 4.5% Mortgages Rates will do Absolutely Nothing for these Toxic Assets Dr. HB
Foreign Investors Trade Safe for Safest NYT (Norris)
The Reckoning - White House Philosophy Stoked Mortgage Bonfire NYT
Schwarzenegger Orders Unpaid Leave for State Workers BL
NY gov: Goldman's move on bonuses cost state $178M AP
In Need of Cash, More Companies Cut 401(k) Match NYT
U.S. Judge tightens restrictions on Madoff Reuters
Madoff Scheme Kept Rippling Outward, Across Borders NYT
Hedge funds may be targeted by activist investors MW
As more managers lock up funds, investors consider ways to take control
Pimco Muni Funds Down as Much as 60% to Buy Back Auction Shares BL
S&P cuts American Express long-term ratings MW
Gold Stock Panic Ends Zeal Ash
Commodity Slide Continues BMO  PDF
Battered commodities could rebound in late 2009, analysts say MW
January contract tumbles under $34, but February delivery jumps past $42 a barrel MW
Such a wide gap between near month contracts is unusual.
Petrobras Delays Five-Year Investment Plan Amid Oil Tumble, Credit Crunch BL
Oil at $40 a barrel will cause 'price explosion' in future Telegraph
Ore prices set for big fall Australian
Japan unveils record budget to bolster economy AP
China May Need Second Stimulus Package to Aid Poor, Spur Consumer Spending BL
China Offers Taiwan Assistance Amid Financial Crisis, Urges Stronger Ties BL
How India Avoided a Crisis NYT (Nocera)
Shirakawa Prepares More Cures to Prevent Japan's Recession From Deepening BL
Germany and France prepare to pump in more money as recession deepens Guardian
Mortgage rationing leaves borrowers stuck ThisisMoney
Bank of America Sees Emerging-Market Currency Rally BL
2009 as Bad as It Gets, CEOs Predict Chosun
Exporters face payment risks China Daily
Economic Conditions in Korea and Japan: A Monetary Policymaker's Report Yellen
Mass Corporate Default Looms in Ukraine Following Hryvnia Plunge GInsight

Week in Review NTrust Weekly Focus Danske Weekly Trends Scotia PDF
Treasurys end euphoric week on down note; yields tip up MW

Friday December 19, 2008
U.S. stocks end another week mostly higher MW
Stephen Roach Says Economic Recovery Would Be `Anemic' BL Video
Herald hedge funds suspend redemptions on Madoff exposure MW
Madoff Misconduct Said to Date Back to 1970s as Client List Reached 4,000 BL
GM and Chrysler Will Get $13.4 Billion in U.S. Loans BL White House
Paulson Asks Congress for Rest of $700 Billion TARP Funds After Auto Plan BL
FOX Sues Treasury for Failure to Respond to Freedom of Information Act Requests FOX
Out of Touch With Reality Cornerstone  PDF
The Madoff Economy NYT (Krugman)
A Year of Chaos in Finance NYT (Norris)
’Tis the Season to Be Jolly? Schwab
The Fed's Big Experiment Comstock
Helicopter Ben Goes ZIRP! Roubini
The Fed Lady Sings Morgan Stanley
Federal Reserve is damned either way as it battles debt and deflation Pritchard
It's dramatic! It's sensational! It's the Fed rescue Times Online
Fed Rate Cuts Dull Perceived Safety of Dollar BL
What The Fed Giveth The Rating Agencies Taketh Away BeSpoke
Financial crisis: Free money coming your way! Telegraph
Fisher Says Fed Programs Will Restore Credit Flow WSJB
Keynes Revival Makes Cato a Lonely Hearts Club Baum
Obama Takes First Shot at Reshaping Fed by Naming Board Member WP
This Year Hot Buy -- 2% Treasuries???? Barron’s
High Noon for State and Local Budgets Berner
More Cuts on Horizon as D.C. Faces New Budget Gap of $127 Million WP
More California Towns Face Bankruptcy WSJ
"California's fiscal house is burning down�
Municipal bonds are a great deal, if they don't default USAT
U.S. Financial Data, December 18 Issue FRBSL
Tax Break May Have Helped Cause Housing Bubble NYT
'Pretty alarming': One in 7 owe more than their home is worth USAT
Painful loans forcing more to walk away from mortgages AP
Southern California Current Home Price Decline vs. 1990's HousingBB
Paulson: 'Orderly' auto bankruptcy might be best AP
GM, Chrysler Said to Be About to Receive U.S. Loans to Survive Into March BL
While They Wait for a Bailout, Big Three Woes Mount TIME
Toyota may post first parent operating loss in 71 years Reuters
Credit-Card Users Feel Pain as U.S. Banks Reap Gain BL FED
Goldman Sachs, Deutsche Bank, UBS, Eight Institutions Are Lowered by S&P BL
S&P says GE triple-A could be at risk Reuters
Bank of America's Balance-Sheet Risk Barron’s
General Growth Properties can't handle its debt MW
JPMorgan Adds to $14 Billion CLO Bet as Buyout Loan Downgrades Punish KKR BL
Mass. investor saw inside Madoff scam AP
Wall Street insiders had shunned Madoff for years Independent
Madoff Hosed Uncle Sam, Too: $17 Billion Going "Poof" Blodget
Madoff Strategy Dwarfed S&P 100 Options in Trades That Were `Never Done' BL
Banker used 'golden goose' wife in trading ring Times Online
Parmalat's founder is sentenced to ten years' jail Times Online
Bill Clinton's Million-Dollar Donors Include Investor Facing Bribery Probe BL
JPM's Dimon, Citi's Rubin Won't Ask for Bonuses CNBC
Credit Suisse to pay bonuses in toxic debt Independent
Gold Drops Most in Three Weeks as Stronger Dollar Saps Demand BL
OPEC Losing Its Muscle Business Week
Texas Braces for an Oil Bust TIME
Dubai gold sales suffer 'slump by up to 80%' Arabian Business
Uncle Sam May Grab Your Gold if You're Not Careful Benson
Bank of Japan Cuts Rate to 0.1%, Adds Funds to Ease Credit Woes BL
Yen Keeps Rising on Bets CB Unable to Turn Tide - Yen: Guesswork Vs. Forecasting EW
Foreign banks set deadline for ABCP deal G&M
Ruble Falls Most Against Euro Since 1999 on Double Devaluation BL
Russia's Economic Woes Spur Unrest WSJ
The drop in oil prices is eroding the Kremlin's ability to replenish its gold and foreign-currency reserves just when it needs them most.
World Bank: Russia may need help if oil falls more AP
Three more Russian banks lose licences Reuters
China central bank downplays influence of US rate calls AFP
Global economy to contract in 'severe' 2009 recession: banking group AFP  IIF
Global Outlook 2009 - financial market expectations Danske PDF
Sarkozy Considers Spending More to Aid Growth as Economy, Confidence Slump BL
Sterling slide is worst since 1931 Telegraph
Banks 'use rate cuts to turn screw on savers' ThisisMoney
Mobius Sees Emerging Markets Bottoming, 2009 Bull Market After Rate Cuts BL
Japan launches first solar cargo ship AFP

Thursday December 18, 2008
Oil futures tumble 10% to end below $37 a barrel MW
S&P says chance GE could lose "AAA" in 2 years AP
Turning Japanese? Puplava
Obama Pledges Schapiro, Regulators Will Crack Down on `Greed and Scheming' BL
New SEC chief gave Madoff's son a job Times Online
IBM, Sun, and SAP Face `Reckoning' as Budgets Shrink - Chip equip spending to fall 32%
30-year mortgage lowest in 37 years of Freddie Mac survey MW
Mortgage Rates Left in Dust by Treasuries, Failures BL
Bush Considering "Orderly" Auto Bankruptcy AP
Leading Economic Indicators Index Falls 0.4% as Outlook Deteriorates BL JClaims Drop
Paulson May Seek Next $350 Billion in Bailout Funds as Recession Deepens BL
Beware - “Quantitative Easing� is Hallucinogenic Dorsch
States Squeeze Cities, Spreading the Economic Pain WSJ
Debts increase as consumers fall further behind AP
The Current Account Deficit Shrinks in Q3 Northern Trust PDF
Declining Trend of Foreign Investment Poses a Threat to the Dollar
Investors continue to dump stock and bond funds MW
Stocks: What the 'Lost Decade' Means Business Week
Prophet of Boom (and Bust) Fort Worth Weekly
Now will they listen to Ravi Batra?
The Fed's 'Don Quixote Fight' Spiegel
Obama looking at $850 billion jolt to the economy AP
Special Report: 2009-10 Economic and Market Outlook Scotia PDF
Commercial Real Estate Quarterly: Third Quarter Wachovia PDF
Calpers To Report Losses of 103% on its Residential Investments Mish
55% of SoCal home sales were foreclosures Lanser
From Detroit to Taiwan, everyone wants a bailout Leonard
The 10 worst bailout boondoggles MSN
More are moving out of California than in LA Times
Chrysler, Ford idle factories; GM delays new plant AP
Madoff Scandal Shaking Real Estate Industry NYT
Madoff scheme hits Palm Beach country club hard AP
Madoff Victims May Recoup Some Investment Losses Through U.S. Tax Refunds BL
Bernie’s Bravado NYP
Madoff demanded that friends and investors pump even more funds into his failing firm right up until the feds put the cuffs on him...
On Wall Street, Bonuses, Not Profits, Were Real NYT
Western Digital to cut 2,500 jobs, lowers outlook MW
A Reprieve for Sumner Redstone Business Week
Banks appear to be indefinitely extending Redstone's Dec. 19 debt repayment deadline...
Obama to Name Schapiro SEC Chairman as Agency Seeks to Restore Reputation BL
FDA Clears Use of Herb As Sweetener WSJ
A Christmas Poem: The Year of the Grinch WSJB
Oil Falls Below $38, Lowest Since July 2004, on Signs OPEC Cut Inadequate BL
Warren should've listened to Daddy Buffett Russell
Cash crunch may usher in consolidation wave for oil companies MW
Emerging funds suffer worst year yet FT
Ukraine's Hryvnia Declines 15% as Official Says Half of Loans May Default BL
Bank's Bean says zero interest rates possible Reuters  Fresh warning on banks' capital FT
German Business Confidence Drops More Than Estimated to Lowest Since 1982 BL
The Ghost of Christmas Future Asia Sentinel  Additional Notes
The first quarter of 2009 is going to look frightening to Asia's exporters
Missed Mortgage Payments Up 6-Fold Moscow Times
Dividends to be frozen Australian
Hope Grows for a Taiwan Chipmaker Bailout Business Week
Container shipping: A long-lasting boom comes to a sudden end DB Research
Rough seas ahead for shipyards China Daily
Arab banks urged to brace for new world financial order Business 24/7

Bush: I'm a free market guy. But I'm not gonna let this economy crater in order to preserve the free market system.

“There was a-- a meeting in the Roosevelt Room, which is right outside the Oval Office. And Chairman Bernanke and Secretary Paulson were there briefing me on the state of the economy. This is after we had made, you know, some serious decisions like on AIG and-- Freddie and Fannie. And they said the market's just so frozen that if we don't do something-- the-- the upcoming depression could be greater than the Great Depression...”  Fox Transcript

Wednesday December 17, 2008
Oil Slides 8% to Below $40 as Size of OPEC Cut Disappoints Reuters
Chrysler to Idle Full Manufacturing Operation for a Month as Demand Erodes BL
Toronto Stock Exchange continues to be halted due to technical issues... TSX
Constellation Energy takes EDF's bid, scuttling deal with Buffett MW
MidAmerican will receive a hefty termination package valued at more than $600 million.
Madoff Put Under House Arrest as SEC Admits Failure to Act on Allegations BL
Dollar No Longer Haven After Fed Interest-Rate Cut, State Street, CMC Say BL
Gold futures end higher as dollar falls sharply MW
OPEC Will Reduce Crude Oil Output by 9% in Attempt to Stem Worldwide Glut BL
Ten-Year Treasury Yield Falls Below 2.15% for First Time on Rate Outlook BL
Marc Faber Says Madoff Case Shows Investor Gullibility BL Video
Monetary Trends, January Issue FRBSL
China says lending to US will not go on forever AFP
Angst as Asian central banks buy dollars FT
Global Chart Panorama Q4-2008 Hahn PDF
Review and Preview Wieseman
Fed Fights to Weaken Dollar Merk
Fed cuts dollar, Fire sales and F.I.R.E. sales, Duh-flation... iTulip
Treasury and Fed Determined to Destroy Dollar and Force Savers to Spend MyBudget360
Fed unleashes greatest bubble of all Reuters (Kemp)
Like the sorcerer's apprentice, Federal Reserve Chairman Ben Bernanke and his predecessor Alan Greenspan have unleashed a series of ever-larger asset bubbles they cannot control.
Economists give Bernanke good mark on handling crisis Reuters
FOMC December Meeting: To Boldly Go... Wachovia PDF
Banks Show No Signs of Easing Credit in Step With Fed’s Rates BL
Fed Targeting Zero Isn't the Same as Doing Zip Baum
Interest rates: Bernanke correctly judged the risk of deflation Pritchard
Bernanke's Japanese edge G&M
US pushing world economy to redeflation Steinbock
Kiss the dollar rally goodbye CNN  Maund - Mogambo
In Madoff We Trust Schiff
The US's gigantic Ponzi scheme may well catch foreign debtors
Paulson: No Plans to Seek the Rest of TARP Fund CNBC
Madoff's Fraud is Nothing Compared to U.S. Treasury's Kitco
SEC chairman says agency failed to probe Madoff AP SEC
Put Madoff In Charge of Social Security WSJ
Madoff Enjoyed $50 Pedicures, 9.8 Handicap, 55-Foot Boat Named `Bull' B
The Big Lie theory Hulbert
Madoff fraud could burn those who pulled out early Reuters
Madoff Crisis Hits Europe Hard Spiegel
Madoff tries to stay out of jail as probe widens Reuters
Wanted: Super-human technocrat to run New York Fed Reuters
Paterson unveils dire New York State budget that includes new taxes, layoffs and cuts NYD
Budget gap could widen to $200 billion Stateline
States face their worst fiscal challenge in 25 years
Refinancings continue to surge, Mortgage Bankers' data show MW
Morgan Stanley Posts Wider-Than-Estimated $2.2 Billion Loss as Fees Slide BL
AIG Writedowns Seen Increasing $30 Billion on Swaps Unaddressed by Rescue BL
Apple Loses Some Shine as Mac Sales Slow WSJ
Johnson Controls girds for tough times JS Online
Newell Rubbermaid to cut up to 2,000 jobs AJC
Honda to cut earnings forecast for third time: reports AFP
Nissan cuts 500 jobs as demand falls AFP
Fending off bankruptcy, Nortel gears up asset sales G&M
Billionaire Gerald Ford Shops for Bank Bargains as U.S. Encourages Buyers BL
Buffett: People Thought I Was Running Ponzi Scheme CNBC
OPEC eyes production cut of 2 million barrels a day MW
Merrill Lynch Oil Guru Blanch Changes From $150 Bull to $25 Bear and Back BL
Declining energy prices extend to electricity USAT
Flight To Safety First Butler
Nervy investors spur rush at Swiss gold refiners Reuters
"People used to buy certificates, now they want physical gold."
A global trade decline? CS Monitor
In a rare alignment, most of the world's big economies are expected to shrink.
Russia Accelerates Devaluation; Ruble Declines by the Most in Three Months BL
U.K. Unemployment Rose at Fastest Pace Since '91 as BOE Weighed Deeper Cut BL
Taxpayers face new pain as Brown`s bank bail-out fails to stop credit crunch Telegraph
Sterling slips to new euro low Indpendent
Bold Fed move prompts other cuts G&M
Call for 0% UK interest rate after Fed cut ThisisMoney
Experts: China likely to follow suit as Fed cuts rate China Daily
Shock Fed rate cut puts focus on Bank of Japan Reuters
What if deflation threatens Canada? FP
China's economy is still heading downward Finance Asia
After longest boom, Japan faces longest bust Reuters
Iraq signs $3bn power deal with GE FT

Tuesday December 16, 2008
FOMC cuts rates to record low range of 0 to 0.25% MW Text
Depression possible: Canadian PM AFP
Saudi Arabia Says OPEC Will Cut Output 2 Million Barrels to End Oversupply BL
Madoff Books in `Disarray,' May Take Six Months to Unravel, SIPC Head Says BL
Bank Medici of Austria Invested $2.1 Billion With Arrested Manager Madoff   BL
Madoff once boasted about profits, advised government on protecting investors from scam AP
U.S. Housing Starts Drop 18.9% in Sign Slump Will Extend Into Fourth Year BL PDF
Consumer Prices in U.S. Fall 1.7%, Most on Record BL CPI
U.S. Treasury 30-Year Bond Yields Fall to Record Low Before Fed BL
Bernanke Prepares to Buy Assets as Rates Approach Zero, Economy Contracts BL
Are Bernanke and Paulson Bankrupting America? Fool
Bernanke battles ‘depression’? Dean’s FX
Semi-Annual U.S. Economic Outlook: Collapsing On Schedule Investors Insight (Shilling)
2009 Dollar Outlook Morgan Stanley
2009 Outlook—Markets Measure; They Don’t Forecast Cumberland
Investment Bulletin Bedlam PDF
Evidence that the Fed Caused the Housing Boom Mises
The 2008 market will be one for the history books MW
This bear market ended up smashing record after record
China’s Dollar Millstone, Part 5 ATimes (Lui)
Restoring China's national destiny
Experts Can Only Guess As We Head into the Unknown Stelzer
Let's Spend and Spend, but Avoid Bad Spending Baker
Turmoil in the Cash Markets PIMCO
Did Enhanced Cash and Money Market Strategies Overdo Risk?
Chart of the Month Cross Currents
Sorry, there's no Santa Claus Hulbert
Walter Reuther Lives?! Saut PDF
Economic Freedom or Socialist Intervention? Paul Saville - Hook - Econbrowser
FX Strategy - IMM positioning: Speculative investors reduce overall positions Danske PDF
IMF head warns of violent unrest Times Online
Global economy facing worst year since 1945 Oxford PDF
Krugman: 'Merkel and Steinbrück Are Wasting Crucial Time' Spiegel
Japan's 'lost decade' could be preview of what's ahead for the U.S. Statesman
Deflation strikes hard! What to do … Weiss  Weiss Q&A
Economic crisis has made safety net for poorest families even weaker PPG
Downturn spurs 'survival panic' for some in U.S. Thomson
Home buyers stirring in some markets CS Monitor
A Second Mortgage Disaster On The Horizon? CBS
Madoff unlikely to oust Ponzi in lingo Reuters
"Madoff" is up against a strong incumbent if it is to become part of the American vernacular and earn a spot in the country's dictionaries.
Madoff Victims Claim Conflict of Interest at SEC CNBC
Shana Madoff is married to a former SEC compliance examiner named Eric Swanson.  Swanson was at the commission in 2003...
Madoff debacle reveals stunning failure of due diligence G&M
You're not pressing Colonel Sanders for the secret blend of 11 herbs and spices...You're simply asking managers to explain just how they generated the returns they claim.  A Look at Madoff Trading Records NYTD
The man who conned the world Independent
Madoff’s Country Clubbers Smiled $50 Billion Ago BL
Wall Street fraud leaves charities reeling IHT
Tremont hedge fund index hit by Madoff scandal MW
Madoff's scam may be the first of many Evening Standard
Inquiry Finds No Signs Family Aided Madoff NYT
One Retired Couple's Plight: We Lost Everything CNBC
Hedge fund body wants help for Madoff victims Reuters  Madoff’s Victims
Madoff Implosion Is No 'Tragedy' TheStreet  Mean Street
Goldman Sachs Has $2.12 Billion Fourth-Quarter Loss, First Since 1999 IPO BL
Best Buy Offers Workers Voluntary Severance, Will Slash Capital Spending BL
Car Czar or U.S. Treasury May Get Power to Force GM Bankruptcy, Levin Says BL
Toyota delays Mississippi assembly plant AP
Carmakers cut output as Europe sales fall 26% G&M
Toshiba to slash memory chip output due to supply glut AFP
Global chip market to shrink 16.3%: Gartner G&M
Bank of America stock could sink to $9: analyst Reuters
Morgan Stanley downgrades Credit Suisse Reuters
Daiwa Securities Says It May Raise Up to $1.1 Billion to Replenish Capital BL
Constellation Said to Favor Stake Sale to EDF Over Buffett Takeover Deal BL
Casinos rolling snake eyes in bad economy MSNBC
Lotteries, horse racing also suffering as gamblers sit on their wallets
Siemens pays $1.3 billion to settle corruption probe Reuters
Supreme Court rules smokers can sue over 'light' cigarette claims CS Monitor
PartyGaming co-founder said to plead guilty Reuters
National Lampoon Chief Faces Charges NYT
How the Fed Reached Out to Lehman NYT
OPEC president wants "much more" than 1 million bpd cut Reuters
Supertankers used to store 50m barrels of oil FT
Big Oil Projects Put in Jeopardy by Fall in Prices NYT
The Risk Of Misjudging Peak Oil: A Real Physical Crisis Simmons  PDF 2 ~  PDF 3
China's Growth in Factory Spending Slows as Exports, Property Prices Fall BL
Cosco shares fall after $577 million derivative loss MW
Japan's household assets hit 3-yr low on falling share prices AP
Citigroup bullish on debt-laden Dubai WSJ
Flash Comment - Russia: Industrial production collapses according to IFAX Danske PDF
'Crisis' a word best said quietly in Russia Reuters
Thailand's Economic Wreckage Asia Sentinel
Home Loans Biggest Concern for Kookmin Bank Korea Times
Canadian banks told to bulk up reserves FP

Monday December 15, 2008
AIG Sells Mortgage-Backed Securities to Fed Vehicle BL
GMAC Wins Agreement From Bondholder Group on Revised Debt-Exchange Offer BL
Foreign investors fled agencies after Fannie, Freddie bailout MW TIC
Dollar Weakens to Two-Month Low Against Euro BL Gold hits two-month high
November industrial output falls less than expected AP FED
Monday Morning Outlook: Triple Witching, a Nightmare Before Christmas? Schaeffers
Recognition, Fear and Revulsion Hussman
Forecast: A Long, Cold Winter Barron’s
Stephanie Pomboy, Founder and President, MacroMavens
The market's misplaced optimism MSN (Fleck)
First the Chinese accumulated dollars, now everyone is joining the stampede King
Treasury's Record Low Borrowing Rates Failing to Benefit Corporate Debtors BL
Companies are paying an average 10.8 percent on their debt, up from 6.53 percent in January
If Fed mimics BOJ, Treasury yield drop could be big Reuters
As Rates Race to Zero, Printing Presses Gear Up CNBC
Nobody really knows how these policies will work out. If it were another country, the U.S. should probably declare bankruptcy.
Fed funds rate cut seen as 'mostly ceremonial' G&M
Fed’s Words May Speak Louder Than Actions Now Berry
The Fed Still Has Plenty of Ammunition WSJ (Mishkin)
Ponzi Nation Business Week
Obama stimulus could reach $1 trillion: report Reuters
Obama and his advisors won't know what hit them when the economy finally tanks Jackson
Has the dollar peaked? Setser MyBudget360 ~  Economicrot Funnies
Thousands of small banks still waiting to qualify for $700 billion rescue program AP
Where's your bailout? Hold on, it may be coming LA Times
If Citigroup Inc. and GM are too big to fail, what about California?
Home values to lose well over $2 trillion during 2008: Zillow Reuters
Three days that shook the world Fortune
Exactly three months ago, the collapse of Lehman triggered a global financial panic...
The Man Who Is Unwinding Lehman Brothers NYT
Fleeing Investors Put a Strain on Funds NYT
Investors are fleeing h-funds and using the cash to cover losses on their other investments
Third of Hedge Funds Face ‘Wipe Out’ After Slump, Godden Says BL
Reuters: Bernard Madoff has single-handedly turned an already very bad year for hedge funds into a catastrophe.
The 17th Floor, Where Wealth Went to Vanish NYT
Madoff Said to Have Managed Money in Unregistered Side Business BL
Bernard Madoff: Wall Street's Wizard of Oz Telegraph
Bernard Madoff's delighted clients sometimes joked that if he was a fraud, he'd take down half the world with him...  Bernie Madoff's Victims: The List
Not just super rich caught up in $50B Madoff case AP
Three European banks announce exposure to Madoff Reuters
Asian financial giants may be exposed to Ponzi scheme Forbes
Bank Of Spain Says Investigating Madoff Impact On Spain Bks Dow Jones
Madoff, as consistent a golfer. . . Naked Shorts
Goldman faces $2bn loss -- its first since 1929 Independent
Pension Costs Could Shave Company Results WSJ
Banks and consumers brace for new credit card rules Reuters
Northern Trust plans to cut 450 jobs MW
Schwab to Cut 100 Jobs, Take $20 Million Pretax Charge in Fourth Quarter BL
Electrolux to cut 3,000 jobs due to downturn Times
Saudi's Prince Alwaleed lost $4B this year AP
Queen Elizabeth II reins in extravagance as credit crunch grips AFP
Tech faces tougher times Barron’s
Wal-Mart CEO sees recession change consumer habits Reuters
Analysts expect more discounts as Christmas nears   AP
Christmas trees still selling   USAT
Dollar's decline to drive gold? Brimelow
Backwardation That Shook The World Fekete
A titanic struggle is taking place right now, out of earshot and out of sight: the bull fight at Comex.
OPEC to Make Severe Cuts to Output CNBC
Gas prices up after 86-day decline CNN
End of the oil sands' building frenzy? FP
Ireland plans €10bn investment in banks FT Irish bank shares jump Reuters
Tories set to add forestry, mining to bailout list ~  Quebec, Alberta spurn ABCP action G&M
Ruble Is Devalued for Second Time in Three Days as Russia Weakens Defense BL
Asia's consumers snap their wallets shut G&M
In the past few weeks, governments have used every trick in the book to persuade them to head out shopping....There is one problem: Asians are the world's most-dedicated savers.
China's president warns of 'grim' job market: state media AFP
China's Industrial Output Grows at Weakest Pace Since 1999 on Export Slump BL
Japan business sentiment dives Reuters
House prices to crash 30 per cent, Barclays chief executive John Varley warns Telegraph
CBI: Taxpayers face public sector pension black hole of £1 trillion, CBI warns Telegraph
Trichet warns on fiscal indiscipline FT
Pound 'buying less than a Euro' BBC
Ecuador Default May Hit `True Monsters' Harder Than Argentina, Bonds Show BL
The default is Ecuador’s second in a decade and seventh in its 178-year history
The coming of age of Islamic structured products Finance Asia
NZealand watchdog takes 13 airlines to court over alleged cartel AFP
Livedoor arm hid earnings in Swiss bank account Yomiuri
In final visit to Iraq, Bush dodges a shoe IHT

Weekend Edition (December 13-14, 2008)
GM Moves Closer to Bailout as CEO Wagoner Holds Talks With Bolten, Paulson BL
Blank Check for Banks, Pink Slips for Detroit NYT (Morgenson)
Global car crisis far from over, executives say Reuters
Key U.S. Data Releases and Events GInsight
Georgia, Texas Banks Seized as Foreclosures Push Failures to 25   BL
Sanderson State Bank ~  Haven Trust Bank
Georgia's community banks feeling the pain AJC
Credit squeeze beyond banks FT
Some Things That Just Should Not Be Mauldin  PDF
Stock Panic Volatility ZEAL
Time Running Out On Rally Swenlin
Market statistic of the year (or maybe the half-century) LA Times
A Nightmare Before Christmas Schiff Harding
Investors find a middle way State Street PDF
Money managers brace for unorthodox Fed Reuters
Younger Job-Seekers Have It Worse NYT (Norris)
To Build Confidence, Aim for Full Employment NYT (Shiller)
Golden years tarnished as bear market mauls target-date retirement funds MW
A Possible Drag on Bank Lending NYT
Before the Fear, There Was Foolishness NYT (Stein)
FSN Broadcast for Saturday, December 13 Financial Sense
Real Homes of Genius: Today we Salute you Riverside Dr. HB
Citadel Halts Withdrawals From Two Hedge Funds After 50% Drop BL
List of potential victims grows in NY fraud case   AP
Madoff Case Puts Fund-Of-Hedge-Funds Model In Spotlight Dow Jones
News of the alleged Madoff fraud heightens the potential for jittery investors to ramp up their requests to cash out of hedge funds
Questions Are Raised in Trader’s Massive Fraud NYT
Madoff Was Made Up Kass
Madoff's Strategy Was Just Too Good To Be True NYP
Standing Accused: A Pillar of Finance and Charity NYT
Madoff fraud case raises questions about SEC AP
'Superwoman' stung by hedge fund guru's '$50bn trading scam' Independent
Lessons For Madoff Investors From The Bayou Fund Ponzi Scheme Forbes
Fleeced Madoff Investors Face Cold Winter Forbes
What's worse than getting caught in a Ponzi scheme? Getting caught in a long-running Ponzi scheme
Madoff Sued in Investor Class Action, Lawyer Says BL
Sextant manager to fight allegations G&M
The End of Hubris Portfolio
Ackman's Mall Gamble Pays More Than Double NYP
Ackman had piled up an ante of 25.6 percent of the company in the past three weeks, paying the equivalent of 71 cents a share...
Trader’s $1bn loss bodes ill for Deutsche Times Online
Analysts warn the German bank is likely to make a substantial loss, hit by the performance of its credit-related assets
AIG Said to Offer Retention Payment to Bigger Group of Workers BL
The retention bonus equals as much as a year’s salary and recipients were ordered to keep the payment secret
The consumer dream gears down G&M
Toyota to suffer 1.1 billion dollar loss for 2nd half: reports AFP
Forget $200, Goldman Now Sees $45 Oil in '09 Reuters
Mobius says liquidity remains the biggest challenge Asian Investor
China to Increase Money Supply 17% in 2009, State Council Says BL
Recession risk 'worse than expected': NDRC China Daily
China's Chery Gets Closer to Being a World Player Business Week
The Gaijin Stumble in Japanese Banking Asia Sentinel
It doesn't look like Wall Street is any better at saving the sun than the Japanese
Japan Housing Agency to Drop Fannie, Freddie Model BL
Roubini on Rouble trouble in Russia MoneyWeb
The inconsistent trinity at work and the need for a 20-25% currency depreciation
Russia chief econ planner in trouble over "R" word Reuters
Sovereign Wealth Funds Taste Bitter Losses Spiegel
Real estate markets still in grip of financial crisis DB Research
Santander to cut 1,900 jobs UK banking jobs RTE
Emergency rescue plan for UK motor industry Times Online
How high-risk mortgages crept north G&M
Bridges Versus Bridge Financing CIBC PDF
In what seemed like a parody article but was instead a sign of the times, business press reported this week that Italy’s parmesan cheese producers were getting a government bailout, much to the chagrin of mozzarella makers...
What Would Keynes Do? BMO Focus  PDF
Supermarkets' emergency plans to keep shelves full Observer
Fears that scores of supermarket suppliers will go bust next year have led the country's major chains to draw up emergency plans to replace them
Gambling Thriving Amid Economic Slump Korea Times

Week in Review NTrust Weekly Focus Danske Weekly Trends Scotia PDFs

Friday December 12, 2008
GM, Chrysler May Win Reprieve as Treasury Considers Using TARP For Bailout BL
Arience to Shut Hedge Fund, Return 95% of Money on `Incompatible' Markets BL
The Coming Commercial Real-Estate Crash Tech Ticker
Ecuador Won't Make Bond Payment, Goes Into Default, President Correa Says BL
Treasury Says It's Ready to Assist Automakers Until New Congress Convenes BL
White House considers using TARP for auto bailout MW
Consumer Confidence in U.S. Rises From 28-Year Low as Gasoline Prices Fall BL
Producer Prices in U.S. Fall 2.2%, More Than Forecast, as Fuel Costs Drop   BL
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme SEC
Madoff told these employees that he was "finished," that he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme."
Madoff’s ‘Big Lie’ Hits Hedge Funds BL
-- Defense lawyer Dan Horwitz. “He’s a person of integrity.”  --
Investors Who Entrusted Funds to Firm Are Shaken by Arrest WSJ
U.S. trader arrested over massive fraud Reuters
May rank among the biggest fraud cases ever.
Bogle Says President Will Intervene to Prevent GM From Failing BL
“We were about three words away from a deal...” AP
Treasuries Rally, Pushing Yields to Record Low, as U.S. Auto Bill Rejected BL
GM assessing options after Senate bailout vote Reuters
GM board hired advisers to consider bankruptcy Reuters
‘Already Bankrupt’ GM Won’t Be Rescued by U.S. Loan BL
Chapter 11 is the right road for US carmakers FT (Stiglitz)
Auto Suppliers Share Anxiety Over a Bailout NYT
Bubblicious bond days are here DMN
Fed Refuses Bloomberg Request to Name Recipients of $2 Trillion in Lending BL
Bernanke Talked to Obama Twice in September, Hosted Meeting With Wagoner BL
Risks to the Global Outlook: The Good, the Bad and the Ugly Berner
It’s Aso Versus Bush in the Big Debt Sweepstakes Pesek
It’s conceivable that the U.S. will knock Japan from its biggest-debtor perch.
Jeffrey Joerres, CEO of Manpower Offers His Outlook On Employment NBR Transcript
U.S. Financial Data, December 11 Issue FRBSL
California faces financial meltdown as debt grows by $1.7m an hour Times
The state of California, one of t he top ten largest economies in the world, will run out of money by February, causing “financial Armageddon”, according to dire new budget projections.
California's credit rating gets battered LA Times
Why home values may take decades to recover USAT
Housing Chartbook: December 2008 Wachovia PDF
Lessons from the Great Depression National Post
JPMorgan Chase Is Having A 'Terrible' Quarter: Dimon CNBC
Bank of America to cut up to 35,000 jobs Reuters
Jim Rogers calls most big U.S. banks "bankrupt" Reuters
Fury Builds Over Crisis at Banks NYT (Norris)
The hedge-fund industry imprisons its clients and weakens its appeal Economist
Cramer: The Market Is Rigged CNBC
Why bubbles are so hard to see Marketplace (Blodget)
Red alert on China, Wall-Mart Asia Times
Riding the rollercoaster Economist
Six firms in cyclical industries battle excess debt
Prospects for the container shipping industry DB Research  PDF
America’s universities have seen billions of dollars go up in smoke Economist
U.S. Senate approves bear-market pension relief Reuters
We Need a Bailout Exit Strategy Cox
Let's not forget that free markets made America strong.
Official warns Russia already in recession AP
Taiwan's central bank announces biggest rate cut in 26 years   AFP
South Korea, China Form $28 Billion Currency Swap Deal to Ensure Stability BL
Yuan set to weaken for 6 months MW
China faces its old demons Finance Asia
China's auto sales fell 14.6 percent in November AFP
No relief as China dips Australian
China: Is deflation back on the agenda? Danske PDF
Japan to boost economic stimulus to 40 trillion yen: report AFP
Rising Japan office vacancies time bomb for developers Reuters
Cracks in the crust Economist
Iceland’s banking collapse is the biggest, relative to the size of an economy, that any country has ever suffered.
Broad-Based Weakness Pushes Italy Into Recession During Q3 Global Insight

Thursday December 11, 2008
Oil up 12% on OPEC-cut fear MW
Fed: household debt, net worth post declines AP Flow of Funds
Households reduced their debt levels by 0.8 percent at an annual rate in the July-September period, the first drop on records that go back more than 50 years.
Jobless claims jump to 26-year high MW DOL
Import prices plummet 6.7% on global slowdown MW
Fear triggers gold shortage, drives US treasury yields below zero Pritchard
8 really, really scary predictions Fortune
Dow 4,000. Food shortages. A bubble in Treasury notes...
The Credit Rating on a Benevolent Counterfeiters Debt - Infinity A? Kasriel  PDF
Treasury Market Bubble Talk Grows Louder as Investors Give U.S. Free Money BL
Deflation Says Buy Bonds; Supply Flood Says Sell Gilbert
Central Banks Can Do Better Than Just Mopping Up Baum
Chinese currency undervalued: US Treasury AFP  Treasury
2009 Annual Outlook   Wachovia  PDF
When Will This Horror Show Come to an End?
It's Gonna Take Time & Money Puplava
Signs suggest we may have seen worst of bear market Brimelow
UCLA economists expect dismal 2009 LA Times Deflation a risk
Business Outlook Survey: Rock Bottom CFO
CFOs predict cuts across the board as they brace for a long recession.
Slumping economy hits prosperous states Stateline
Muni bond yields soar, signaling buyers' wariness LA Times
Global trade is shrinking, fast Setser MyBudget360
Whitney:  Banks On Life Support Next 18 Months CNBC
Financial groups’ problem assets hit $610bn FT
Foreclosure activity drops to June levels   AP
“We're going to have a pretty significant spike in January”
Foreclosure Storm in 2009 May Force 1 Million Homeowners From Properties BL
Regulator sees mortgage rates below 4 percent AP
Some owners may intentionally fall behind on mortgage USAT
Some money market funds could close as rates plunge USAT
Who Is To Blame? Newsweek
“I believe Alan Greenspan sold his soul to the devil.”
Dear Hank and Ben: About that check ... MW
The fiscal cure may make the patient worse FT
Auto rescue bill in peril, opposed by GOP senators AP
GM Suppliers Said to Seek Payments in Advance as Automaker's Cash Dwindles BL
Hedge Funds Shrink by $64 Billion Amid Global Recession, Eurekahedge Says BL
Ben Graham Would Buy Pfizer, Tiffany, Grant’s Says BL
Buffett's Burlington Northern Stake Rises to Almost 20% CNBC
Ackman Raises the Stakes on His General Growth Bet WSJ ($)
While Detroit Slept NYT (Friedman)
Office Depot cutting 112 stores, 2,200 jobs AP
Newsweek plans staff cuts in makeover: report Reuters
$35B buyout of Canadian telecom company dead AP Lawsuits awaiting collapse of deal
Do the SEC's New Rating Agency Rules Have Any Bite? Wharton
Americans Oppose Bonuses for Wall Street Beneficiaries of Treasury Rescue BL
The Financial Crisis Reaches a New Arena: Professional Sports Wharton
'Illegal' glacier investment juiced returns: OSC G&M
Mortgage fraud is booming business for prosecutors Business Week
Gold futures rise 2.5% on weak dollar, rising oil MW
Commodity crash tests faith in supercycle Pritchard
World oil demand to grow in 2009, shrink in 2008: IEA Reuters  IEA
Russia Volunteers to Join an OPEC Cut in Oil Output NYT
Water will be trillion-dollar business by 2020 Water Tech
FNX Mining cuts 307 Sudbury jobs G&M
Swiss National Bank lowers interest rates Reuters
ABCP Committee goes begging to Ottawa FP Bailout panel seeks bailout of up to $10-B
Ottawa would be called upon only in extremely dire circumstances. “It would have to be worse than the Depression”
Russians Buy Jewels, Hoard Dollars as Ruble Plunge... B
“No one wants to be left with pieces of paper.”
Russian Devaluation Gathers Pace as Central Bank Loosens Control of Ruble BL
Ruble Roulette Forbes
Slumping trade a sign of great fall for China LA Times
China's Nov CPI drops to 21-month low China Daily  Exports, FDI plunge
Reality Check for China Barron’s
The currency's decline could dampen foreign speculators' enthusiasm.
China Dares Deflation Asia Sentinel
Japan is too shocked to drown sorrows in beer Times Online
Germany questions UK rescue plan BBC
South Korea Cuts Benchmark Interest Rate to 3%, Record Low, Amid Slowdown BL
Australia Loses 15,600 Jobs, Adding to Signs Economy May Enter a Recession BL
India's Stimulus Package: More Help Needed Business Week
Canadian Portfolio Strategy (December 2008) CIBC PDF
Tycoon's Fall Is a Warning WSJ
Sanahuja Patriarch Loses Control of Metrovacesa; the Perils of Heavy Debt
More Credit Lines Set for FX Loan Borrowers   Korea Times
Violence continues in Greece for sixth day Reuters

Wednesday December 10, 2008
Gold futures rally above $800 an ounce as oil gains MW
Government spills more red ink in November MW
Gross Says Treasuries Overvalued, Bills Have `Bubble-Like' Characteristics BL
Treasury sells $28 billion in 3-year notes at record low   MW
$60.275 billion in bids were tendered for $28 billion bonds available
Washington Maps Pact for Bailout of Big Three WSJ  Volcker touted as car tsar
GMAC Fails to Meet Capital Requirements to Become a Bank Holding Company BL
The Inevitable Dénouement Cross Currents
Fed Weighs Debt Sales of Its Own WSJ
'Very Close Cousins to Existing Treasury Bills'
Bernanke’s GM Rejection Aimed at Re-Establishing Rescue Limits BL
Ben Bernanke's Pretense of Knowledge Mises
Worse than the Great Depression Bear’s Lair
Obama White House is in for a Nasty Surprise NYP (Crudele)
Worst Spending Slump Since 1942 Extends ‘Scary’ U.S. Recession BL
'Risk free' rate going way of free lunch Reuters (Saft)
That role of the benchmark of benchmarks, which greases the wheels of finance making it more "efficient" but more prone to spectacular error, is now under attack from a number of directions.  Treasuries bubble danger FTA
Deflation virus is moving the policy test beyond the 1930s extremes Pritchard
A Picture Of Treasury Yields Is Worth One Word: DEFLATION EW
BIS warns of collapse in global lending Pritchard  BIS Quarterly Review December 2008
Dire Forecast for Global Economy and Trade NYT
The world economy is on the brink of a rare global recession, the World Bank said, with world trade projected to fall for the first time since 1982.
Economic recovery not seen until 2010, Chapman University forecast says LA Times
A change is gonna' come Middleton
Fundamentals, Valuations, and Technical Trends Ciovacco
Valuation model shows stocks to be most undervalued since 1974 MW
Q Ratio Signals ‘Horrific’ Market Bottom, CLSA Says BL
The S&P may plunge another 55 percent to a trough of 400 by 2014
5 Reasons Why The US Market May Be Past A Bottom iFAST
Should you jump in now? Sloan
A Wall Street Job Can't Match a Calling in Life Lewis
Capitalist Fools Vanity Fair (Stiglitz)
Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist
Review and Preview Wieseman Bonner - Saxena - Mogambo
Recession prompts some couples to delay having kids LA Times
At last, Treasury gets its bailout inspector Politico
As a federal prosecutor, Neil Barofsky made Refco Chairman Phil Bennett cry on the stand...Financial services companies, get your tissues ready
Congressional Panel Overseeing U.S. Bailout Criticizes Treasury BL
Week-over-week mortgage filings down 7.1% MW
Applications for refinancings make up nearly 75% of all activity
Mortgage Troubles Are Moving Downtown NYT
Investors in commercial real estate are concerned about a growing number of loan delinquencies.
The Rise and Fall of the Southern California Housing Empire Dr. HB
Even strong hedge funds may go under Reuters
One-man protest mocks bailouts for massive firms Toronto Star
Office Depot to close 112 stores, 6 distribution facilities   MW
AIG owes $10 billion for soured trades: report Reuters
Eastman Kodak withdraws full-year 2008 forecast   AP
Toyota to cut more production in North America AFP
Rio Tinto to Cut 14,000 Jobs, Eliminate $5 Billion Spending to Lower Debt BL
Sweden's SKF to lay off 2,500 workers globally AP
Nortel explores bankruptcy, government aid scenarios: report Reuters
The Newspaper Bubble, Too, Has Burst NYT
How the Tribune deal went so bad, so fast Gross
World chipmakers face most difficult time ever: Hynix AFP
Dark Days for Mall Dynasty WSJ
The Bucksbaums' stake, worth $3.2 billion just six months ago, is now worth $116 million.
What's next for Wall Street? Harrison
China Will Be Happy Geithner Isn't a Goldman Guy Pesek
A Storied Investor's Big, Bad Bet WSJ
William H. Miller spent nearly two decades building his reputation as the era's greatest mutual-fund manager. Then, over the past year, he destroyed it.
Fear of Investing Kiplinger
Broadway hit by downturn Telegraph
Pequot's Puzzling Payments Portfolio
Monrad Regrets Not Testifying on GenRe Fraud as Prison Looms BL
Illinois Governor’s Arrest May Cause Collateral Damage to Obama BL
Oil rises to near $43 as investors await OPEC cut AP
The End is Near for Benchmark Iron Ore Prices Global Insight
Maersk Line warns shipping industry needs a lifebelt Times
Alberta to seek tax breaks for oil sands G&M
China Wholesale Inflation Plunges, Deflation Risk Reuters
BOJ’s Nishimura Sees No End to Financial Turmoil BL
Interest rate of 0% looms as economy slumps Times Online
Britain worse credit risk than McDonald's Independent
Estate agents offer ‘bargains’ in Christmas sale Times
Australian central bank: China slowing quickly AP
Chinese IPO capital drops 70% China Daily
The Chinese export train goes off the tracks Leonard
Japan machinery orders down 4.4 percent in October AFP
Euro protects Ireland from economic pneumonia MW
Hong Kong banks repay 30 million HK dollars in mini-bond scandal AFP
Sharp, LG Display to plead guilty to price fixing Reuters

Tuesday December 9, 2008
Treasury Bills Trade at Negative Rates as Haven Demand Surges BL
Money for nothing: Government sells short-term bills to yield zero MW
Top Senate Democrat sees auto bailout by Wednesday AP
Bernanke Opposes Auto Aid Without Congress, Suggests Bankruptcy as Option BL
U.S. Could Take Stakes in Big 3 WSJ
Bank of Canada makes deep cut G&M
Another 14,000 job cuts CNN
Fedex and Con-way warn and UPS is downgraded at J.P. Morgan MW
Pending Sales of Existing U.S. Homes Fall 0.7% Amid Credit-Market Freeze BL
Ex-Fannie, Freddie Officials Blame Congress, Regulators for Financial Woes BL
Raines: “It is remarkable that during the period that Fannie Mae substantially increased its exposure to credit risk its regulator made no visible effort to enforce any limits”
Recession Hits Small Business Owners CNBC
If the Fed Wants to Stimulate Bank Lending, Keep Its Target at 1.00% Kasriel PDF
Leading up to the FOMC meeting NF Financial PDF
Bernanke `War Powers' Undermine Fed Presidents, Risk Divide on Next Steps BL
Surfing an Economic Tsunami Mesirow  PDF
“Festivus” Saut PDF
Insight: Return-free risk FT (Grant)
Bystanders to this financial crime were many FT (Taleb)
World economy could be depressed beyond 2011: Krugman AFP
New bubble building in U.S. Farrell
Getting Out of the Credit Mess WSJ
The last thing we need is policy that encourages or incurs more debt.
Economists Ratcheting Up Job Loss Estimates CNBC
WORST Market Panic in 101 Years! Money & Markets
Stock markets' upturn doesn't mean bear is dead USAT
China: Carpe Diem! Merk
FX Strategy - IMM positioning: Continued build-up in net long JPY positions   Danske  PDF
Benedict XVI is magnificently right Spengler
Hedge Fund Adviser Tozai to Close After Losses, Redemptions Reduce Assets BL
Lehman, Tribune ... beginning of Chapter 11 deluge? MW
Investment Banks Are `Gone', Former Bear Stearns CEO Alan Greenberg Says BL
Sony Will Eliminate 16,000 Jobs, Curb Investment, Drop Unprofitable Units BL
RBC turns to investors to raise $2-billion cash FP
Merrill CEO drops $10M bonus bid CNN
Fans bid farewell to Polaroid film CNN
Transcript: Ron Muhlenkamp Forbes
SEC charges N.Y. lawyer over 'stunning, brazen fraud' FP
World's oldest profession, too, feels crisis IHT
Another false gold rally? Hulbert
China's Exports Shrink, Industrial Output Cools, Central Bank Adviser Says BL
Policymakers ponder ways to spur consumption China Daily
Fed approves Chinese bank CCB to open office in US AFP  FED
Foreign Banks in China Feel Liquidity Heat Caijing.com
On Effective Stimulus Caijing (Xie)
The low interest rate caused the problems that are haunting us. Now, governments say the solution is further lowering interest rates. Somehow, this doesn't sound right.
Japan's recession worse than thought: official data AFP
Japan’s Tankan Business Confidence May Plunge Most in 34 Years BL
Asia set to recover quicker than other regions Finance Asia
Shops' outlook worst since 1965, says Verdict Times Online
Seoul Real Estate Deals Nosedive Chosun
S&P Cuts Russia For First Time Since '98 Moscow Times

Monday December 8, 2008
Tribune Files for Bankruptcy Protection AP
Stocks Rally Worldwide on Obama Stimulus; Dow Average Hits One-Month High BL
Auto Rescue Bill Lets Bush to Appoint Supervisor, Offers Seven-Year Loans BL
Zell's Tribune Files for Bankruptcy Protection as Advertising Sales Slump BL
Obama stimulus package could exceed $1 trillion ~  Meet The Press
“How much it's going to cost? My economic team is examining that right now.”
Obama to the Rescue? CIB Magazine (Xie)
How to Do Public Works Right WJS
It could become prohibitively expensive for the feds to borrow as debt levels skyrocket. Spending is not investing...
Obama says Big Three automakers must not fail MW
This Wasn't Quite the Change We Pictured WP
Illinois Halts Business With Bank of America Until Factory Receives Credit bl
Comptroller Dugan Highlights Re-default Rates on Modified Loans OCC
“After three months, nearly 36% of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53%, and after eight months, 58%”
Monday Morning Outlook: Searching For Support in the Market's Maelstrom Schaeffers
David Tice Says Stock Market Could Fall Another 50% BL
S&P Bottomed, Investors Should Get Out of `Bunker Mentality,' Birinyi Says BL
Ambiguous Conditions Warrant Moderation Hussman
In String of Bad News, Omens of a Long Recession NYT
“We’ll be lucky if the unemployment rate is below double digits by the end of next year”
In rush to embrace Keynes, are we forgetting the vital role of markets? King
Deflation virus is moving us beyond the 1930s   Pritchard
The Fed can acquire houses, stocks, or a herd of Texas Longhorn cattle if it wants
Enter, Pursued by a Bear New Yorker
Some Money Managers, Analysts Detect an End to Bear Market (Again) WSJ
The Long Road to Nowhere Newsweek
The Japan parallel implies that the S&P index will tread water, trading within a broad but firmly capped range.
Why China will recover first MSN (Fleck)
A Leading Bear Turns Bullish, Sort of Barron’s
Investor fear drives US Treasury yields to near zero AFP
The Dollar Powers Through the Turmoil WSJ
State budget gaps balloon to $97 billion Stateline
Beware: Another wave of ARMs is cresting over housing Arizona Star
U.S. housing crisis also hitting the wealthy Reuters
Home Sweet American Bubble Investing Pie Dr. HB
Dow Chemical to cut 5,000 jobs, close 20 plants AP
Company crashes set to hit record next year FT
The US will see 62,000 companies go bust next year, compared with 42,000 this year and 28,000 last year
M&A to Drop 30% in 2009 as Government-Forced Takeovers Dictate Dealmaking BL
SUVs at altar, Detroit church prays for a bailout Reuters
Tribune Co. Taps Lazard,Weighs Filing for Chapter 11 WSJ
NY Times Co to borrow against building: report Reuters
How mortgage giant Freddie Mac waged a war of influence that co-opted Congress AP
Merrill's Thain seeking 2008 bonus of $10 million Reuters
When the Lavish Cut Back NYT
The first recession in luxury-goods sales in nearly 20 years has forced companies like Bulgari to economize.
Leucadia's Unmined Potential Barron’s Leucadia.com
Downturn creates drama at NBC LA Times
Low Quality's Round Trip Hussman
The bubble in low-quality stocks is the third to deflate
Confessions of a Wall Street analyst Finance Asia
Economic downturn will be felt in ballparks, too G&M
Crude Contango Pays Most Since 1998 as Shell, Koch Supertankers Store Oil BL
Cost of gas is approaching a five-year low AP
New Ridership Record Shows U.S. Still Lured to Mass Transit WP
Chinese iron ore contracts in jeopardy Australian
Reports: Chinese companies want to terminate agreements 3-months earlier than scheduled.
Oilsands Stocks Whipsawed by Merger Speculation as Nexen, Opti, UTS Tumble BL
Back at Junk Value, Recyclables Are Piling Up NYT
The precipitous drop in prices for recyclables makes the stock market’s performance seem almost enviable.
India Spending May Be Too Little to Prevent Slowdown BL
PM tells Australians to go shopping to clear financial gloom AFP
Office space set to halve in value Telegraph
’Factory of the world' hammered on all sides G&M
JPMorgan warns against yuan mismanagement Reuters
China `Highly Unlikely' to Devalue Yuan, Former Central Bank Adviser Says BL
Lee exudes optimism amid gloom Standard
China to invest $22B on railways in north province AP
Japan's current account surplus plunges in October AFP
BOJ May Need to Get Bolder to Stem Credit Crunch BL
Fed, BOJ Signal We Are All Islamic Bankers Now Pesek
Is Dubai’s Party Over? Newsweek
The glitzy façade shows some cracks.
Euro Dreams Shattered for Poles, Hungarians, Czechs as Currencies Plumme BL
'March Crisis' Fears Point to Deepening Market Jitters Chosun
'Korean Banks Destined for Relapse' Korea Times
Northern Rock accused of selling repossessed homes at 'knockdown prices' ThisisMoney
Asia's Top Tycoons Take a Haircut Asia Sentinel

Weekend Edition (December 6-7, 2008)
FDIC shuts bank in Georgia, 23rd bank failure this year AP FDIC
Democrats Set to Offer Loans for Carmakers NYT
Key U.S. Data Releases and Events GInsight
Obama Pledges `Largest Investment' in U.S. Roads, Hospitals to Create Jobs BL
U.S. in Danger of Worst Recession Since World War II as Job Losses Deepen BL
Trying to Kill the Credit Crisis Beast Schwab Market Perspective
Debt Watchdogs: Tamed or Caught Napping? NYT (Morgenson)
The Velocity Factor Mauldin
Good News - Conditions Resemble Those of 1973-74! Harding
From Bad to Worse Barron’s (Abelson)
Low Rates, Big Problems Schiff Middleton - North
The Biggest Bubble of All: Long-term Treasuries? Larson
Interpreting Market Indicators iFast
Mid-winter solace StateStreet  PDF
Broken Record(s) BMO Focus  PDF
Record books are being re-written on virtually every chapter of the U.S. economy and financial markets today.
Review of 2008 and outlook for 2009 AMP Capital  PDF
American shopping spree led to global economic crisis Shanghai Daily
How the Credit Crisis Will Change the Way America Does Business WSJ
Unretired: Retirees are Back, Looking for Work Business Week
Credit Crunch Watch Oxford PDF
3M cutting 1,800 jobs around world in 4th quarter AP
Chrysler hired bankruptcy counsel FP
GM, Chrysler May Need Twice Their Bailout Requests to Finance Bankruptcies BL
“Unfortunately, this traditional loan, even for $18 billion, is inadequate and is destined to fail in the current environment and will likely be followed by additional requests for more rescue funds or a bankruptcy petition”
Chrysler’s Friends in High Places   NYT
U.K. carmakers look to government for help MW
Argentine automakers to sell at cost, protect jobs Reuters
Behind the Delay on Coke's Juicy China Deal Business Week
Harvard selling bonds to pay debt Boston Globe
Motorola rating falls into junk status WSJ
REITs batterd down to eye-catching levels G&M
Value fund managers begin to find equity bargains Reuters
U.S. sports leagues prepping for worse 2009 Reuters
Angry laid-off workers occupy factory in Chicago AP
Meltdown weakens NYC as global financial capital AP
The Case for Gold Hasn't Lost Its Luster Luskin
Precious metals funds losing their lustre G&M
Real Rates and Gold 10 ZEAL
Five junior miners that could be bargains G&M
Here are resource plays with strong management and plenty of cash
Red Alert: Gold Backwardation!!! Fekete
Mexico strike shuts world's top silver pit Reuters
Interview: OPEC head predicts output cuts AP
Global Crisis Hits Shipping Industry Hard Spiegel
India central bank slashes key interest rates AFP
More "world coordination" on rates needed Reuters
China fund says won't bail out Western firms Reuters
“On the one hand, the U.S. needs us; on the other hand, they're suspicious toward us. They want us to invest at their will. That's not sincere cooperation”
Beijing holds key to prosperity   Asia Times
Can China`s savers save the world? Telegraph
China's car sales slump 10% in Nov China Daily
House prices falling in two-thirds of countries ThisisMoney
The bankers will die a thousand deaths Times Online
Russia Rocked by Financial Crisis Business Week
Central Banker Out of Touch Korea Times
Container producer cuts production, 22,000 employees on leave Xinhua
Vauxhall plea to save 5,000 jobs Times Online

Week In Review NTrust Weekly Focus Danske Weekly Trends Scotia PDFs
November Employment Report:  More Grim News from Labor Market NTrust PDF
NYT: As bad as the headline numbers in Friday’s employment report were, they still made the job market look better than it really is.
Consumer Credit in U.S. Decreases by $3.5 Billion BL
Record 1 in 10 homeowners in mortgage trouble AP

Friday December 5, 2008
O.J. Simpson Is Sentenced to 16 Years in Prison for Armed Robbery at Hotel BL
Oil, Copper, Corn Lead Commodities to Six-Year Low as Recession Takes Toll BL
533,000 ~  BLS ~  White House 'very concerned'
Record Number of Part-Time Workers Prevented a Bigger Jump in Jobless BL HAVER
Legg Mason Cuts 8% of Jobs to Save $120 Million a Year in `Severe' Market BL
U.S. mortgage foreclosures, delinquencies hit record high MW
GM to lay off 2,000 more workers at 3 factories AP CMI cutting 500 jobs
Bundesbank: German economy to shrink in 2009 AP
Canada loses most jobs in 26 years G&M
Job recovery could be slow and weak CNN
Dodd, Frank Say Treasury May Not Get More TARP Funds, Echoing Republicans BL
Fed Takes a $3 Trillion Gamble to Spur Lending Berry
Profiles in Panic Vanity Fair
Do Dead Cats Bounce? Absolute Return Letter PDF
Guidelines For a Market Bottom Comstock
You too can forecast recessions! Secrets revealed! Here’s how! iTulip
Only New Thinking Will Save the Global Economy El-Erian
Crisis is still to come Spectator
State bail-outs in response to the credit crunch could lead to yet another massive shock: a widespread collapse of currencies, and a new inflation
The Parable of the Mustard Seed Kass
When the golden eggs run out Economist
A decade of poor returns and the onset of recession are likely to make investors cautious. That would be understandable, but mistaken
Is US now stuck with irrational pessimism? CS Monitor
Phony inflation numbers hid crisis Jubak
Where have all your savings gone? Economist
Investors may draw the wrong lesson from history
Wearing Shorts in an Economic Winter   Mogambo
Investors drain $12B from mutual funds CNN
Eyeing Opportunities in the Global Financial Crisis Investors Insight (Stratfor)
A big, fat "I told you so" from Joe Stiglitz Leonard
U.S. Financial Data, December 4 Issue FRBSL
Popping sounds Economist
House prices are falling just about everywhere
Mortgage rates plummet after Fed action; 30-year near 5.5% MW
Steepest weekly decline in 27 years for rates on 30-year fixed-rate loans
Lower mortgage rates no silver bullet CNN
Taxpayers: Furious over homeowner bailouts CNN
Many Americans are outraged that their money is being spent to rescue irresponsible mortgage borrowers. Still, that probably won't stop government officials.
Monitor: Financial crisis update Danske PDF
Kashkari Says Treasury's Rescue Plan Working, Banks Are Obligated to Lend BL
Trump Sees Act of God in Recession NYT
“A depression is not within the control of the borrower.”
Automotive Industry Crisis: Car Sales Crash across Global Markets in November GInsight
The Detroit Delusion Slate
The enormous gap between the Big Three's self-image and reality.
US auto industry troubles could spill over to Nissan AFP
A cautionary tale from within the fund-management industry Economist
Ex-WorldCom chief Ebbers seeks clemency from Bush Reuters
Sales of champagne decline along with the economy Economist
Who's the world's worst banker? MSN (Gross)
S.E.C. Charges a Venture Capitalist With Fraud   NYT
Countrywide Threatens to Countersue Investor CNBC
Buffett Calls The Market Again...And He's Never Been Wrong Blodget
Jim Rogers Says Commodities' Fundamentals `Unimpaired,' Prices to Rebound BL
Oil Heads for Biggest Weekly Drop Since March 2003 as Recession Cuts Use BL
OPEC has its work cut out to stop the oil price from sinking further Economist
Oil industry adjusts to lower prices CS Monitor
Will solar power ever be as cheap as coal? CS Monitor
Some predict that within five years, it could rival fossil-fuel energy.
Banks refuse to pass on cut to homeowners Times Online
When interest rates reach zero, what does the Bank do then? Warner
Bank of England mulls "nuclear option" Telegraph
House prices falling faster than 90s crash ThisisMoney  House prices tumble 80s-style
Changing My Call on the Chinese RMB Morgan Stanley (Jen)
China: Will China allow CNY to depreciate? Danske PDF
Loan shrinkage keeps Yam watching banks Standard Full Text
Japan's Government Imperils Economy, Banks, Ex-Regulator Says BL
Bleak Global Economy Weighs Down on Korea Chosun
Ruble Drops as Russia Allows Greater Devaluation on Decline in Urals Crude BL
Rio plummets on debt fears Australian
Carnage on the high street as retailers feel the chill Independent
The Pier and Envy chains collapse into administration