“An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention.” – Henry Paulson
– Banks Need Second Portion Of Bailout Fund: Paulson (CNNMoney)
– Sharpest output fall on way, warns bank chief (Independent)
– Dow May Fall to 6,000 Should Low Break, Acampora Says (Bloomberg)
– Minneapolis’ ‘Star Tribune’ Newspaper Files Chapter 11 (USA Today)
– Darling Said to Prepare Guarantee for UK Lending (Bloomberg)
– Anglo Irish Bank nationalised (Independent)
– Hertz to cut more than 4000 jobs (Reuters)
– Citigroup: Mortgage Losses ‘Rapidly Approaching’ Historic Peak (CNN Money):
NEW YORK -(Dow Jones)- Citigroup Inc. said consumer delinquencies and subsequent loan losses accelerated in many parts of the world. Chief Financial Officer Gary Crittenden said during a conference call with investors, “Loss rates in [credit] cards have now surpassed their historic highs while in first mortgages the rate is rapidly approaching the previous peak.”
– Rescue of Banks Hints at Nationalization (New York Times)
– Wall Street layoff storm also soaks office landlords (Reuters):
NEW YORK (Reuters) – Wall Street’s employment tsunami, most recently swamping Citibank Inc (C.N), is also undermining the island of Manhattan’s 443 million square foot office market, threatening to drag rents down 35 percent from a second quarter 2008 high.
– Oil tankers are going nowhere — slowly (Seattle Times)
– Shoppers ‘Sidelined’ In Long Retail Slump (Washington Post)
– AMD to Cut 1100 Jobs, Lower Salaries (Wall Street Journal)
– Ireland Leads Surge in European Government Bond Risk to Records (Bloomberg)
– Treasuries Tumble as Stocks Rise on Government Bailout of Bank of America (Bloomberg)
– The more black holes D.C. fills, the more open up (Money And Markets)
– China’s US bond appetite to slow: economists (AFP)
– China’s Economy Faces 2009 ‘Hard Landing,’ Fitch Says (Bloomberg)
– Chinese economy imploding amid global depression: analyst (AFP)
– Intel profit sinks 90% (CNN Money)
– WellPoint cutting 1500 positions (Reuters)
– Circuit City to shut down (CNN Money)
– Bear in the beer — you know it’s bad when even suds sales slip (Newsday)
– No wind in boat show sales (Chicago Tribune)
– Pictures: Growing stocks of unsold cars around the world (Guardian)