Accoding to Reuters, the Fed is set for a large rate cut in the face of the financial crisis.

Reuters writes that Google (GOOG) says it is well positioned for an economic slowdown.

Reuters reports that Paulson defended that government’s role in rescuing Bear Stearns (BSC)

Reuters reports that a big federal bail-out of housing is gaining momenturm.

The Wall Street Journal writes that the federal govenment is likely to try to curb the drop in the economy with  corporate bailouts, fiscal incentives and regulation.

The Administration is proposing easing lending restraints on Fannie Mae (FNM) and Freddie Mac (FRE) as a way to help the housing market.

The WSJ writes that Delta (DAL) and Northwest (NWA) pilot unions cannot come to an agreement, blocking a merger of the airlines.

The Wall Street Journal writes that Abu Dhabi has agreed to a sovereign investment code not to use it fund for political purposes.

The Wall Street Journal writes that Intel (INTC) has a plan to build several more powerful processors.

The Wall Street Journal writes that Alliance Data (ADS) notified Blackstone (BX) that it was in breach of finshing a buy-out deal.

The New York Times writes that Ford (F) is now desparate to get back buyers who defected to Asian and European brands.

The FT reports that the pressure is on the Fed to cut up to 1.25 points.

Bloomberg writes that oil rose again with the recovery in US stocks.

Douglas A. McIntyre

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