According to Reuters, the credit crisis has sharply increased the chances of a deep recession.

Reuters reports that the fall in the stock market is pushing investors into safe investments like Treasuries.

Reuters reports that a freeze up in money markets may cause a rate cut.

Reuters reports that Citigroup (C) bought most of Wachovia’s (WB) assets.

Reuters reports that financial turmoil drove oil down to $96.

Reuters writes that Bain Capital LLC and Hellman & Friedman LLC bought Neuberger Berman from Lehman for $2.15 billion.

The Wall Street Journal reports that the credit crisis will accelerate corporate lay-offs.

The Wall Street Journal reports that Fannie Mae (FNM) and Freddie Mac (FRE) received grand-jury subpoenas seeking data on accounting, disclosures and corporate-governance matters.

The Wall Street Journal reports the the market drop may cause hedge funds to sell more holdings.

The Wall Street Journal reports that Pfizer (PFE) will stop doing research on many heart disease drugs.

The Wall Street Journal reports that consumer spending was flat in August.

The Wall Street Journal reports that Apple (AAPL) fell sharply on demand concerns.

The Wall Street Journal reports that California congressmen defended the Google (GOOG) deal to sell ads for Yahoo! (YHOO).

The Wall Street Journal reports that sales problems at Circuit City (CC) are getting worse.

The Wall Street Journal reports that Morgan Stanley (MS) completed a deal to sell a 21% stake to Mitsubishi.

The FT reports the US car companies face more expense cuts.

Bloomberg writes that the US economy is headed for a deeper slump even if the rescue bill is passed.

Douglas A. McIntyre

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