According to Reuters, Greenspan said he was shocked by the credit meltdown.

Reuters reports that the value of Bear Stearns $30 billion mortgage portfolio fell 9%.

Reuters writes that Asia and Europe are turning to China for economic fixes.

Reuters writes that Microsoft’s earnings forecast was better than expected.

Reuters writes that a wave of job layoffs swept across the US.

Reuters said the SEC chairman Cox supports a merger with the CFTC.

Reuters writes that Sony (SNE) shares dropped 13% after a profit warning.

Reuters reports that AIG (AIG) will tap the government’s loan facility again.

Reuters writes that Samsung unveiled a grim forecast for future earnings.

Reuters reports that the credit crisis may cause it to revisit the terms of the Anheuser Busch (BUD) buyout.

The Wall Street Journal reports that Cerberus would look for a significant stake if GM (GM) and Chrysler merged.

The Wall Street Journal reports that shipping firms are reporting sharply lower volumes.

The Wall Street Journal reports that Congress may go further than current plans to help homeowners.

The Wall Street Journal writes that China is pushing new measures to encourage home ownership in a slowing economy.

The Wall Street Journal reports that job cuts will make the slump worse.

The Wall Street Journal reports that OPEC faces a tough call on oil production cuts during a recession.

The Wall Street Journal reports that the economic crisis has set back economies in emerging markets, perhaps by years.

The Wall Street Journal reports that few banks have increased loan loss reserves even as the economy falters.

The Wall Street Journal reports that airlines posted big losses, but said that their conditions may improve soon.

The Wall Street Journal reports that Xerox (XRX) cut jobs.

The Wall Street Journal reports that Google (GOOG) was blocked from buying an advertising company by the Russian government.

The Wall Street Journal reports that The New York Times (NYT) may cut its dividend.

The Wall Street Journal reports that profits are up at defense firms.

The New York Times reports that the West is in talks to help poorer nations.

The New York Times reports that Canada will guarantee bank loans.

The New York Times reports that nuclear power may be making a comeback.

The New York Times reports that GM and Chrysler are planning more cutbacks.

The New York Times reports that jobless claims exceeded forecasts.

The FT writes that the ECB signaled further interest rate cuts.

The FT reports that oil markets are betting against and OPEC production cut.

Bloomberg reports that ten-year Treasuries will have their biggest weakly gain since 1995.

Douglas A. McIntyre

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