According to Reuters, housing and consumer confidence both suffered record drops.

Reuters reports that GMAC eased lending rules after the government provided it with $6 billion.

Reuters reports that the Madoff probe now extends to offshore funds.

Reuters writes that more economic pain is seen in 2009.

Reuters reports that the SEC discovered a $29 million Ponzi scheme.

Reuters reports that Paulson said the US lacks the necessary tools to cope with a financial crisis.

Reuters reports that the Fed plans to buy $500 billion in mortgage-backed securities by the middle of next year.

Reuters writes that Dell (DELL) will make a number of management changes.

Reuters reports that chemical company LyondellBasell may filed for bankruptcy.

Reuters writes that media analysts are focused on the next media companies that might fail, starting with Charter Communications (CHTR).

The Wall Street Journal reports that real estate in New York and Boston has much further to fall.

The Wall Street Journal writes that famous economist Henry Kaufman was hurt by Madoff investments.

The Wall Street Journal reports that for REITs, 2009 will be a year of survival.

The Wall Street Journal reports that discounts failed to save retailers.

The Wall Street Journal reports that buyout firms are looked a firms distressed by the economy and debt.

The Wall Street Journal reports that AIG (AIG) wants changes to the terms of its loans.

The Wall Street Journal reports that Lehman is seeking more time to pay creditors.

The Wall Street Journal writes that "Novartis is pulling out all the stops to avoid a potential nosedive in sales after the patent of its blood-pressure pill, Diovan, expires in four years."

The Wall Street Journal reports that if markets recover next year, financial stocks may lead the way.

The Wall Street Journal reports that the ability of judges to rewrite mortgages in increasing.

The New York Times says that the 2009 economy will depend on unlocking credit.

The New York Times reports that the new Ford (F) hybrid will focus on fuel economy.

The FT reports that that S&P 500 had its worst run since The Great Depression.

The FT reports that money is flowing out of hedge funds at a record rate.

The FT reports that large marketers like Pepi (PEP) and Ford (F) are using Twitter to get out messages about products.

Bloomberg reports that the dollar is headed toward the biggest drop against the yen since 1987.

Douglas A. McIntyre

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