Media Digest 12/17/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, the Fed may need to use a trillion dollars to halt the economy from moving into a period of deflation.

Reuters reports that OPEC will make the largest production cut in its history.

Reuters reports that Madoff is trying to stay out of jail.

Reuters reports that Paulson says a rescue plan for the car industry is being worked out quickly.

Reuters writes that Steve Jobs will not deliver the keynote address at Macworld and Apple (AAPL) will not return to the event.

Reuters report that Facebook is being used by lawyers as a way to serve papers.

Reuters writes that the Fed cut will add pressure to bank margins.

Reuters reports that those who pulled out of Madoff’s fund early could face trouble holding onto their money.

Reuters reports that Rio Tinto (RTP) is trying to sell assets to pay off $40 billion in debt.

Reuters reports that Citigroup (C) will merge its corporate and investment banks.

Reuters writes that Honda (HMC) is slashing output and Nissan is cutting production.

Reuters reports that GE (GE) says its industrial profit could rise 5% in 2009.

The Wall Street Journal reports that the SEC will probe its ties with Madoff.

The Wall Street Journal reports that Calpers is trying to avoid one of the largest declines in it assets caused by risky land deals.

The Wall Street Journal reports that the federal government is stepping up its oversight at Citigroup (C) including talking about the firm’s future direction.

The Wall Street Journal reports that GMAC has extended its deadline for a debt exchange once again in the hopes of getting bank status.

The Wall Street Journal reports that Goldman Sachs (GS) reported its first loss since its IPO.

The Wall Street Journal reports that Pilgrim"s Pride replaced its CEO.

The Wall Street Journal reports that there will be no relief for chip companies next year.

The Wall Street Journal reports that Microsoft (MSFT) is releasing products to target Adobe (ADBE).

The Wall Street Journal reports that new research shows that Chapter 11 may not drive away car buyers.

The Wall Street Journal reports that Best Buy (BBY) is scaling back as its results drop.

The Wall Street Journal reports that Clearwire’s (CLWR) WiMax roll-out is facing more hurdles.

The Wall Street Journal reports that Obama is working on plans to overhaul the use of the TARP.

The Wall Street Journal writes that the Fed cut caused investors to dump dollars.

The Wall Street Journal reports that News Corp (NWS) will move to Nasdaq.

The Wall Street Journal reports that the FDIC will increase the fees it charges banks.

The Wall Street Journal reports that municipalities are pushing for building projects to keep up growth.

The Wall Street Journal writes that refiners are cutting back on production of gas while selling assets.

The Wall Street Journal reports that Bristol-Myers (BMY) plans more layoffs.

The Wall Street Journal reports that Hovnanian (HOV) reported a large loss.

The Wall Street Journal reports that new car registrations dropped 26% in Europe.

The Wall Street Journal reports that the FDA will use computer models to test some drugs.

The FT reports that low interest rates are hurting the repo market.

The New York Times reports that retail sales dropped at a record rate.

The New York Times writes that Yale’s endowment dropped over 13%.

Bloomberg reports that the dollar dropped to a 13 year low against the yen.

Bloomberg reports that banks are showing no sign of easing credit even with a drop in rates from the Fed.

Douglas A. McIntyre