Opening Salvos

(BN) *SUMMERS SAYS ECONOMY'S DOWNTURN DOESN'T HAVE SAME `STEEPNESS'
... meaning it's not vertical anymore?

(BN) *BERNANKE SAYS FED TO KEEP LOOKING AT ITS DISCLOSURE
... we'll keep looking, we won't change it though.

(APW) Hitler-signed Watercolors to Be Auctioned
... TALF eligible? Or is it PPIP? Doesn't the market realize the long-term intrinsic value of these?

(DJN) GFI Chief: Credit Derivatives To Fuel Interdealer Recovery
... Gooch forecast a "significant" increase in GFI's credit derivatives business within a year. Good luck with that. More press release regurgitation at Dow Jones and the WSJ. WSJ: the print edition of CNBC.

(BN) *AMBAC CONFIDENT OF STRENGTH OF FINL GUARANTEE BUSINESS MODEL
... What the fuck? Why does anyone report what they say anymore? That goes for MBIA, AIG, Lewis, Pandit and on and on.

(BN) *ALCOA SEES CAPEX CUT BY 50% BY 2010
... does the paradox of thrift apply to corporates too? Cutting capex helps you near term, but if everyone does it, won't that tank the economy?

(DJC) DJ Fiat: Workers Holding 3 Company Officials Hostage
... more "bossnappings." My nomination for next year's OED. I hear kidnappings were popular during that other Depression too. (http://www.trutv.com/library/crime/notorious_murders/classics/brooke_hart/index.html)