Misery Index

Federal Government Inc., lender for ALL your needs:  The Fed said it will bypass ailing banks and lend directly to the U.S. corporations for the first time since the Great Depression, while hinting strongly at further rate cuts.  The move carries the government deeper into the role of propping up private markets.  Stocks fell for the fifth straight day, a sign investors remain unconvinced.  [WSJ]

And while your at it, become a partner of the Feds:  Real-estate funds and others hoping to buy into the rescue plan may need to take on the government as a partner.  [WSJ]

On The Count of Three.. Everybody CUT:  The Fed, ECB, Bank of England, Bank of Canada and Sweden's Riksbank each cut their benchmark rates by half a percentage point.  Switzerland also took part.  The Bank of Japan didn't participate in the move.  And China's central bank lowered its key one-year lending rate by 0.27 percentage point.  [Bloomberg]  And the statement from the Feds.  [Federal Reserve System]

Things across the pond aren't any better:  The U.K. is expected to announce a plan to buy stakes in some of the country's largest financial institutions.  The plan could total up to $88 billion.  [WSJ]

Things in Russia aren't any better either:  Russian plans to inject about $36 billion into banks due to the uncertainty surrounding Europe's economies and banks.  [WSJ]

Things in Spain aren't going well either:  Spain became the latest European country last night to announce an unilateral rescue package, while Iceland received a €4 billion loan from Russia.  [Times of London]

Gee, what about Scotland?:  The Royal Bank of Scotland's shares plunged for a second consecutive day amid plans by the British government to shore up confidence in weakening U.K. financial stocks.  [WSJ]

Update on Iceland and possible bankruptcy:  Iceland's second largest bank went into receivership, leaving 300,000 U.K. customers unprotected.  [Times of London]

And all the European Nations are putting Self-Interest First:  Over the past week, some 27 nations that make up the European Union have broken ranks, opting for self-interested policies to protect their own citizens first.  [The New York Times]

Homeowners are more in trouble:  Falling home prices have left nearly one in six owners owing more on a mortgage than the home is worth, raising the potential for more defaults.  [WSJ]

Bank of America:  BoA's shares declined 26% as the company struggled to find buyers for a $10 billion stock offering.  [WSJ]

Volvo is axing a quarter of its workforce around the world:    Volvo is cutting another 4,000 jobs, bringing the total to 6,000 or about one-quarter of its global headcount.  [Financial Times]

Retail Sales in U.S. Fall Most in Two Years Amid Fuel Costs, Housing Slump:  Are you holding on to your money?  [Bloomberg]

Forget Wall Street, make money with the Boy Scouts!:  An executive with the  Boy Scouts is earning nearly $900K a year, and they Boy Scouts have more than $648 million in net assets including $629 million invested in publicly-traded securities, and of that $528.6 million is unrestricted, meaning they can spend the money however they like.  Like on real estate worth $78.4 million, and $189,000 lobbying legislation.  [OC Watchdog]

How about  12 of the highest paid executives of the investment banking  world's salaries:  [EconompicData]

Oh, an try to have a good day.... well.. at least try!