Thursday morning links

TOP STORIES
European, Asian Markets Tumble; Nikkei Falls 11% - Washington Post
Social Security benefits to take 5.8% jump in 2009 - USA Today
New stimulus package might be next in federal effort to gird economy - LA Times
US confronts possibility of long, deep recession - AP
Bernanke Weighs Limiting Consolidation, Asset Bubbles - Bloomberg
California Boosts Note Sale as High Yields Attract Individuals - Bloomberg
The trust crunch - The New Yorker
I want to punch Greenspan & Paulson in the face - Commodity Online
Financial crisis: Downturn shows we were too slow to fix world's debt addiction - Telepraph

MARKETS/INVESTING
Commodities fall as investors flee - Reuters
Oil prices slide on fears of world slowdown - Guardian
Gold, platinum tumble in commodities sell-off - Reuters

ECONOMY
Inflation in U.S. Wanes; Consumer Prices Unchanged - Bloomberg
Jobless claims fell 16,000 last week - Reuters
California leaders dither as the fiscal picture grows bleaker and bleaker - LA Times
All this talk about recession is depressing - MarketWatch
Wholesale prices drop for second straight month - AP

HOUSING
Realtors group expects more home price declines - SF Gate
The ins and outs of reverse mortgages - Bankrate
Home Prices Seem Far From Bottom - NY Times
Foreclosures May Blunt Treasury Aid, Whitney Says: Chart of Day - Bloomberg
S&P Warns on $351.7 Billion of Alt-A RMBS - Housing Wire

FED/TREASURY/BANKING
Fed's Warsh Sheds Lightweight Label, Takes Key Role in Rescues - Bloomberg
Bernanke: Plunging retail sales show recovery will take time - USA Today
Recovery a year away, Fed's Kohn says - MarketWatch
Bernanke sees long slowdown, but still confident - MarketWatch
The Fed's Maginot Line - iTulip

INTERNATIONAL
Switzerland to take on $60 billion of UBS assets - MarketWatch
ECB goes nuclear as EU leaders plan to 'civilise' capitalism - Telegraph
Undaunted, Skyscrapers Reach Higher - BusinessWeek
Arab stocks slide for second day to finish week mixed - AFP
Iceland slashes interest rates but warns of extreme troubles ahead - Guardian

INTERESTING
AIG spent thousands on execs’ hunting trip - AP
The Kashkari question: Paulson's pick doesn't instill confidence - MarketWatch
Losing Las Vegas Shows How Americans Crap Out in Housing Casino - Bloomberg