Wednesday morning links

TOP STORIES
Fed cuts key interest rate to record low: zero to 0.25% - LA Times
Bernanke Charts New Fed Course With Zero Rate, Asset Purchases - Bloomberg
S.E.C. Issues Mea Culpa on Fraud Case - NY Times
‘Helicopter Ben’ confronts the challenge of a lifetime - Financial Times
Southern California's median home price drops below $300,000 - LA Times
Morgan Stanley loses $2.37 billion in fiscal 4Q - AP
California Lawmakers Kill Plan to Raise Taxes, Fight Deficit - Bloomberg

MARKETS/INVESTING
OPEC likely to OK 2 million barrel oil output cut - AP
Dollar falls as Fed slashes rates - BBC
Gold Prices Surge Above $860 - Nasdaq
Commodities outshine equities in 2008 - Commodity Online
Yale endowment drops 25 pct amid financial turmoil - AP

ECONOMY
Car, home buyers could benefit from Fed rate cut - AP
When My Recession Becomes Your Great Depression - Bloomberg
Falling prices have appeal to those with stagnant pay - LA Times
State layoff list projects variety of job cuts - SF Gate

INTERNATIONAL
Bank of England resisted deeper interest rate cuts for fear of a run on the pound - Telegraph
European Banks Tally Losses Linked to Fraud - NY Times
U.K. Jobless Claims Rose at Fastest Pace Since 1991 - Bloomberg
World Confidence Drops as Slump Deepens, Bloomberg Survey Shows - Bloomberg
Canadian cities in rapid decline: CIBC - Globe & Mail
Ecuador May Be Forced to Scrap Dollar After Default - Bloomberg
China Cuts Home-Sales Tax as Property Slump Deepens Slowdown - Bloomberg

HOUSING
NJ Lawmakers Pass Sweeping Foreclosure Changes - Housing wire
IRS to help homeowners refinance or sell homes - AP
Foreclosed Properties Face Negative Stigma: Study - HousingWire
Record Home Price Slide in Southern California - BusinessWeek
Foreclosures Rebound in CA, as Legislative Impact Passes - HousingWire
55% of SoCal home sales were foreclosures - OC Register

FED/TREASURY/BANKING
The Fed goes to Defcon 1 - MarketWatch
Banks Show No Signs of Easing Credit in Step With Fed’s Rates - Bloomberg
Fed Targeting Zero Isn’t the Same as Doing Zip - Bloomberg
Federal bank bailout isn't trickling down, panel told - LA Times

INTERESTING
Internet Explorer is Unsafe ... Still - AP
Cake request for 3-year-old Hitler namesake denied - AP