Wednesday morning links

TOP STORIES
Japan Should Scrap U.S. Debt; Dollar May Plummet, Mikuni Says - Bloomberg
More in middle class using payday lenders - LA Times
Housing: More help may be needed - Chrisitan Science Monitor
Nearly the End of the Line for S.U.V.’s - NY Times
Starbucks ends 401(k) match program - CNN/Money
Consumers fall deeper into debt: Equifax - Reuters
Are modern recessions different? - Macroblog

MARKETS/INVESTING
Oil Touches $37 a Barrel on Forecasts U.S. Supplies Increased - Bloomberg
Gold slips in thin holiday trade - Reuters
Retailers asks Obama to declare tax-free days - MarketWatch
How Much Has Harvard Really Lost? - Huffington Post
Investor who lost $1.4B to Madoff kills himself - SF Gate

ECONOMY
New jobless claims jump more than expected - AP
Consumer spending posts fifth monthly drop - Reuters
Durable goods drop 1 percent in November - AP
Poor families' 'safety net' is wearing thinner - SF Gate
Obama’s Job-Creation Program Flunks Basic Math - Bloomberg
Suicide hotlines see rise in calls as economy tanks - LA Times
Deflation, Reflation, and INFLATION - Stockshotz

INTERNATIONAL
U.K. House prices set to slide 10% in 2009 - Guardian
The Imminent Fall in Chinese GDP and a Secular Slowdown Thereafter?" - Naked Capitalism
Toyota sales plunge in November - BBC
Russia’s Central Bank Devalues Ruble for Third Time in Week - Bloomberg
UK Recession will be worst since 1947 - Telegraph
When $14 Trillion Hit Wall All Hell Broke Loose - Bloomberg
Gordon Brown's letter to Santa ... All I want for Christmas - Telegraph

HOUSING
California home sales up 83.2%, median price drops 41.8% - SF Business Times
Pay Option ARMs - The Implosion Is Still Coming Despite Low Rates - Mr. Mortgage
Mortgage applications mushroom on lower rates - MarketWatch
Happy holiday sign for housing market - MSNBC
Home Prices Fall Near Depression Pace - Bloomberg
Housing market's woes could get even worse - MSNBC

FED/TREASURY/BANKING
Is There Really a Credit Crunch? An Economists' Debate - Time
Keynes offers us the best way to think about the financial crisis - Financial Times
Treasury: $4.7 billion to local banks - CNN/Money
US Monetary Deflation - Jessie's Cafe
Lehman Roils Municipal Swap Market as Collapse Forces Payments - Bloomberg

INTERESTING
Giant snowman rises again in Alaska — mysteriously - AP
Mass. man melting snow with blowtorch ignites home - AP