Friday morning links

TOP STORIES
GDP sees biggest drop in 27 years - Reuters
Obama slams Wall Street for rich executive bonuses - SF Gate
How the Government Missed All Those Wall St. Bonuses - Time
Cuomo May Seek Return of $4 Billion in Early Merrill Bonuses - Bloomberg
NEC's loss widens, plans to cut 20,000 workers - AP
Hitachi forecasts $7.7B loss; to cut 7,000 jobs - AP
Madoff Victims Suspected a Crime, Just Didn’t Care - Bloomberg
Hidden Bonuses Enrich Government Contractors at Taxpayer Cost - Bloomberg

MARKETS/INVESTING
Oil below $42 on dismal US economic outlook - AP
Gold rallies 2 pct on haven buying, hits euro high - Reuters
The new financial bubble is here - MSN Money
Gold Rally Fills Vaults With Bullion as Bank Stimulus Increases - Bloomberg
WEF 2009: Global crisis 'has destroyed 40pc of world wealth' - Telegraph

ECONOMY
Economy shrinks at 3.8 percent pace in 4Q - AP
Republicans lack a party line on economy - LA Times
Economic Signs Turn From Grim To Worse - Washington Post
NYC: 23,000 city jobs in danger of being cut - CNN/Money
Consumers cut credit payments, struggle to pay bills - USA Today

INTERNATIONAL
Canada economy shrinks in November as recesion hits - Reuters
WEF 2009:I will never come back to Davos - Prithcard, Telegraph
'Incident closed' after Davos debate spurs walkout - MarketWatch
U.K. Consumer Confidence Drops Near Record Low, GfK NOP Says - Bloomberg
Global Worries Over U.S. Stimulus Spending - NY Times
Zimbabwe abandons its currency - BBC
Grim Japan, U.S. figures show world crisis deepening - Reuters
Toyota-Backed Supplier Woes Magnify Carmaker’s Pain - Bloomberg

HOUSING
Freddie Mac to let residents rent homes after foreclosure - USA Today
How Far Will Housing Prices Fall in 2009? - BusinessWeek
Home prices in Maine to keep sliding, Realtor says - Press Herald
Mortgage rates slide in sour housing market - CNN/Money
Home Price Declines Accelerated in November - MSNBC
Elderly hit hard by slow housing market - Regal Courier

FED/TREASURY/BANKING
Fed’s Credit Flirtation Muddles Exit Strategy - Bloomberg
On second thought, never mind about that bailout - AP
Treasuries Drop as Record Sale Draws Higher-Than-Forecast Yield - Bloomberg
Treasurers’ Panic Mentality Fades as Amgen Sells Debt - Bloomberg

INTERESTING
Cash4Gold snaps up a slot for Super Bowl XLIII ad - USA Today
Octuplets' mother already has twins, four other children - LA Times