Tuesday morning links

TOP STORIES
Bernanke says more steps needed to stabilize banks - Reuters
China Slowdown, Asset Price Drop Pose Growing Threat, WEF Says - Bloomberg
Russia-Ukraine gas deal appears to collapse - IHT
New restrictions on Madoff, but no jail for now - AP
Alcoa reports loss as economy hits demand - Reuters
A Cash Machine Runs Low - New York Times
The lull in gold price, a great buying opportunity - Commodity Online
Gas prices jump to highest level in six weeks - Reuters

MARKETS/INVESTING
Oil nears $36 a barrel - CNN/Money
Gold hits 1-month low as dollar, oil weigh - Reuters
All China bets are off (Sell FXI) - MSN Money
High net worth clients rethink concept of risk - Financial Times
The January Barometer - Saut, Raymond James
Gold COT Deterioration - Butler, Investment Rarities

ECONOMY
Nov. trade deficit drops to lowest level since '03 - AP
America Hunkers Down: A Nation of Savers? - Washington Post
Doomsayers warn: 'No recovery before 2010' - MarketWatch
More seek heating-bill help with low-income energy assistance - USA Today
Is the recession Bush's fault? - Christian Science Monitor
Economic woes lead to bankruptcy boom - SF Gate

INTERNATIONAL
China’s Exports Decline by Most in Decade on Global Recession - Bloomberg
U.K. Slumps Most Since 1989 as Home Sales Drop, Surveys Show - Bloomberg
China's demand for cars stalls - Globe & Mail
Japan bank lending grows at record in December - MarketWatch
Sony may post first operating loss in 14 year - Reuters
Germany agrees 50bn euro stimulus - BBC
Britain's trade deficit widens to new record - Guardian

HOUSING
Only 4% of O.C. buyers using adjustable mortgages - O.C. Register
Brooklyn housing market still suffering - Crain's
Why Does Your Devalued Home Have Such a High Tax Rate? - Time
New York rents falling hard, anecdotal evidence - Option Armageddon
Fix Housing First: A Plan For Another Real Estate Bubble - InvestorCentric

FED/TREASURY/BANKING
No 'lasting' recovery without more aid to banks - MarketWatch
U.S. Economy May Shrink 1.5% in 2009 as Recession Stymies Fed - Bloomberg
School officials want a cut of federal bailout - USA Today
Fed could keep rates near zero in '09 - CNN/Money
Lockhart Says Fed Still Has ‘Considerable Ammunition’ - Bloomberg

INTERESTING
More people left California than any other state last year - AP
Baseball's New Austerity - BusinessWeek