Media Digest 12/2/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, JP Morgan (JPM), Bank of America (BAC), and Merrill Lynch (MER) will cut a total of almost 20,000 jobs.

Reuters reports that Boeing (BA) will sign a new deal with machinists.

Reuters reports that the auto sales slump is expected to continue through November

Reuters reports that Toyota (TM) will cut bonuses.

Reuters writes that Greenberg says AIG (AIG) needs a federal guaranty.

Reuters writes that frugal Asia will dodge most of the credit card problems which will hit other regions.

The Wall Street Journal reports that China fears that workers will begin to return to rural areas.

The Wall Street Journal writes that Bernanke says that he can do more to ease the credit crisis.

The Wall Street Journal reports that Ford (F) plans to build smaller cars.

The Wall Street Journal reports that Goldman Sachs (GS) may report a $2 billion loss.

The Wall Street Journal reports that Nokia (NOK) is preparing to release an extremely advanced smartphone.

The Wall Street Journal reports that delinquent mortgages are expected to double by the end of next year.

The Wall Street Journal reports that the Redstone debt talks are moving slowly.

The Wall Street Journal reports that UAW officials will meet to discuss more cuts.

The Wall Street Journal reports that Palm (PALM) will cuts costs and workers after a weak forecast.

The Wall Street Journal reports that the self-employed are being frozen out of mortgages.

The Wall Street Journal reports that many LBO deals may never get back to their original prices.

The Wall Street Journal reports crude prices hit a three-and-a-half year low.

The Wall Street Journal reports that J&J (JNJ) will acquire Mentor.

The Wall Street Journal reports that Delphi won an extension of loans.

The Wall Street Journal writes that online stores are offering free shipping and discounts.

The Wall Street Journal reports that chip sales declined last month.

The Wall Street Journal reports that Intel (INTC) will ally with Hitachi on flash data-storage devices.

The New York Times reports that The Big Three may have to cut models.

The New York Times reports that the monitor appointed by Congress to keep track of the bailout says there is no consistent plan.

The FT reports that Tudor Jones has suspended redemptions from its flagship fund.

The FT reports that GE (GE) will try to calm investor fears at a meeting with analysts.

The FT reports that Ford (F) may sell Volvo.

The FT writes that canceled M&As are beginning to overtake successful takeovers.

Bloomberg reports that "The Great Recession" may be starting as job losses move up and credit tightens.

Douglas A. McIntyre