Media Digest 12/11/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, the House passed a $14 billion bailout bill.

Reuters reports that according to Mastercard (MA) retail sales fell sharply in November.

Reuters writes that Congress criticized Treasury over its use of bailout funds.

Reuters writes that the buyout of BCE has collapsed.

Reuters writes that Newsweek will cut a large number of staff and possibly the number of copies it prints.

Reuters reports that Morgan Stanley (MS) will post a quarterly loss according to analysts.

Reuters reports that a debt exchange failure may sink GMAC’s chance of becoming a bank.

The Wall Street Journal reports that experts do not expect gas consumption to rise until after the slowdown ends.

The Wall Street Journal reports that credit card companies are seeing surge in defaults due to unemployment.

The Wall Street Journal reports that the slowdown in China is getting worse.

The Wall Street Journal reports that Nortel (NT) faces tough choices.

The Wall Street Journal reports that Goldman Sachs (GS) will make large cuts in London.

The Wall Street Journal reports that Yahoo! (YHOO) has revised a severance package the would hurt chances of a takeover of the company.

The Wall Street Journal reports that budget-minded consumers are turning to pre-paid cellphones.

The Wall Street Journal writes that online sales are improving.

The Wall Street Journal reports that the bill on a car bailout makes it unclear if taxpayers are paid back before bondholders.

The Wall Street Journal reports that China reported a sharp drop in oil imports last month.

The Wall Street Journal reports that oil prices moved up on fears of an OPEC production cut.

The Wall Street Journal reports that online advertising in China is getting a boost as marketers move from more expensive media.

The New York Times reports that video hosts on YouTube are earning big money.

The New York Times reports that the FDIC head is taking flack for trying to fight foreclosures.

The New York Times reports that a forecaster says GM (GM and Ford (F) may survive but Chrysler will not.

The New York Times reports that Russia will work with OPEC to cut oil production.

The FT reports that problem asset on bank balance sheets have hit $610 billion and will grow.

The FT reports that Verizon Wireless (VZ)(VOD) was able to raise $17 billion.

The FT reports that inflation fell in China.

Bloomberg reports that hedge funds have shrunk by $64 billion.

Douglas A. McIntyre