NEWS
- U.S. costs fall at record pace, China wary of unrest
- Bernanke says credit markets strained but improving
- GM, Ford, Chrysler warn of U.S. economic collapse if no bailout; White House, some in Congress opposed
- Japanese carmakers also under pressure
- U.S. October consumer prices, home starts plummet
- Fed's Kohn says U.S. economy to shrink for at least 6 months
MARKETS
- U.S. market tumbles 3 pct on auto, economic woes
- Banks, commodities send Europe shares 4 pct lower
- Oil falls below $54 as economic gloom deepens
QUOTES
"My most likely outcome is for a couple of quarters of negative growth and inflation coming down, but not getting to that deflationary state," - Federal Reserve Chairman Donald Kohn
"I was very careful when I said what turning the corner meant. I said I believe that that meant that we have stabilized the financial system and prevented a collapse. I was also very careful in saying that we have a lot of work ahead of us...," - U.S. Treasury Secretary Henry Paulson
"There are some signs that credit markets, while still quite strained, are improving" - U.S. Fed Chairman Ben Bernanke
EVENTS
WASHINGTON - CATO Institute annual monetary conference, "Lessons From the Subprime Crisis."