Thursday 20 November 08 - Afternoon Edition - Oil falls below $50, Dow, S&P, NASDAQ Drop to 5 Year Lows, Layoffs at JP Morgan, More

Housing: Fannie Mae and Freddie Mac suspend foreclosures until January 9, 2009.

Planet Wall Street: Alien life form Master of the Universe, Henry Paulson, "Cautions Against Overegulation"

Alaska: Police arrest 81 year old drug dealer

Australia: Driver arrested with his penis in a pasta jar

Fort Pierce: Man beats girlfriend with a sandwich








LA Times Front Page Photo and Story: "Housing slowdown spurs auction of construction equipment"



Unemployment: Big Picture blog posts "Unemployment Horror Show" video of Michelle Girard of RBS Greenwich Capital who "dissects the jobless data for Simon Constable of Dow Jones, and explains how the bad situation will likely get a whole lot worse before it gets better."

Unemployment: Mish reminds us all these new layoffs are not included in the unemployment figures released today

Correction: S&P 500 now sits at an 11 1/2 year low.

Layoffs: JP Morgan finally announces 3,000 jobs to be cut . . . or . . . 10% of their workforce





Wall Street: Stocks tumble to 5 year lows. Dow fell 5.6%, S&P 500 plummets 6.7%, NASDAQ dropped 5.1%



Wall Street: Saudi Prince's latest investment doesn't help Citigroup (NYSE: C) which loses 26.41% more today!

Automakers: Democrats freeze bailout, postpone vote, ask Big 3 "What are your plans?"


Energy: Oil plummets below $50 a barrel