Ford and Toyota Sales Crash; Triple Airline Merger in Talks; GE Ponders Job Cuts; Sears Closing Stores; Oil Prices Hit 3-year Low; Discover Says More Credit-card Write-offs Likely

Data continue negative in the US…  China cuts rates… Chinese currency reserves to hit $2 trillion… And Now… Today’s Pfennig!

Copper prices have fallen off a cliff since June, and not even China’s massive stimulus has bucked the trend. But Sara Nunnally says one Chilean mining firm is still planning a major expansion in production over the coming years. This could mean big profits for the company’s three major financial backers (AAUK, XTA, MITSY)… provided they survive the current commodity slump.

Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.

Oil prices have dropped 55 percent from their peak in July and they could go lower. That’s what you want, isn’t it? Cheaper gas and cheaper heating fuel allows you to spend more on things you really need – like your kids’ education or appliances.

The “Bailout Plan” was passed. Will it work? The answer depends on what your definition of “work” is. If by work you mean no more government intervention and no further costly programs and a functioning market, then the answer is no. But there are things it will do.

ANOTHER guv’ment bailout… details on the U.S.’ steady march to socialism, and how much it’s costing you…So why AIG and not Lehman?… An options trader’s look into today’s market… and his catalyst for a market rebound… Housing starts plummet to 17-year low… so why are mortgage apps soaring?… Think the U.S. has it bad? Two other nations getting slammed by the global slowdown…The latest bull market emerges in London… floating dead animals

As Wall Street descends into chaos, many investors are happy to sit on the sidelines holding cash. But there are still profits to be made for big-picture investors.

Chris Mayer says the next “megatrend” will be a $41 trillion global infrastructure boom. Urbanization on a massive scale in China and India requires huge construction projects. And this will create huge demand for building materials (like cement and steel) and basic commodities (iron ore, copper and nickel).

Chris says power-grid builder ABB (NYSE:ABB) and road-building equipment maker Astec Industries (NASDAQ:ASTE) are stocks to watch…

The liquidity crisis that began with the collapse of Bear Stearns and has led to the fall of Lehmen Brothers (NYSE:LEH) is spreading. This has prompted foreign central banks to bolster liquidity in domestic markets, reports Jason Simpkins. Even the Bank of China decided to cut its benchmark lending rate. It is its first rate cut in six years.

Bill Bonner says GDP numbers have been lying to us for years. During the growth boom of the last seven years, real median household incomes fell. People got poorer, even as GDP grew substantially. The latest GDP data is also misleading: It signals that this economic crisis is over.