Asia is poised to become the “new” Detroit.

Reports Point to Housing Market Bottom; Big Three Automakers Beat Estimates; Microsoft Will Unveil New Operating System in Time for XMAS; Dallas Fed President: Economy ‘Getting Less Worse’; European Jobless Rate Climbs;  Pepsi Bottling Chief Could Cash In

Just days after Chrysler LLC said it would be cutting one quarter of its auto dealerships, 1,100 General Motors Corp. (NYSE: GM) dealerships have reportedly been told not to expect a relationship with the embattled U.S. carmaker after October 2010.

AIG to Post Biggest Loss in U.S. History; Stocks Fall to a 12-year Low; Honda to Post First Quarterly Loss in 15 Years; Toyota Lowers Production Target

Playboy in Play? Honda Throttles Back Jet Program; Hedge Funds to Hedge Bets After Losses; JPMorgan Will Modify Loans; Google Will Rather Fight Than Switch; Mortgage Applications Soar as Rates Fall

Major domestic sales declines from Toyota Motor Corp. (ADR: TM) and Nissan Motor Corp. (ADR: NSANY) led Japan to post its worst overall annual vehicle sales in nearly three decades.

Credit Crisis Claims $1 Trillion; Dollar Falls Hard; Gold and Silver Rally; Honda Slashes Profit Outlook; Motorola Cuts Costs; Valeo Cuts 5,000 Jobs; Woolworths Closing Its 807 Stores in Jan.; E-Trade Growing and Shrinking

The U.S. House of Representatives approved a $14 billion federal loan package for Detroit’s embattled “Big Three” late yesterday (Wednesday), overcoming Republican opposition in the House but leaving the bill to face an uncertain fate in a hostile Senate.

Congressional Democrats and the White House yesterday (Wednesday) finalized a short-term package that’ll supply General Motors Corp (GM), and Chrysler LLC with $14 billion in emergency loans.

With the benchmark Federal Funds rate already down to 1.0%, U.S. Federal Reserve Chairman Ben. S. Bernanke has only so much room for another cut (although many economists are predicting an additional half-percentage-point cut at the Dec.15-16 meeting).