Ghosts of the fourth quarter haunt global financials… so begins the second act of the credit saga… Even the IMF needs a loan… $150 billion to back up struggling emerging markets… Not so fast, says Mayer… emerging markets will remain drivers of global growth… Jim Nelson with an industry likely to boom in 2009… Wayne Burritt’s short-term trading advice… with S&P 500 price targets… Plus, Russia-Ukraine gas dispute not yet over… a reader provides firsthand account.

Ukraine and Russia are at it again. This time, it’s turned especially nasty, as Russia cut off natural gas supplies to a host of European countries. Tired of relying on Russia, the EU will again look for alternatives. Its eyes will wander to Turkmenistan.

With stores tripping over themselves to offer steep holiday season discounts, their efforts were largely in vain, as many consumers simply weren’t financially able to take full advantage. Even the beast that is Wal-Mart (NYSE: WMT) struggled to make much headway. As we reported yesterday, Thomson-Reuters projected a 2.8% same-store sales rise for the firm in December. But the actual results proved otherwise.

Emerging Market Funds Lose $48 Billion; Bank of America Sells China Bank Shares; Family Dollar Beats and Raises Forecasts; New CEO, Cost-Cutting at Orbitz; Russian Winter; Monsanto Reaps Profit; No Pain Means Gain for Sun; Oil Slides 12%