A few of the more important reading items and links for October 7th :

• Australia cuts rates by 1% – "The recent deterioration in prospects for global growth, together with much more difficult market conditions even for creditworthy borrowers, now present the risk that demand and output could be significantly weaker than earlier forecast.'' Stevens said in a statement. "
• Bank of America slashes dividend – “We've seen in the last 45 days things worsening in the economy and a view that the recession is going to be a little deeper than we thought,'' Lewis said today on a conference call. “It's going to take some more time and some more pain.''
• Nikkei Net Interactive – Markets Japan – The Japan markets are sinking in early morning trading. Bookmark this for future use.
• Biden's Financial History Disqualifies Him For High Office – "In 2007, when announcing his second presidential bid, he reported a total net worth of $100,000 to $150,000, making him the least prosperous member of the U.S. Senate."
• U.S. Stock Futures Decline After Global Credit Crunch Deepens – Not funny. Really not funny