♦ The Fed is expected to cut interest rates again today, possibly to as low as 1 percent. [WSJ]
♦ The White House is pushing banks to stop hoarding the bailout billions and start making more loans. [AP]
♦ George Soros says the number of hedge funds "will be reduced in size by anywhere between half and two thirds" over the next few years. [Reuters]
♦ GMAC, which is controlled by GM and Steve Feinberg's Cerberus Capital, is now looking to become a bank holding company so it can tap into the $700 billion bailout pool. [WSJ]
♦ Credit card crunch: Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008. [NYT]