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Cofee* Daily carnage report: Bloodbath in Asia, bloodbath in Europe, GE Capital scales back lending, U.S. lawmakers weigh a new stimulus package, metal values dive, Citi gives up on Wachovia, Hong Kong bankruptcy risk rises, Lehman CDS auction timeline and Jim Rogers warns of an “inflation holocaust.”

* If you can no longer get into investment banking, should you become a ski bum instead?

* Welcome to The United States of Argentina.

* Paul Volcker: We have the tools to manage this crisis.

* Not everything is gloom and doom in the VC market, as it seems Symantec is paying $695 million for UK anti-spam company MessageLabs.

* AIG cancels trip to the Ritz. Joe Weisenthal is conflicted.

* Sequoia Capital recently held a meeting for portfolio companies, in which it laid out the bleakness to come (semi-related: I’ve been hearing rumors that Sequoia has decided to cut bait with about a dozen portfolio cos.). Anyway, Eric Eldon got a copy of the PowerPoint deck. Here it is:

View SlideShare presentation or Upload your own. (tags: depression recession)