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Morning Note

What I sent the Planet Money crew today:

FedEx cuts salaries—this is a *BIG* deflation deal. Economists fear wage cuts more than layoffs, because wage cuts can lead to deflation, which can be disastrous and hard to stop.

Jobless claims slightly down. May be worth mentioning—not extraordinary, these days at least.

Car Industry healing itself: GM and Chrysler talks. Private sector plan to create better car batteries.

Are these signs of the car industry figuring out its own problems and solving them?

UK car bailout is *way* tougher than US one:

Markopolos: The guy who cracked the Madoff Ponzi scheme. It's been everywhere, not sure we have anything to add, but man, it's delicious to read this guy completely right about everything years ago, and totally ignored.

Econoblogs HATE Obama's SEC chief pick. They say she's a hack.