Monday morning headlines

Stocks mixed: The Dow was off more than 100 points in early trading, but it's coming back. Asia markets took another big hit (a 6.2 percent loss in the Nikkei). Here's a cheery factoid to start the week: The worldwide sell-off has erased more than 51 percent of the value of global stock markets this year. (NYT)

We talking rebound? UCLA's Anderson Forecast expects OC home prices to hit bottom next summer and job losses to possibly turn into job gains. But the forecast notes that overall recovery could take years, with the median price still $100,000 below peak levels in 2013. The job picture also will struggle to get back to normal. From the Register:

Still, the UCLA forecast notes that Orange County job losses are mainly in the past. It pointed out also that while housing, retail and office markets all have suffered in recent years, the county’s economic slowdown “is broad though not deep.” Tourism remains steady, professional, scientific and technical employment is “largely unaffected,” while health care and educational sectors are adding jobs.

City National gets infused: The Bev Hills bank is receiving $395-million from the U.S. Treasury as part of the government's $250-billion bailout program. There are no strings attached on how the money is to be used - whether to increase lending, acquire a specific bank or just put it aside as a cushion. From the LAT:

The government's investment will raise the bank's Tier 1 capital, the fundamental measure of a bank's financial health, to 12% from 9.1% of risk-weighted assets, creating what Goldsmith called a "fortress balance sheet that will reassure our clients and attract new clients."

About those infusions: Will big banks use their government money to buy up small banks? That's the concern among the small fry, who worry about being swept up by their larger rivals. From the WSJ:

Treasury officials have sent mixed messages about how banks that receive government capital are supposed to use the money. Democratic leaders in Congress want the banks to use the taxpayer-provided money to underwrite more lending. But Treasury officials have indicated that they are reluctant to dictate how banks use the flexibility afforded by government capital.

LAT circulation falls: The latest numbers show a 5.2 percent drop on weekdays, to 739,147. If you think that sounds like a lot, consider some other dailies: NY Daily News, down 7.2 percent, Chicago Tribune, down 7.7 percent, SF Chronicle, down 7.1 percent, Dallas Morning News, down 9.3 percent, Boston Globe, down 10.2 percent. Numbers are for the six months ended Sept. 30 and compare with the same period a year earlier. (E&P)

LAX sees drop in business: September passenger loads were down 7.3 percent from a year earlier, the biggest monthly decline so far this year. That includes a 7.35 percent drop in international traffic (airport officials count on foreign traffic because it generates big bucks for the overall economy). Already, the airlines have been eliminating flights out of the airport and more cuts are expected in November. (Daily Breeze)

Downtown donations take hit: Non-profit agencies that deal with the homeless are especially vulnerable because demand for their services will be increasing in the months ahead. The Union Rescue Mission already has seen a 25 percent drop in donations. "It's the worst it's ever been in my 23 years working in nonprofits," CEO Andy Bales told the Downtown News.

Where's Geffen?: Steven Spielberg can't explain the decision by billionaire David Geffen to leave DreamWorks, which has been refashioned after the exit from Paramount. From the NYT:

Mr. Geffen’s only major remaining Hollywood presence is his position at the separate DreamWorks Animation. For the moment, he remains on the board of the company, over which he and Jeffrey Katzenberg, its chief executive, hold voting control. But people familiar with his plans said he would resign soon. “This closes a chapter,” Mr. Katzenberg said, of Mr. Geffen’s decision not to join the new Spielberg company, during an interview this month at DreamWorks Animation’s campus in Glendale, Calif. Mr. Katzenberg declined to discuss any plan Mr. Geffen might have to leave the animation company board.