Monday morning headlines

Stocks sharply lower: Growing worries about the U.S. going into technical default. Hope the House Republicans are happy. Dow is down 170 points.

Why so little hiring?: Economists polled by the WSJ say it's all about limited demand.

"We're hiring a little here and there--but it's not what it should be," said Daniel Cunningham, chief executive of Long-Stanton Manufacturing Co., of Hamilton, Ohio. "And it's because of the lack of demand." Long-Stanton, which makes metal parts for the aerospace, medical and other industries, has snapped back from the recession, "but volume is still not up to where it was, or where it should be," Mr. Cunningham said. Long-Stanton is privately held and has 75 employees.

Borders nears liquidation: Sunday's bidding deadline came and went, but the chain is still entertaining offers ahead of a bankruptcy-court auction scheduled for Tuesday. From the WSJ:

By late Sunday, Borders was in discussions with Books-A-Million Inc., a bookstore chain based in Birmingham, Ala., on some kind of potential deal, said people familiar with the matter. It remained unclear whether Books-A-Million would be in a position to save all of what remains of Borders, and fluid discussions were under way with other parties, too, one of the people said. Books-A-Million's 2011 annual report said it operates 231 stores in 23 states and the District of Columbia and sells on the Internet. Books-A-Million couldn't be reached.

Huge Potter weekend: A staggering $476 million in tickets were sold around the world for "Harry Potter and the Deathly Hallows: Part 2," breaking all kinds of box office records. From the NYT:

Paul Dergarabedian, president of Hollywood.com's box office division, said the weekend's "massive ticket buying frenzy" reflected the end-of-an-era nature of the film. When it comes to the pop culture power of the Potter franchise, including the books and related merchandise, "it is nearly impossible to overstate the enormity."

Office market still struggling: L.A. County vacancies are still hovering around 19 percent and lease rates remain on the low side. From the LAT:

The number of signed leases continued to grow as business owners took advantage of the situation, brokers said, but most tenants who renewed their rental agreements decreased the amount of space they occupied. The average reduction was 15%. "Rents are still weak," spurring tenants to lock in deals, said Joe Vargas, an executive vice president at brokerage Cushman & Wakefield. "Tenants see a value proposition that can be accretive to their bottom lines for the next three to 10 years."

Burkle buys Ennis House: The L.A. billionaire, who has a strong interest in historic properties, paid $4.5 million for Frank Lloyd Wright's largest and most famous home, less than half of its original asking price. The Los Feliz house was built in 1924 for retailer Charles Ennis and his wife. (THR)

Frank McCourt asks for lower spousal support: The Dodgers owner said in a court filing that, "I simply cannot afford to support [his wife's] lifestyle any longer." McCourt has been ordered to shell out $600,000 a month. (ESPN)