Christmas displays are creeping into big department stores already. But there's an obvious Grinch prowling Wall Street, and everyone--c'mon, don't deny it--is obsessed with how much he will steal. It's fair to say that the bonus pool will be much smaller this year. But while the holiday season won't be anything like last year's extended party, it may not be a total disaster. Earnings were really strong in the first two quarters. The last two quarters of course are question marks. We'll get a good idea soon. After several years of incredible bonuses, perhaps this is not all that earth-shattering for your finances...unless you've been spending way beyond your means. Most people will survive, though the chances of getting whacked (laid off) are certainly higher now, especially if you're a cog in the great subprime asset-backed/CDO machinery.  

For more:
- here's Newsweek's take on bonuses
- here's a Breakingviews article on layoffs