Monday morning headlines

Stocks edge lower: Not much movement in the early going - Dow is down about eight points.

Bernanke suggests more Fed action: He tells "60 Minutes" that the economy is barely expanding at a sustainable pace. From Bloomberg:

"At the rate we're going, it could be four, five years before we are back to a more normal unemployment rate" of about 5 percent to 6 percent, Bernanke said. The purchase of more bonds than planned is "certainly possible," said Bernanke, 56. "It depends on the efficacy of the program" and the outlook for inflation and the economy. Bernanke said a return to a recession "doesn't seem likely" because sectors of the economy such as housing can't become much more depressed. Still, a long period of high unemployment could damage confidence and is "the primary source of risk that we might have another slowdown in the economy."

Borders-led buyout of Barnes & Noble?: Hedge-fund manager Bill Ackman, who holds a 37 percent stake in Borders Group, says he's ready to finance an acquisition of Barnes & Noble for $16 a share, almost $3 higher than Friday's closing price. (AP)

Google e-bookstore is open: What's being described as an "open ecosystem" will offer more than three million books, including hundreds of thousands for sale and millions free. From the NYT:

Customers can set up an account for buying books, store them in a central online, password-protected library and read them on personal computers, tablets, smartphones and e-readers. A Web connection will not be necessary to read a book, however; users can use a dedicated app that can be downloaded to an iPad, iPhone or Android phone. A typical user could begin reading an e-book on an iPad at home, continue reading the same book on an Android phone on the subway and then pick it up again on a Web browser at the office, with the book opening each time to the place where the user left off.

Lawmakers called in for budget: But the special session in Sacramento isn't expected to make any progress on the deficit because Democrats would prefer to wait until Jerry Brown becomes governor next month. (LAT)

DWP scales back on green goals: The mayor had hopes of the utility generating 40 percent of its power from renewable sources by 2020, but Deputy Mayor Austin Beutner (also the DWP's interim general manager) has dismissed that figure as "arbitrary" and is now pulling back. From the LAT:

The DWP is on track this year to hit a key environmental goal, securing 20% of its energy portfolio from wind, solar and other renewable sources. But that accomplishment has come at a cost, with the utility now considered by many officials to be the most politically contentious agency in the city. Three ballot measures have been drafted to impose new oversight at the utility. Council members now routinely demand to review DWP decisions. A dispute over rate hikes, sought last spring to help pay for new environmental initiatives, exploded into a highly public standoff that briefly threatened the city's overall financial standing.

Cheaper auto rates for infrequent drivers: State Farm and the Auto Club of Southern California are the first to offer "pay-as-you-drive" auto policies that reward folks who drive less. Other insurers are expected to follow. (LAT)

Michael Jackson's glove brings $330,000: It was among the items auctioned over the weekend in Bev Hills. A jacket signed by Jackson brought in $96,000. (Daily News)