On October 7, Ben Stiller returns to town as the "host and creative director" of the Project ALS gala at the Waldorf=Astoria; it's a benefit for amyotrophic lateral sclerosis, the degenerative neurological disease that befell his friend Jennifer Estess, with whom he co-founded downtown theater group Naked Angels in the early eighties. "With all the other causes out there in the world, it's been hard to gain attention," says Stiller, who has hosted several ALS events in the last decade. "The theme of the evening is that we're getting away from doing the typical fund-raiser. So I'm going to do it like it's my own talk show, like Carson or Letterman, which I'm ill-equipped to do because I'm just not good at that."

So. The bailout hasn't exactly fixed things, nor did the Federal Reserve's announcement that it would offer up to $900 billion in credit to major banks. Thus far today, the Dow has dropped below 10,000, the S&P is hovering near a record low, stocks have taken a tumble worldwide, and this poor trader who was photographed crying on the floor probably doesn't even have the energy to be embarrassed. “The market has flopped,” former Fed chairman Paul Volcker noted rather bluntly at a news conference today. Hey! Don't be so glum, chum! Let's look on the bright side. For instance, did you know Wall Street crashes of yore have actually done much to inspire creativity, particularly of the musical variety? Using Steve Fraser's Every Man a Speculator and the amazing Internet, writer Debbie Nathan found that market collapses and plunges had inspired many a catchy tune. Her playlist, with audio links, is after the jump.

In the last week, the New York Rangers won the previously fictional Victoria Cup (we assume they don’t let Lil Jon play with that one) in Switzerland and took the first two games of their regular season — in Prague. Like most Americans in Prague, the Rangers just hung out with other Americans, beating Tampa Bay twice to open the 2008–2009 slate.

We didn't. But that's what the New York Post calls the twenty-block stretch of Manhattan between Chelsea and midtown (midtown, of course) that features no fewer than ten BDSM/fetish clubs. Finally, that neighborhood has a name! Some people have called it the Tenderloin, some people have called it Chelsea/Clinton (man, the double entendres here are spanking us!), but "Dungeon Alley" really has a special ring to it. According to Time Out New York, "hoi polloi" don't yet know about this nickname (indeed, a Google search of the term comes up with only seven hits), but we think that should change. And it looks like it will! According to the Post, a gang of dominatrices working in the area want to form a union of sorts, to advocate for themselves and promote interest in their business. Apparently, the economic downturn is flogging Wall Street so hard, businessmen no longer want (or can't afford) the ministrations of these ladies. And a recent flurry of dungeon busts has been a problem, too. "It's never been worse. Business is down 70 percent," Mistress Johanna, owner of Chelsea's Le Salon DeSade, told the tabloid. And … wait for it … "We've had all these busts, and now the economy is out of control," she added. "The uncertainty is torturing us."

BINDING ARBITRATION [NYP]

Early this morning, former Lehman Brothers CEO Richard Fuld woke up in his sprawling Greenwich manse, pulled off his footie pajamas, gargled, and plucked the errant hairs descending over his brow in preparation for his first public appearance since September 10, five days before Lehman Brothers filed for bankruptcy. He was due to testify in front of the House Committee on Oversight and Government Reform at 10 a.m. this morning, where he would be expected to defend himself against allegations that the firm misled clients and investors about the extent of its losses in the days leading up to its declaration of bankruptcy — and it was fair to say he had butterflies, in particular about that time his CFO told investors they wouldn't be seeking extra capital because "our capital position at the moment is strong" the day after they'd decided internally they needed to raise $3 billion dollars. That would be awkward.

After a long wait (we heard about the site back in April and early word was that it would launch in August), Tina Brown's Website venture, the Daily Beast, has finally gone live. It looks good! It's a "soft launch," so it was done without much fanfare, but the site is up and running, already boasting content by Chris Buckley, Tucker Carlson (thank God), and, of course, Brown herself. The site, whose slogan is "Read This Skip That" (and whose logo is strikingly reminiscent of the Philly Daily News logo), features a "Buzz Board" on its front page, where prominent names like Bill Clinton, Newt Gingrich, Christiane Amanpour, Sheryl Crow, and Rachel Maddow can recommend articles. It has a central column of staff-selected stories from elsewhere, called the "Cheat Sheet," and in its off-lead position, a rotating story box features original material — including a "Big Fat Story" feature which innovatively gathers a news and information cluster about one topic.

In her self-deprecating opening Q&A, Brown describes the site this way: "It's a speedy, smart edit of the web from the merciless point of view of what interests the editors. The Daily Beast is the omnivorous friend who hears about the best stuff and forwards it to you with a twist." (We also learn that she, in fact, does not have her staff "print out the Internet" for her). Perhaps in preemptive defense against people who might criticize her venture for its similarity to Slate or the Huffington Post, Tina answers the question as to why reporters are so "mean" to powerful women. "Don't worry," she muses. "Powerful women always interpret hostility as unrequited love." Oh, Tina.

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