Essentially, Yahoo is becoming more and more of a media company that delivers news and content. Google, meanwhile, continues to extend its advantage in the paid search sector. This is not a good trend for Yahoo shareholders, and that's why many of them are upset right now about the company's decision to not accept the $47 billion take-over bid from Microsoft. Shares of Yahoo have slumped badly since, and there's no clear catalyst on the horizon that I can see that will spur the stock to move higher.

In time, Yahoo could be proven correct. If the company can snag a larger portion of the lucrative paid search sector, then revenue and profits should expand (it should be noted that a Yahoo-Microsoft combination could have indeed accomplished that goal, but that's beside the point). Google appears poised to become the default search engine for millions of Internet users, while Yahoo's portal model feels increasingly dated.

First, the size of the rebate package is a pittance compared to the U.S. economy. We've had three consecutive months of job losses, four if you count the soon-to-be-released numbers for April, which means thousands of Americans are being forced to curtail spending. Those rebate checks will not come close to making up for the reduction in payroll wages. Second, it appears that many Americans are planning to do stick the money in the bank or pay down debt. Several surveys have confirmed this, with most suggesting that as many as half of all taxpayers are planning to save the money or pay down debt. In times of higher gas and food prices, it's becoming harder for Americans to justify lavish expenses.

The bottom line: The U.S. economy is in a serious slowdown and in danger of dipping into recession, and that will not be changed by the $600 checks showing up in taxpayers' bank accounts and mailboxes.

But the company's earning's report today could signal a turning point. Level 3, whose shares jumped by 17 percent in mid-day trading, cited increased use of online video for its better-than-expected sales figure. The use of online video is surely going to continue, as Internet users increasingly accept this form of online programming.

For instance, NFL.com this year plans for the first time to Webcast its draft coverage. CBS also this year expanded its Webcast of March Madness. While TV stations in the past have sought to charge for this type of content, the trend is clearly toward an advertising-supported business model.

To be sure, this is good news for network providers such as Level 3. It's also good news for the company's huge Colorado employee base, many of whom have ridden the company's ups and downs.  

Lost amid the doom and gloom of these write-downs and lackluster earnings reports from some U.S. companies is the fact that, eventually, "write-ups" could result. That means that in future quarters, be they in 2009 or later, these same banks could "write-up" the value of these assets, most of which are linked to mortgage loans. For that to occur, the current economic malaise must be short and shallow, allowing a majority of U.S. homeowners to stay in their homes, help stabilize home prices and, in turn, bolster the value of these assets.

I don't have a crystal ball and can't say for sure how deep a recession the U.S. is facing. But for those looking for silver-lining in the on-going credit crunch, the possibility of write-ups is one to consider.