By the numbers: The Commerce Department releases third quarter GDP figures at 8:30am, with expectations for 2% growth. Second quarter GDP grew at 1.7%.

Econo-watch: Sewell Chan writes that Fed Chairman Ben Bernanke thinks more needs to be done to turn around the economy and revive employment, despite the coming of QE2.

Paul Volcker is working hard to keep his namesake rule from becoming toothless.

European consumer prices unexpectedly pick up.

Deals: Credit Suisse is the No.1 consumer M&A bank this year and could make the top five dealmakers list for the first time in eight years. In other news, Blackstone’s Tony James says the buyout business is overheated.

IPO watch: After filing the largest IPO in Hong Kong history, AIA jumps 13% on its first day of trading.

Company news: GM is buying back the Treasury’s $2.1 billion in preferred stock, but it’s unclear whether it’s acquiring the Canadian government’s shares as well.

Did Toyota secretly buy defective vehicles in an attempt to hide acceleration problems from safety regulators? This lawsuit says yes.

Get ready for Verizon’s dream phone.

Duff McDonald with more on the man behind Todd Combs.

Colin Barr with some good news for Dick Fuld.

In Politics: President Obama is promoting a corporate tax break plan with a speech this morning at the Stromberg Metal Works in Beltsville, Maryland.  business in Maryland and delivering remarks at 11:40 a.m.

The President’s post-election top priority may be rebuilding his policy team, with Larry Summers gone from the National Economic Council, (inexplicably attractive) Peter Orszag out at the White House budget office, and White House Chief of Staff Rahm Emanuel is wreaking havoc on the press in Chicago as he prepares to run for mayor.

Karen Tumulty on Newt Gingrich. It’s 1994 all over again.

Jeanne Sahadi to the GOP: Be careful what you wish for.

And there is an app for those heading to the Jon Stewart/Stephen Colbert “Rally to Restore Sanity and/or Fear” available for free on iTunes. (Hat tip to Ben White and Politico)

And in other news… Maria Bartiromo wonders whether Erin Callan’s relationship with the press tanked her.

Lloyd Blankfein makes women swoon/feel compelled to take up squash.