WASHINGTON (AP) -- The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. . . .50 days and counting...
The White House commented on the news that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. . . .
Many economists believe the current downturn will last well into 2009, and will be the most severe slump since the 1981-82 recession. The country is being battered by the most severe financial crisis since the 1930s as banks struggle to deal with billions of dollars in loan losses.
"I'm sorry it's happening, of course," Bush said, referring to a global financial crisis that has eliminated millions of jobs and damaged retirement accounts.