A rule of thumb is that recessions are indicated by two consecutive quarters of negative growth (or contraction) of gross domestic product (GDP). As such, it generally is something economists look back on, indicating a recession started months in the past.

A leading Russian political analyst has said the economic turmoil in the United States has confirmed his long-held view that the country is heading for collapse, and will divide into separate parts. Riots already in Iceland due to financial crisis.

The financial crisis that started one year ago with the credit crunch has so far made the Federal Government to bail out the the banks, insurers and possibly the car industry. It seems that today, according to reports the Feds will unveil a plan to bailout the consumer, making consumer financing available to fuel the economy. This will allow you to get mortgage and car loans easier. However, wasn't the other bailed out money supposed to serve the same goal?

It is not a secret that the U.S. economy is declining. This has already become a major problem for almost everyone in the international financial markets, homeowners, small business and the list can go on. According to Federal Reserve Vice Chairman Donald Kohn's opinion, the economic crisis is the most serious one since 1990s.

U.S. President-elect Barack Obama has said he intends to do whatever it takes to stabilize the economy, restore consumer confidence and create jobs. Mr. Obama spoke in a television interview broadcast Sunday night.

As the bad news and the uncertainty about the financial rescue plan accumulate and stay, the global stock markets continue to fall. Uncertainty about the banking rescue plan advanced by US Treasury Secretary Henry Paulson Jr. and deepening gloom that the global financial crisis is biting harder hit Asian markets hard on Thursday. Tokyo closed down 5.25%.

It's a weekly cycle: George W. Bush makes his weekly presidential radio address, and the Democrats respond in kind. This week, however, a difference: it was Barack Obama who made the address.

The job losses in October were much "worse than expected." The U.S. unemployment rate has fallen to 14-year low and is jobless rate is at 6.5 percent.

Today, Doug Holtz-Eakin, McCain-Palin 2008 Senior Policy Adviser, issued the following statement on the Gross Domestic Product (GDP) number:

A new report says the U.S. economy and GDP declined in the third quarter, between July and September - the strongest indication yet that the nation may be sliding into a recession.

The first estimate of third-quarter GDP came in slightly better than expected at negative 0.3%. In a quarter that included the virtual collapse and de-privatization of the global financial system, that is positively rosy.

The Wall Street got the rate cut from the Fed that it was looking for. The Federal Reserve cut its benchmark interest rate by 50 basis points to a half-century low. The Fed's statement cited "downside risks to growth." However, it was a disappointing finish on Wall Street. A turbulent final hour of trading left the Dow industrial average with a loss for the day.