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December 02, 2008

Dow plunges on news recession began in Dec. 2007 (AP)

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By Bloglines
Published on December 1, 2008

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A pair of specialists work on the floor of the New York Stock Exchange, Monday, Dec. 1, 2008. (AP Photo/Richard Drew)AP - Most Americans sorely knew it already, but now it's official: The country is in a recession, and it's getting worse. Wall Street convulsed at the news — and a fresh batch of bad economic reports — tanking nearly 680 points. With the economic pain likely to stretch well into 2009, Federal Reserve Chairman Ben Bernanke said Monday he stands ready to lower interest rates yet again and to explore other rescue or revival measures.


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