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

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.

Dollar, yen profit from investor risk aversion (AFP)

AFP - The dollar and particularly the yen strengthened on Monday as investors sought safe havens in global economic jitters that sent US and European stock markets plunging.

Euro nations rule out sales tax cuts (AP)

AP - Euro zone nations on Monday ruled out slashing sales tax to boost their economies but backed a wide euro200 billion ($252 billion) economic stimulus package that aims to boost growth.

Bernanke says Fed has options as rates near zero (Reuters)

Reuters - Federal Reserve Chairman Ben Bernanke on Monday urged decisive action to protect the economy and said the central bank had alternative tools it could employ to help as interest rates approach zero.

U.S. working on new lending programs: Paulson (Reuters)

Reuters - Treasury Secretary Henry Paulson said on Monday the government was working on new programs to stimulate lending and expressed impatience that banks were not making more credit available.

Bernanke: lower interest rates are "feasible" (AP)

AP - Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year.

Manufacturing slumps to 1981-82 recession levels (Reuters)

Reuters - Factory activity dropped in November to its weakest level since the 1981-1982 recession and construction spending slumped in October, data showed on Monday, fanning fears of a protracted economic downturn.

New York Fed launches search for new president (AP)

AP - Timothy Geithner, President-elect Barack Obama's pick to be Treasury secretary, will soon step down from his current post as president of the Federal Reserve Bank of New York.

U.S. in recession, Europe backs spending hikes (Reuters)

Reuters - The U.S. economy has been in a recession for a year, the nation's business cycle arbiter declared on Monday, while European leaders vowed to step up public spending to try to cushion a deepening downturn.

Global markets hammered as recession reality sinks in (AFP)

AFP - A fresh wave of selling hit global stock markets Monday as weak economic news from around the world and confirmation of a US recession prompted a massive pullback from last week's gains.

Manufacturing index drops to 26-year low (AP)

AP - A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn.

Economy likely to move up Medicare's insolvency (AP)

AP - Federal health officials estimate that the struggling economy will speed up by one to three years the exhaustion of the Medicare trust fund covering hospital and nursing home care.

Obama adviser warns U.S. recession may be worsening (Reuters)

Reuters - A senior adviser to U.S. President-elect Barack Obama said on Monday the news that the United States has been in a recession for a year underscored the need for an economic stimulus package.

Panel says US has been in recession since Dec. '07 (AP)

AP - The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. The NBER � a private, nonprofit research organization � said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.

Bernanke says crisis 'no comparison' to Great Depression (AFP)

AFP - Federal Reserve chairman Ben Bernanke said Monday the current economic situation bears "no comparison" to the much deeper crisis of the 1930s Great Depression.

Recession started in December 2007: panel (Reuters)

Reuters - The U.S. economy slipped into recession in December 2007, the nation's business cycle arbiter declared on Monday, and the downturn could be the worst since World War Two.

Oil tumbles below $50 as recession called (AP)

AP - Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points.

AP IMPACT: They warned us, but US eased loan rules (AP)

AP - The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

Paulson says other rescue programs being examined (AP)

AP - Treasury Secretary Henry Paulson said Monday that the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration.

US in recession since December 2007: official panel (AFP)

AFP - A US recession began in December 2007, a panel of economists charged with the official designation of business cycles said Monday.

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