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“It's official: The U.S. economy has been in recession since last December, according to new figures from the National Bureau of Economic Research. While confirming "what many Americans had already been feeling in their bones," in the words of the New York Times, the new figures also tell a portentous tale: "the current economy downturn is already longer than the average for all recessions since World War II, according to the committee of economists responsible for dating the nation’s business cycles." The stock market reacted with typical restraint—the Dow Jones industrial average "plunged" 679.95 points, or 7.7 percent, while the S&P 500 fell 80.03 points, or 8.9 percent, BusinessWeek reports. Not to be outdone, the Nasdaq also shed 8.95 percent.” source...