Stocks slump as U.S. recession is officially called and signs point to a prolonged slowdown. (CNN Money)
The Recession Is Made Official — and Stocks Take a Dive (Time)
Asian markets plunge on U.S. recession news (CNN)
US recession ‘began last year’ (BBC)
Kitsune's Thoughts 
Makes me sad to think of all that money spent on a war that didn’t need to happen, a war that we are still spending on.
Just think of what that money could have done for the country 😦
Yes, the war costs more than 300 million per day 😦 I hope Obama will be able to move the troops out of Iraq soon.
I’d like to see top execs not paid millions of dollars or any of those ridiculous golden parachutes given to top execs leaving companies. It’s so sad to think of every day workers losing their jobs left and right without severance or packages while million-dollar executive rake in the money.
Recession is happening because all Americans want to immediately pay off their debts but at the same time, there is no source for money since the banks are on financial crisis. Producers don’t manufacture and doesn’t have capital, again because the citizens are still waiting for a lower price… It’s just a domino effect and I suppose that that domino will definitely reach Asia but I hope we won’t be affected that much. XD [i’m getting shivers imagining it]
Rinalia,
Indeed, it is sad that many people loose their jobs. While the top executives might be overpaid, the problem is multidimensional and involves many parties.
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Foomafoo,
The effects of the recession will be global. This is a nice guide to the origins of the global financial crisis.
That is indeed sad. It’s something we always knew was there but secretly didn’t want to admit. Now it’s official. Other countries are seeing the same situation in their own economy so I’m wondering what kind of impact will that have on the future of global markets.
There will be some negative impact, but I hope the situation will be improved. The next year will be difficult, but the economy will recover. Also, while the new US president won’t have much influence on the economy, I believe he will make a positive contribution in the long-term.