The National Bureau of Economic Research officially announced that the US is in a recession. The Treasury of Secretary admitted the news. As a result of investor bailout and the news that US is in a recession, Dow Jones Index lost 680 points, the fourth largest single-session decline in history.
In the past, I have observed that not only the US is in a recession, so is Japan and Germany, the world's second and third largest economy. I think the economic downturn will continue for a while. I hope however, that afterwards the world will emerge stronger than ever economically.
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