Recession

Think this economic recession only affects the average American? Celebrities felt the pain too. Check out this gallery to see which celebs lost their homes in 2008. Some might surprise you!

From ForeignPolicy.com:: Prognostication is by far the riskiest form of punditry. The 10 commentators and leaders on this list learned that the hard way when their confident predictions about politics, war, the economy, and even the end of humanity itself completely missed the mark.

Ford Motor Co. is asking Congress for a $9 billion “stand-by line of credit” to stabilize its business, but says it doesn’t expect to tap it.

In another poor showing, the main tracking index for the U.S. economy plunged today as Secretary of the Treasury Henry Paulson declared it an official recession.

The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, stark proof the economy is almost certainly in a recession.

The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century.