US Car Market - financial bailout

So the American auto industry is to put it mildly - buggered. So much for buying American - the big gas guzzler, not a care for the environment automobiles. The sad part is of course that the American tax payers are going to bear the brunt of this bailout in the end.

Also see the comic post on Wonkie Cartoons on the GM bailout

Recession

What is a recession?

Wikipedia defines recession as: In economics, the term recession generally describes the reduction of a country's Gross Domestic Product (GDP) for at least two quarters. The usual dictionary definition is "a period of reduced economic activity".

The U.S.-based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in [the] economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales."