Peter Foley / EPA
Traders work on the floor of the New York Stock Exchange in New York on December 1, 2008.

The Recession Is Made Official — and Stocks Take a Dive

The Dow plunges 680 points on a barrage of negative economic news, including an official pronouncement that the recession has arrived

Blogs

Swampland

Save Money, Turn Off Your TV

Thanks to the wonders of YouTube there are now hundreds of videos online about all the financial TV punditry that was horribly, terribly, awfully, totally and completely dead wrong over the last couple years.

Real Clear Politics

Pelosi: U.S. Needs Stimulus Package

Nancy Pelosi reacted to the news from the National Bureau of Economic Research — that the U.S. economy has been in recession since December 2007 — to call on President Bush and Senate Republicans to join in supporting an economic recovery package.

Video

Can She Save Our Schools?

How Michelle Rhee became the most revolutionary — and polarizing — force in American education

Top 10

Modern Cabinet Members

As the president-elect and his transition team think about who to tap for top jobs in the Obama Administration, TIME looks back on a group of 20th century Cabinet members who distinguished their offices

Quotes of the Day »

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GIANCARLO GALAN, the governor of the province where Venice is located, sarcastically criticizing transport workers who went on strike while more than 95 percent of the Italian city is flooded