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A sale sign is posted at jewlery store in Daly City, Calif., Monday, Nov. 24, 2008. The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years, further proof the country is almost certainly in the throes of a painful recession. (AP Photo/Paul Sakuma)AP - The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.


President-elect Barack Obama, left, stands with Secretary of State-designate Sen. Hillary Rodham Clinton, D-N.Y., center, and National Security Adviser-designate Ret. Marine Gen. James Jones, right, at a news conference in Chicago, Dec. 1, 2008. (AP Photo/Pablo Martinez Monsivais)AP - President-elect Barack Obama picked a national security team headed by former campaign rival Hillary Rodham Clinton and Bush administration holdover Robert Gates on Monday, and said he wants to consult with military commanders before settling on a firm timetable to withdraw U.S. combat troops from Iraq.


Alaska Gov. Sarah Palin, center, waves to a crowd during a campaign stop for U.S. Sen. Saxby Chambliss, R-Ga, Monday, Dec. 1, 2008 in Savannah, Ga. Chambliss and Democratic challenger Jim Martin are   in a Tuesday runoff that will shape Democrats' hold on power in Washington. (AP Photo/Stephen Morton)AP - Alaska Gov. Sarah Palin urged Georgia voters to back Sen. Saxby Chambliss in Tuesday's runoff in an election eve appeal that underscored her popularity within the Republican Party and the GOP's efforts to stave off erosion of its shrinking Senate numbers.


A pair of specialists work on the floor of the New York Stock Exchange, Monday, Dec. 1, 2008. (AP Photo/Richard Drew)AP - Confirmation that the nation is in a recession and signs pointing to a prolonged downturn sent Wall Street plunging once again Monday, hurtling the Dow Jones industrials down more than 600 points and erasing a huge chunk of last week's big gains. All the major indexes fell more than 7 percent.


People wade through high water by Venice's Rialto Bridge, northern Italy, Monday, Dec. 1, 2008. Water in Venice has risen to its highest level in more than 20 years, leaving much of the Italian city under floods and forcing residents and tourists to wade through knee-high water. City officials say the sea level topped 156 centimeters (61 inches) on Monday, well past the 110 centimeter (40 inch) flood mark, with most streets submerged. (AP Photo/Luigi Costantini)AP - Venice could use a bailout. The city built on water has too much of it.


 
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