U.S. Recession Is Officially Declared Almost a Year Old
The U.S. economy officially sank into a recession last December, which means that the downturn is already longer than the average for all recessions since World War II, according to the committee of economists responsible for dating the nation’s business cycles.
With Appointments, Obama Puts Campaign Behind Him
President-elect Barack Obama put the rancor and even some of the rhetoric of the presidential campaign behind him on Monday as he welcomed his chief Democratic adversary into his Cabinet and signaled flexibility in his plans to withdraw troops from Iraq.
India Demands Pakistan To Act Against Terrorists
In a new sign of rising tensions between two nuclear-armed neighbors, Indian officials summoned Pakistan’s ambassador on Monday evening and told him that Pakistani nationals were responsible for the terrorist attacks here last week and that they must be punished.
Strategy Shift for Afghan War Poses Stiff Challenge for Obama
One of the most difficult challenges President-elect Barack Obama’s national security team faces is Obama’s vow to send thousands of U.S. troops to help defeat the Taliban in Afghanistan.
You Betcha (It’ll Be Cold Again)
After yesterday’s (somewhat unexpected) high temperature of 60°F (+1.5 standard deviations from the norm), you knew this unseasonably warm air wouldn’t last long. After November’s below-average warmth, deep down you knew it’d be cold again. In this case, again starts Friday. After that, the jet stream is forecasted to dip southward, bringing the colder Canadian air into New England and persisting for more than a week. Likely as a result, the Climate Prediction Center (CPC) is predicting a moderate chance that this month’s average temperature over the eastern-half of the United States to be below normal. Furthermore, since the jet stream is a “highway” for low-pressure systems to travel on, storms will likely pass by Boston every three days or so. Likely as a result, the CPC is predicting above-normal precipitation for the next couple of weeks. So the upshot: there’ll be more than a handful of opportunities for you see snow this month.
Another Financial Crisis, Another Govt. Guarantee
Guarantees that could not be honored thrust the world financial system into its worst crisis since the Great Depression. Will a guarantee by the U.S. government finally restore confidence in the American financial system?
Geithner, Rescue Veteran, Has Jump in Seizing Reins
For the last year, Timothy F. Geithner has been at the very heart of dealing with the financial crisis, the junior partner with Treasury Secretary Henry M. Paulson Jr. and Ben S. Bernanke, chairman of the Federal Reserve. Together, they scrambled to save Bear Stearns, American International Group and Citigroup, while letting Lehman Brothers fail.
Bush Issues 14 Pardons, But None to Notables
President Bush granted 14 pardons and commuted two prison sentences on Monday, but the benefactors included none of the big names who had become the topic of speculation as Bush leaves office.
Obama Unveils Team to Tackle Economic Crisis
President-elect Barack Obama sought to seize the reins of the economic crisis on Monday as he and his new economic team worked closely with President Bush to inject confidence into the trembling financial markets, which rallied throughout the day and erased nearly all of last week’s losses.
Shorts (left)
Just as the world seemed poised to combat global warming more aggressively, the worldwide economic slump and plunging prices of coal and oil are upending plans to wean businesses and consumers from fossil fuel.
Shorts (right)
From the hardened slums of this city to some of Venezuela’s most populous and economically important states, many of President Hugo Chavez’s supporters deserted him in regional elections, showing it is possible to challenge him in areas where he was once thought invincible.
Budgets Shrink, and Holiday Airfares Follow Suit
The travel industry is bracing for a painful holiday season as people scale back their discretionary spending. But that is good news for anyone who has yet to book a winter getaway, with hotels, airlines and cruise operators introducing last-minute deals to entice vacationers.
Thanksgiving Travel Weather
Below are the Wednesday forecasts for your holiday destinations:
Hezbollah Looks at Children And Sees New Adherents
On a Bekaa Valley playing field gilded by late-afternoon sun, hundreds of young men wearing Boy Scout-style uniforms and kerchiefs stand rigidly at attention as a military band plays, its marchers bearing aloft the distinctive yellow banner of Hezbollah, the militant Shiite movement.
Federal Judge Frees Five Guantanamo Detainees
After the first hearing on the government’s evidence for holding inmates at the Guantanamo Bay detention camp, a federal judge issued the Bush administration a sharp setback on Thursday, ruling that five Algerian men were held unlawfully for nearly seven years and ordering their release.
Investor Fears Spark Another Rout for Markets
As a new bout of fear gripped the financial markets on Thursday, stocks fell sharply again, culminating a monthslong plunge that has wiped out the gains of the last decade.
Shorts (right)
For months, the nation’s largest banks have struggled to regain investors’ trust. In the center of the vortex is Citigroup, whose precipitous stock-market selloff accelerated Thursday, sending shock waves through the financial world.
Key Data Held Back in Inquiry, According to C.I.A. Investigation
An internal investigation by the Central Intelligence Agency has found that the agency withheld crucial information from federal investigators who spent years trying to determine whether CIA officers committed crimes related to the accidental downing of a missionary plane in Peru in 2001.
Shorts (left)
Age and seniority gave way in Congress on Thursday, a transformational shift for an institution where tremendous power has traditionally been built on sheer longevity, accumulated and savored with the passage of years.
Chilly Weekend to Remain Snow-Free
Although the winter solstice is not until December 21st, the Boston area has been experiencing some rather wintry temperatures as of late. Though temperatures can get much lower in New England winters, the recent spell of near-freezing temperatures has been somewhat alarming in contrast to the mild, 60-degree weather we enjoyed earlier this month. While average highs for this time of year range around 50°F, the recent cold temperatures appear poised to stay in place over the weekend.