Week of December 1, 2008

Economists say the USA is in a recession and that it really began last December.

The committee of economists responsible for determining the dates of business

cycles said Monday that they met by conference call on Friday, Nov. 28 and "the

committee determined that a peak in economic activity occurred in the U.S.

economy in December 2007. " The peak marks the end of the expansion that

began in November 2001 and the beginning of a recession."

a "new dawn of American leadership,"

presented his top national security team

Monday, picking former presidential rival

Hillary Rodham Clinton as secretary of state

and asking Robert Gates to stay on as

defense secretary.

Obama also named Eric Holder, as Attorney

General, and Arizona Gov. Janet Napolitano

as secretary of Homeland Security.

In two other senior foreign policy

announcements, he named foreign policy

adviser Susan Rice as U.N. ambassador and

retired Marine Gen. James L. Jones as

national security adviser.

President-elect Barack Obama on Wednesday named New Mexico Gov. Bill

Richardson to be his secretary of Commerce. A former member of Congress,

Richardson served as ambassador to the United Nations and Energy secretary in

former President Bill Clinton's administration.

William Balfour is held without bail in the slayings of Jennifer Hudson’s family as

prosecutors suggested jealousy as a possible motive. Balfour, facing first degree

murder charges for the three killings, had threatened the family with harm if his

estranged wife Julia Hudson - Jennifer's sister - continued to date another man,

prosecutors alleged at a bond hearing in Chicago.

Prosecutors said Balfour also had gone to Julia's workplace in October to

complain about her seeing the man, the Chicago Tribune reports.

Week of December 1, 2008

Although retail gasoline prices have fallen 55% since mid-July, wholesale prices

have plunged even more sharply — 68%, according to the Oil Price Information

Service. As a result, retailers have enjoyed record profit margins since mid-

September.

"Guess what? They're making substantially more money at $1.89 (a gallon) than

they were at $4.29," says OPIS chief oil analyst Tom Kloza. A barrel of oil dipped

below $50.00 this week.

Oil tumbled below $44 a barrel and

average gasoline prices slipped under

$1.80 a gallon, both four-year lows, as

unemployment benefit claims hit a 26-

year high and major companies

announced more job cuts.

The unprecedented decline in energy

prices has provided some relief to

consumers and businesses.

Video games expected to do well this

holiday season as experts expect overall

retail sales to grow a modest 2.2% over

last year, but sales of video games could

improve as much as 15% over 2007,

says analyst Michael Pachter of

Wedbush Morgan Securities. "With the

hours of play that video games give you,

it's a very cost-effective purchase," he

says.

T his past weekend and recent trends are giving gaming retailers reason to be

optimistic. The Game Crazy retail chain, with 562 stores in the USA, had 50%

higher sales on Friday than in 2007, and more than 30% higher sales Saturday.

Employers slashed jobs at the swiftest pace in 34 years in November, leading the

unemployment rate to rise to 6.7% from 6.5% in October and the highest in 15

years, the government said Friday. Speaking after the report, President Bush

used the word "recession" for the first time to describe the economy's state.

The report points to a rapidly deepening recession. The unemployment rate was

held down as discouraged workers dropped out of the job pool.

Week of December 1, 2008

Adding in those who have given up looking for work and people working part time

because they can't find full-time work, unemployment was 12.5% in November,

up from 11.8% in October and highest since the department began tracking the

number in 1994.

O.J. Simpson, insisting "I didn't mean to hurt

anybody," was sentenced to is sentenced to much

as 33 years in prison for kidnapping, armed

robbery and other convictions stemming from a

confrontation with sports memorabilia dealers in

2007.

Prosecutors and defense attorneys said Simpson

would have to serve at least nine years before

eligible for parole, meaning the 61-year-old former

football and movie star would be 70 years old

before seeing freedom.

On Wednesday's Ellen DeGeneres Show, Brad

Pitt appears via satellite from the lower ninth ward

in New Orleans and gives the talk show host some tips on how to "catch" George

Clooney. "We need George Clooney!" she tells him. "Ah, I heard this," Pitt

replies. "What have you been doing…?"

released this week and considered by

many to be her comeback album.

Dixie Chicks singer Natalie Maines is the

target of a defamation lawsuit by the

stepfather of one of three 8-year-old boys

slain in 1993.Maines spoke out for three

people convicted of the slayings and

alleged the stepfather was instead

involved in the killings.

Terry Hobbs, stepfather of Steve Branch, who was killed 1993 with Christopher

Byers and Michael Moore, filed suit in Pulaski County Circuit Court on Nov. 25.

The suit names all three members of the Dixie Chicks, but focuses on Maines.

The suit seeks compensatory and punitive damages. Hobbs claims he suffered

loss of income, injury to his reputation and emotional distress.