With the economy officially now labeled a recession, there are growing signs it could be a long, difficult downturn.
One of the hardest hit areas has been the auto industry.
Tuesday, on the eve of another bailout request, the CEO of Ford has released a new plan to save the company that includes a new salary of a dollar a year.
Dramatic measures for dramatic times.
Wall Street opened up but still on shaky ground Tuesday morning.
Just a day after falling 680-points, the worst slide since early October.
And while part of the market's massive drop can be blamed on profit-taking by investors after a surge in stock prices last week, most analysts agree it is more likely a reflection of what continues to be a grim economic picture across the board.
The primary and most difficult problem the new Obama administration will be forced to deal with.
"I know these are difficult times. I don’t think anybody here is viewing the situation here through rose colored glasses," said president-elect Barack Obama.
Unemployment lines continue to stretch across the country leaving little question this recession could be longer and more painful than any economic downturn since the early 80's.
Black Friday was a bit better than expected but this is still shaping up as the worst holiday shopping season in decades.
Evidence of that a deeper than expected quarterly loss report from Sears the retailer plans to close even more stores.
The nation's largest poultry producer, Pilgrims Pride, has filed for chapter 11 bankruptcy protection and looking to avoid the same fate.
Executives from the big-three U.S. automakers will be back on Capitol Hill Wednesday to try and convince lawmakers to dole-out 25-billion dollars in bailout funds.
That request will come at the same time November sales are released.
The numbers are expected to be some of the worst ever.
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