Recession, anyone?

And why hasn't an official declaration of "recession" been made? The Dow dropped another 400+ points yesterday with no end in sight - a 6 year low for the markets.

Some headlines today:

• Job losses rise as recession plays on
• BREAKING NEWS: Jobless claims jump unexpectedly to 16-year high as labor market weakens
• Prospect for auto bailout dims
• Auto Bailout Breaks Down
• Markets in Europe and Asia follow Wall St. drop
• Weekly jobless claims surge to 16-year high
• Allied forces train merchant seamen to counter piracy
• Financials need at least $1 trillion: analyst
• GM finance arm seeks bailout
• Don’t junk the auto industry
• Markets look puny after big selloff

I normally avoid CNN and Fox like the plague, but the point here was to illustrate that across the news spectrum there is almost nothing but doom and gloom economically. This is one of the many reasons there is a crisis in faith in the government today. When they can't acknowledge what is plainly in front of them, why the hell should we have any confidence in them?