In a stunning continuation of official GDP numbers that make many professional economists shake their heads in wonderment, third quarter was printed to show a mere three-tenths of a percent decline, or... it fell by 3.7%. In any case lost wealth is likely to encourage consumers to save harder and curb spending further. Those who can live without credit are likely to shun it. Full story here (LINK)

Definitely worth a read, even if you aren't the least bit interested in the presidential politics here in the United States as Fukuyama's endorsement gives a unique look into the causes of the current...model itself: under the mantra of less government, Washington failed to adequately regulate the financial sector and allowed it to do tremendous harm to the rest of the society. The rest here (LINK)

Bloomberg: Roubini Says S&P May Fall 30% More Over 2-Year Recession Oct. 29 (Bloomberg) -- Nouriel Roubini, the New York University professor who predicted the current financial crisis in 2006, talks with Bloomberg's Carol Massar and Ellen Braitman in New York about the U.S. economy, outlook for the equity market and Federal Reserve monetary policy. (Source: Bloomberg)

View Poll: HOW LOW WILL THEY GO? Fed May Cut Rate to 1%, Signal Steps to Save Economy (Update1) By Steve Matthews ...economy shrank at a 0.5 percent annual rate in the third quarter, the most since the 2001 recession, economists predict. http://www.bloomberg.com/apps/news?pid=20601087&sid=aPjEiSG.3SZ8&refer=home

-Related- CBS News Interactive: Credit Crunch Wall Street and Main Street have been caught up in credit market turmoil, which began in 2007 with rising defaults on mortgages made to financially shaky borrowers and spread to corporate bonds and other kinds of debt. Here's a look at actions and statements from key players in Washington related to the credit crunch.

Business Daily: World faces hard times as economic depression looms October 27, 2008: Market screens flashing rows of red prices falling too fast for the naked eye is the stuff of investor nightmares...it. 'I have been pressing for this for years,' he said. 'I actually think we'll now get the changes that are necessary. But while we wanted to go ahead with these changes, other countries did not.'

MONDAY, OCTOBER 27, 2008 B ARRON ' S C OVER That Was Way Too Close for Comfort By ANDREW BARY | MORE ARTICLES BY AUTHOR ...and clients. Dalio, who was last interviewed by Barron's in May 2007, has been reluctant to talk publicly for fear of exacerbating the worries of already nervous investors... The rest here (LINK)

Credit Markets Freeze as Money Markets Ease MONDAY, OCTOBER 27, 2008 AS SYMPTOMS OF THE credit crisis eased in the money markets, they turned virulent in the rest of the capital markets, sending...312 points? But the credit spreads ended the week at their worst levels -- some at records -- as the markets were battered by a combination of deteriorating economies and forced selling by various ...

TED Spread 5-Year History After two weeks, the question is now whether the financial meltdown has been arrested and sent on a path to full recovery, or if this is just yet another temporary stop-gap... The entire effort is merely saving the asses of lots of executives and traders who got us into this mess in the first place, and whose asses should not be saved at taxpayer risk and expense...

Hat Tip: The New York Times Economix NYT: First Birthday for the Recession? Floyd Norris The Federal Reserve chairman, Ben S. Bernanke, declined today to say whether we are in a recession...months. This recession is likely to last longer than that. If so, it will become the longest downturn since the 43-month recession that lasted from August 1929 to March 1933. The rest here (LINK)