* Recession likely longest in a postwar period
WASHINGTON Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.
* OPEC Output Cuts Unlikely (Neil King Jr, Wall Street Journal)
OPEC ministers will have at least one thing to crow about when they meet next Sunday in Vienna: Their sharp production cuts in recent months have helped put a floor under oil prices.
* U.S. Headed For Longest Post-War Recession (CBS News)
U.S. Headed For Longest Post-War Recession While Unemployment, GDP Are Not As Bad As 1981-82, Economic Pain More Widespread
* Zimbabwe premier: Car crash was an accident (Angus Shaw)
Zimbabwe’s prime minister said Monday he did not suspect foul play in the car crash that killed his wife and injured him, telling mourners “it is painful for us but we have to look forward.”Morgan Tsvangirai, wearing dark glasses over a swollen eye, addressed a crowd outside his home in Zimbabwe’s capital after receiving medical treatment in neighboring Botswana.Zimbabwe’s long hi…
* Not so Maastricht (The Financial Times)
Too strictly interpreted, the Maastricht convergence criteria the rules for eurozone membership can begin to look like a suicide pact. The European Unions newest members are nevertheless required to satisfy them, since they promised on entering the EU that they would eventually join the euro. Unfortunately, the rules keep worthy countries out and lead to policies that are bad for the count…