It’s official: U.S. has been in a recession all year
WASHINGTON — The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
Vanguard’s founder sees long recessionJohn C. “Jack” Bogle, founder of The Vanguard Group Inc., is 79, and has seen 10 bear markets in more than five decades in the investment business. So is he questioning his fundamental beliefs amid a U.S. recession that was officially declared Monday, and has erased trillions of dollars in stock market value? Hardly.
Senator wants to dampen river partiesJEFFERSON CITY, Mo. — A state lawmaker is trying to dampen the party on some of Missouri’s popular floating streams.
After rare win, Chiefs worry about overconfidenceKANSAS CITY — Since the Kansas City Chiefs so rarely win, it’s easy to remember what happened next.
WASHINGTON — President-elect Barack Obama plans to announce longtime advisers and political foes alike as his picks for top administration jobs at a news conference today, nominating one-time political nemesis Hillary Rodham Clinton as secretary of state.
Chiefs come out on top of battle between 2 of NFL's worstOAKLAND, Calif. — When two of the NFL’s worst teams meet, it figures that a botched play would be the biggest.
That’s just what happened Sunday when Maurice Leggett scooped up a fumble on a fake field goal attempt and returned it 67 yards for a touchdown to help the Kansas City Chiefs beat the Oakland Raiders 20-13 and snap a seven-game losing streak.
“I was surprised they actually ran a fake,” Leggett said. “It surprised me. When I saw the ball on the ground, it was an opportunity to make a play. ... It’s a great win — a big confidence boost.”
WASHINGTON — It wasn’t too long ago that Barack Obama and his advisers were tripping over one another to tear down Hillary Rodham Clinton’s foreign policy credentials. She was dismissed as a commander in chief wanna-be who did little more than sip tea and make small talk with foreign leaders during her days as first lady.
Kansas shocks No. 12 Missouri in Arrowhead showdownKANSAS CITY — Todd Reesing could barely lift his arm above his shoulder early in the week, forced to watch backup Kerry Meier take snaps because he was in so much pain.
Reesing got hit so hard during the game that his eyes rolled up in his head, making his coach think he had been knocked out. He spent the postgame in the training room getting stitches for a gash in his hand.
Didn’t matter. Reesing wasn’t about to give up and neither were the rest of his injured teammates.
OAKLAND, Calif. — Tom Cable has been well-schooled in the history of the Raiders-Chiefs rivalry growing up an Oakland fan.
From the days of Len Dawson and Hank Stram against John Madden and Daryle Lamonica until now, Cable has been an interested observer.
“These two teams would battle in the AFC,” Cable said leading up to his first game against Kansas City as Oakland’s interim head coach. “That’s how it was and whoever was going to win it would probably have a chance to go to the championship game. To me, I remember those games and that’s a big deal.”
ST. LOUIS — Kolt Kiger kicked a 23-yard field goal with 8:40 remaining to lift Clark County over Maryville 10-7 in the Missouri Class 2 Championship Game Saturday afternoon.
NEW YORK — Shoppers, who had snapped their wallets shut since September, turned out in force Friday to grab early morning deals and hard-to-find toys, but many said worries about the economy have them focusing on fewer gifts and less expensive, more practical items.
November auto sales expected to lag againNEW YORK — As the humbled captains of the U.S. auto industry spend the weekend preparing their second case for a federal bailout, their best argument may come in November’s auto sales figures.
Going ... and going ... for 20 yearsST. LOUIS — Turns out he really does just keep going and going.
Questions abound for Chiefs coaches, playersKANSAS CITY — When told his name was popping up in connection with the vacant coaching job at San Diego State, Kansas City Chiefs coach Herm Edwards delivered a glib and funny reply.
“I’ve got a college team right now that I’m coaching,” the embattled leader of the very youthful and 1-10 Kansas City Chiefs said with a laugh. “Next question.”
MUMBAI, India — Security forces assaulted a Jewish center in Mumbai where Muslim militants were believed holed up with possible hostages today, with black-clad commandos dropping from a Indian helicopter as sharpshooters opened fire on the five-story building.
The attack came as Indian commandoes scoured two luxury hotels room by room for survivors and holed-up militants, more than a day after a chain of attacks across India’s financial center by suspected Muslim militants left at least 119 people dead.
KANSAS CITY — Kansas and Missouri, whose rivalry is the oldest west of the Mississippi, have agreed to play their annual game in Kansas City’s Arrowhead Stadium through 2012.
The announcement was made Thursday by the schools, the Kansas City Chiefs and the Kansas City Sports Commission.
KANSAS CITY — The 10-week tryout that dropped into Tyler Thigpen’s lap like a blessing is heading into the home stretch, and the results for the first player ever drafted out of Coastal Carolina have been mixed.
Sometimes Kansas City’s first-year quarterback has looked good. In a trip to the Meadowlands against the Jets, his numbers actually were better than Brett Favre’s. Sometimes he’s looked awful, such as the three interceptions he threw at Carolina and the three turnovers he committed last week in a blowout loss to Buffalo.
WASHINGTON — The government released a quartet of reports Wednesday that paint a bleak picture of the nation’s economy: Jobless claims remain at recessionary levels, Americans cut back on their spending by the largest amount since the 2001 terrorist attacks, orders to U.S. factories plummeted and new-home sales fell to the lowest level in nearly 18 years.
Missouri mother convicted of lesser chargesLOS ANGELES — A Missouri mother on trial in a landmark cyberbullying case was convicted Wednesday of only three minor offenses for her role in a mean-spirited Internet hoax that apparently drove a 13-year-old girl to suicide.
Falling gas prices allow sale of ethanol-free fuelSPRINGFIELD, Mo. — The recent drop in fuel prices has triggered a provision in the state’s ethanol mandate allowing gas stations to sell fuel without the corn-based additive.
NEW YORK — A stock market gaining confidence in the nation’s financial system bolted higher Wednesday, propelling the Dow Jones industrials and Standard & Poor’s 500 index to their first four-day advance since last spring.
'The holiday season is over'NEW YORK — The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it’s practically over already.
Congress expects more sacrifices from automakersDETROIT — A list of job cuts, shuttered factories, canceled bonuses and commitments to fuel-efficient cars won’t be enough next week when U.S. automakers get another shot to persuade Congress to give them $25 billion in loans.
Tobacco business smokingMOUNT STERLING, Ky. — Lindsay Pasley is an eager young man in what used to be an older man’s game — tobacco farming.
54 more banks listed as 'problem'NEW YORK — The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter — yet another sign of escalating troubles among the institutions controlling Americans’ deposits.
Kansas State hires Snyder againBill Snyder will return as football coach of the Kansas State Wildcats for the second time.
Obama team promotes massive planWASHINGTON — After more than two weeks of virtual silence on the economy, President-elect Barack Obama’s transition team burst on the scene with new ambition and urgency Sunday, demanding swift passage by Congress of a massive two-year spending and tax-cutting recovery program.
Obama aides called on lawmakers to pass, by the Jan. 20 inauguration, legislation that meets Obama’s two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6.
Though Obama aides declined to discuss a total cost, it probably would far exceed the $175 billion he proposed during the campaign, but would not immediately seek to raise taxes on the rich. Some economists and lawmakers have argued for a two-year plan as large as $700 billion, equal to the Wall Street bailout Congress approved last month.
LINCOLN, Neb. — Gov. Dave Heineman signed into law Friday a bill adding a 30-day age limit to a safe-haven law that allowed 35 children — including teenagers as old as 17 — to be abandoned at state hospitals.
Mo. added 2nd-most jobs nationally in OctoberFor the second straight month, Missouri is among the nation's leaders in job growth, but the unemployment rate also inched higher. Missouri added 5,300 jobs in October — the second highest nationally. In September, Missouri led the nation.
Fate of big three uncertainWASHINGTON — The $25 billion rescue plan for the auto industry, desperately sought by Detroit’s beleaguered Big Three, collapsed Thursday as Congress drew the line at one more bailout and Democrats said they wouldn’t even consider it until the companies produced a convincing plan for rebuilding their once-mighty industry.
Auto rescue stalls in SenateWASHINGTON — Top Senate Democrats suggested Wednesday that a bill to rescue Detroit’s Big Three automakers was stalled and challenged the Bush administration to take steps to save the industry if congressional efforts falter. The White House quickly rebuffed the suggestion.
Big 3 beg for $25 billionDetroit’s Big Three automakers pleaded with Congress on Tuesday for a $25 billion lifeline to save their once-proud companies from collapse, warning of broader peril for the national economy as well.
Wall Street rebounded Tuesday in another turbulent session, as investors rushed back into the market after the Standard & Poor’s 500 index tested a 2003 low. At least some of the buying was because fund managers whose portfolios are tied to the S&P 500 had to find a replacement for Anheuser-Busch Cos. The brewer was officially removed from trading at the market’s close after its takeover by Belgium’s InBev SA was completed
Paulson grilled on bailoutWASHINGTON — Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.
Report: 50 percent more U.S. children went hungry in 2007WASHINGTON — Some 691,000 children went hungry in the U.S. sometime in 2007, while close to one in eight Americans struggled to feed themselves adequately even before this year’s sharp economic downtown, the Agriculture Department reported Monday.
The department’s annual report on food security showed that during 2007 the number of children who suffered a substantial disruption in the amount of food they typically eat was more than 50 percent above the 430,000 in 2006 and the largest figure since 716,000 in 1998.
KANSAS CITY — Like a slick and experienced salesman, Drew Brees knows how to close.
Kansas City, desperate for a win, scored in the fourth quarter to get within seven points and had the home crowd raising a ruckus. But Brees coolly took the NFL’s top-ranked offense on a 12-play drive that ate 6 minutes and 27 seconds off the clock and was capped by Garrett Hartley’s 35-yard field goal.
A moment later, Usama Young ended Tyler Thigpen’s string of 161 passes without an interception and New Orleans preserved a 30-20 victory. It was the Saints’ first win on the road since last Dec. 12 in Atlanta.
Farmers remember the soaring crop prices of the 1970s were followed by a dramatic plunge, and they worry history may be repeating itself.
North Dakota and Minnesota each lost about 8,000 farms from 1975 to 1985.
“There’s concern that a replay is coming,” said Mary Nell Preisler, director of Minnesota’s farmer-lender mediation program, which works with farmers and lenders to resolve credit problems.
Americans have slammed their wallets shut since the financial meltdown, and the future is looking downright scary for stores across the country and the whole U.S. economy.
On Wednesday, Best Buy Co. slashed its earnings forecast and said the changes in consumer behavior have been nothing less than “seismic,” creating “the most difficult climate” the company had seen in its 42-year history.
COLUMBIA, Mo. — As strong as the veteran presence has been for Missouri (8-2, 4-2), the influx of first- and second-year players has been just as impressive.
Through 10 games, the Tigers have put 11 true or redshirt freshmen on the field; three of them started games this season.
Players such as Chase Daniel, Chase Coffman and Jared Perry have benefited from that strategy by Coach Gary Pinkel over the past few seasons.
“I think it’s really great because you had guys like Jared Perry and Danario Alexander play a little bit as freshmen and get better,” Pinkel said. “It’s really good for the program.”
KANSAS CITY — Once again, the injury-ravaged Kansas City Chiefs are scouring the landscape for usable, unemployed professional football players.
They’re in the market for linebackers and cornerbacks. A safety would also be nice. Recent experience is preferable but not mandatory.
“You could see some new Chiefs on the horizon,” head coach Herm Edwards said Tuesday, trying his best to keep a happy face. “They could be here. We’ll look at this list again this afternoon, and we’ll decide what we have to do.”
Obama gets first glimpse of oval office
WASHINGTON — The Bushes welcomed the Obamas to the White House on Monday, visiting for nearly two hours and offering the nation a glimpse of a new first family at 1600 Pennsylvania Ave.
President-elect Obama and President Bush met in the Oval Office, their first substantive one-on-one session, while first lady Laura Bush and Obama’s wife, Michelle, talked in the White House residence.
The president later escorted his successor to his limousine. Obama’s wife was leaving separately after her discussions with Laura Bush.
None of the four spoke to reporters.
WASHINGTON — In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership.
Circuit City files for bankruptcyRICHMOND, Va. — Circuit City Stores Inc. filed for bankruptcy protection on Monday heading into the busy holiday season as analysts question whether the nation’s second-biggest electronics retailer will be able to survive.
Hobbled Chiefs welcome back Larry JohnsonKANSAS CITY — After a four-week absence, running back Larry Johnson returned Monday to a Kansas City Chiefs team that has changed significantly while he was gone.
For one thing, the offense and defense are both riddled with injuries. As many as six defensive starters could be out for this week’s game against New Orleans.
WASHINGTON — President-elect Obama plans to use his executive powers to make an immediate impact when he takes office, perhaps reversing Bush administration policies on stem cell research and domestic drilling for oil and natural gas.
John Podesta, Obama’s transition chief, said Sunday Obama is reviewing President Bush’s executive orders on those issues and others as he works to undo policies enacted during eight years of Republican rule. He said the president can use such orders to move quickly on his own.
“There’s a lot that the president can do using his executive authority without waiting for congressional action, and I think we’ll see the president do that,” Podesta said. “I think that he feels like he has a real mandate for change. We need to get off the course that the Bush administration has set.”
WASHINGTON — All presidents are tested. Few walk into the Oval Office when the nation is in the throes of multiple crises.
JEFFERSON CITY, Mo. — The loss limits are off at Missouri casinos.
Obama pledges to act on economyInheriting an economy in peril, President-elect Obama warned on Friday that the nation faces the challenge of a lifetime and pledged he would act urgently to help Americans devastated by lost jobs, disappearing savings and homes seized in foreclosure. But the man who promised change cautioned against hopes of quick solutions.
“It is not going to be easy for us to dig ourselves out of the hole that we are in,” Obama said at his first news conference since winning the presidency on Tuesday.
Exit polls indicate that Missouri's undecided voters broke in favor of John McCain in the campaign's final days. The exit poll conducted for The Associated Press and television networks offered clues as to why the race in Missouri was too close to call into Wednesday, a day after the election. The Republican McCain had a 5,853 vote lead, but 7,100 provisional ballots were still out.
NEW YORK — Investors believing that Wall Street is on the verge of a yearend rally piled into the market Tuesday, brushing off more weak economic data while they scarfed up stocks and propelled the Dow Jones industrials up 300 points to its highest close in four weeks.