Merrill Lynch: U.S. Already in Recession

According to Merrill Lynch, the U.S. has been in recession for at least a month now. Unfortunately, the Fed seems completely asleep at the wheel as the financial sector is in the worst credit crunch since 1991 (worse than the Long-Term Capital mess in '98).

I don't know if it will affect the U.S. election or not, but I don't think raising taxes will do much to help the economy.