recession

Stocks sustained their worst losses since late June and fell back to bear market territory today on worries about job security, slowing economies around the world, weakening financial companies and falling commodity prices.

The Dow Jones industrials fell 345 points, or 3%, to 11,188. The Standard & Poor's 500 Index was down 38 points, or 3%, to 1,237, and the Nasdaq Composite Index tumbled 75 points, or 3.2%, to 2,259.

The losses were the worst for all three indexes since June 26, when the Dow fell 358 points, and the Dow's fourth-worst loss of the year.

Moreover, the Dow, S&P 500 and Nasdaq finished the day down about 21% each from their all-time highs in October. A loss of 20% from a top is the popular definition of a bear market.

We are in a bear market, a recession. What part of recession dont our city officials understand?