A leading economist declares that we are in a recession. Most people I know came to that conclusion some time ago.

Could things get worse? The bailout of Bear Stearns is an ominous sign. It is very appropriate that a bank named after (and founded by) J.P. Morgan was part of the team that came to the rescue (along with Uncle Sam), as it was Morgan's bailouts during his lifetime that led to the creation of the Federal Reserve. Then, as now, the goal was to prevent a ruinous panic.

The Reverend Wright has left the Obama campaign, while the Senator himself denies that he ever heard any inflammatory remarks. John Podhoretz says it is stories like these that are keeping Hillary in the race.

Meanwhile, as the Democrats tear into one another, some are beginning to believe that McCain might win in November. Some polls from Pennsylvania, Ohio and Florida back up that assertion.