The Commerce Department said Monday that Secretary John Bryson had suffered a seizure in connection with three Los Angeles-area car crashes he was involved in over the weekend. Bryson was cited for felony hit-and-run, and authorities said the investigation is continuing.
Either the U.S. economy was in the pool during the last three months of 2008 or the economic crisis is worse than expected. The nation’s GDP shrank 6.25 percent in the fourth quarter of last year, almost doubling the preceding quarter’s contraction rate of 3.8 percent.
The annual savings rate dropped to the lowest level in 74 years, the Commerce Department has reported. On average, Americans saved a “negative 1 percent” in 2006, meaning people not only didn’t save but dipped into their savings and borrowed in order to spend more than their income.