U.S. personal savings rate at record low

The Globe and Mail reports that personal savings fell to negative 0.6 percent, an all-time low (since recordkeeping began in 1959). Now consider how upwards of one million people or more in the New Orleans area just lost their jobs, not to mention their homes, not to mention soaring gas prices and supply problems, and I think it's safe to pull from the back pocket the dreaded R word: RECESSION.