Because it's the end of the day and you need to feel bad

G.D.P. Revision Suggests a Long, Steep Downfall

The economy at the end of last year contracted at a far faster rate than initially estimated, a government report released Friday said, suggesting that the recession may be deeper and more severe than recent projections have indicated.

The country’s gross domestic product fell at an annualized rate 6.2 percent in the last quarter of 2008, the steepest decline since the 1982 recession. Economists are expecting a similar drop in the first quarter of 2009.

“What a ghastly report,” said John Ryding, chief economist at RDQ Economics. “This will almost certainly be the longest postwar recession, and now potentially the deepest one as well.”

Also: polar bears are dying, the Steelers resigned Willie Colon and Chris Kemoeatu, and stocks hit a 12 year low.