NBER: U.S. in Recession Since Dec. 2007; Fed Reserve Could Buy T-Bills; JP Morgan Sees 0% Interest Rates; Pilgrim’s Pride Files for Bankruptcy Protection; Consumer Credit Crunch in the Making; Crude Slides on Recession Outlook; J&J to Buy Mentor

It’s official: The United States has been in a recession since December 2007, the National Bureau of Economic Research said yesterday (Monday). Already 12 months into it, this recession is longer than eight of the 10 recessions the U.S. has experienced since World War II, CNNMoney reported. Should it continue past the June 2009, it will be the longest. U.S. Federal Reserve Chairman Ben Bernanke said the central bank could buy long-term Treasury securities to help revive the economy. “This approach might influence the yields ...