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 ...

Pilgrim’s Pride Corporation (NYSE: PPC), the largest chicken company in the United States and Puerto Rico and the producer of poultry products in North America sold under the Pilgrim’s Pride and Wampler Foods labels, recently announced that the company has notified its lenders regarding the expectation of a significant loss in the fiscal fourth quarter ending September 27, 2008, based on preliminary results.

The anticipated loss is due to high feed ingredient costs, continued weak pricing and demand for breast meat, and the significant negative impact of hedged grain positions during the quarter. As a result, Pilgrim’s Pride does not expect to be in compliance with its fixed-charge coverage ratio covenant under its principal credit facilities as of the fiscal year ending September 27, 2008, but expects to be in compliance with all other covenants as of the end of the 2008 fiscal year.

The company’s management team has reached an

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