We’ve all been hearing of an economic recession that has hit the United States in 2008, and which is now causing ripples of fear in Europe as well. The Euro Zone Growth Outlook for 2008 has decreased dramatically in the last few months. Why? What are some of the indicators that the current recession is serious? What are its possible causes?

The San Jose Mercury News newspaper has published an editorial saying that current government efforts to solve the nation’s housing crisis simply won’t get the job done.

The newspaper noted that the feds have been encouraging mortgage companies to do what they can to prevent home foreclosures by renegotiating difficult loans. However, as the newspaper states, the voluntary campaign hasn’t worked so far.