Shrinkage:

600,000 jobs disappeared last month as the unemployment rate climbed to 7.6 percent, a level not seen since George H. W. Bush was president. The rate of decline actually exceeds any seen since 1974, when Nixon was president. (See The New York Times' story.)

In other economic news, the market actually improved slightly, with all major markets showing at least a 2 percent increase. Perhaps buyers were responding to Obama's stiff call for action. Pundits have remarked that the President has been playing too nice with congress, a group most notable at the moment for fiddling about while the country's economy is burning down.

Peanuts, Not for the Funny Papers:

The salmonella/peanut story is starting to look uglier. Accusations have now come forth that indicate someone knew the product was tainted in the Georgian plant. (See The New York Times' story.) A number of people have died and nearly two hundred have been made sick. Will criminal prosecutions follow?

The next big issue:

Looming just beyond the problems with the economy and the residue of Bush's "War on Terror" are a number of interesting questions, like stem cell research. Earlier today, the Food and Drug Administration "approved the first pharmaceutical product made in the milk of genetically engineered animals" (Andrew Pollack "F.D.A. Approves Drug Made From Goat's Milk" The New York Times). The process holds promise but also raises ethical concerns, and there are logistical issues as well.