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Former Federal Reserve Chairman Alan Greenspan told a House committee Thursday that the banking and housing crisis is a "once-in-a-century credit tsunami." When asked if his ideology pushed him to make bad decisions, Greenspan said he found a "flaw" in his governing ideology that has led him to re-examine his thinking.

Former Fed Chairman Alan Greenspan told House lawmakers the financial damage done to date means an unavoidable rise in unemployment in the U.S. Greenspan said the U.S. had been hit by a "once-in-a-lifetime credit tsunami" and that it will take many months for the situation to improve.

It has been a bad day for stocks all over the world. Markets lost ground in Asia, Europe and the United States. Recession fears have spread, and investors are pulling their money from stocks at a frightening pace.

President-elect Barack Obama is set to announce his national security team Monday. The list of people will be familiar to many Americans. Hillary Clinton is expected to be named secretary of state.

The Illinois Supreme Court has denied an effort to remove Gov. Rod Blagojevich, rejecting what could have been the quickest way to force the Democrat from office. The court, without comment, refused to hear state Attorney General Lisa Madigan's legal challenge to the governor's fitness to serve.

The U.S. economy is in a recession. The National Bureau of Economic Research, which tracks economic cycles, says the downturn began last December. Many economists believe it'll be the most severe since the 1981-82 recession. David Wessel of The Wall Street Journal talks with Steve Inskeep about the economy.

With the economy continuing to sputter, president-elect Barack Obama has held a news conference to announce his economic team. He said they would get to work immediately to craft an economic stimulus package big enough to jump-start the economy.

Two men have come forward with allegations that they were abused by leaders of their Hasidic community in Brooklyn when they were children. The ultra-Orthodox Jewish sect, known for devout religious beliefs and insular culture, says it has investigated the claims.

The Senate voted Monday to cut off debate on the economic stimulus bill and move it toward passage. The vote was 61-36, one more than the 60 votes needed to move the bill toward passage in the Senate Tuesday.

Japan suffered through a recession in the 1990s — a downturn they combatted with stimulus. As Japan's economy takes a turn for the worse again, what does that say about the U.S. stimulus plan? Adam Posen, deputy director of the Peterson Institute for International Economics, talks about how Japan's current and past economic situations mirror our own.