Day after day we see worse and worse economic data coming out from all sectors of American and global economies. Majority of companies around the world are experiencing lower earnings and announcing hundreds of thousands of layoffs further adding to the already high unemployment rate in the United States.

For those who haven't heard or haven't believed it yet, the recession is here and its in full swing.

The unemployment rate is constantly rising and currently stands at a high of 6.2%, definitely not a positive number for the economy and overall financial outlook for majority of working families in the United States.

The sobering economic data and weak earnings of many companies over the last quarter saw a major sell off in the stock market. Selling also spread throughout the rest of the world affecting all countries and major global financial indexes.

The U.K.'s third quarter gross domestic product fell 0.5%, the first decline in 16 years, putting the country straight into a recession.

U.S. stock market recently hit its lowest levels in more than five years on the belief that a punishing economic recession is at hand. Since mid September the U.S. stock market has erased more than $8.8 trillion of shareholder value, obliterating wealth for millions of Americans. The market itself has been riding a roller coaster swinging each day from highs of as much as +1000 to lows as much as -800. Each day brings unexpected news and sends the markets into a further decline even if it manages to recover in prior trading sessions. The outlook about overall economy and financial credit markets is growing more negative with each day.

Such a negative outlook makes it clear that the world economy is headed for a severe downturn even as governments race to revive credit markets on the hope that a return of more normal lending levels by banks and other financial houses will fan economic activity.

In all this economic and financial calamity the main concern is about all the lower and middle class working families not only in America but also around the world; families that have to bear most of the burden of these hard economic times. The only hope and wish that everyone can make here is for this recession not to become something more disastrous and catastrophic than it already is.