Not all the news is bad - it never is in a recession.

He warned that this crisis was "not simply a more severe version of the usual business cycle recession" in which economies "ultimately adjust and stabilise".

I have little to add to that debate, but I can guarantee that for some of us, the impact of this downturn will last a lifetime.

My theory is that colds are bad this year because of the recession, which lowers our spirits and makes us feel dispensable at work.

Although this theory has yet to be tested by a full-blown American recession, the subprime crisis has not had much impact on Asian growth so far.