Now it's official: the economy really is in free fall. When the bean counters at the Commerce Department's Bureau of Economic Analysis came out a month ago with their first estimate of how fast the economy shrank in the fourth quarter, economists and investors were surprised that it was at a mere 3.8% annual rate. Now, after some of the updates and revisions that are a standard part of the process of estimating gross domestic product , the number ...

When Florida legislators recently struggled to balance the battered state budget, they decided to plug holes with $190 million from a $300 million affordable-housing trust fund. After all, why should a cash-strapped state shell out money for new home construction when there are tons of vacant homes just waiting to be snapped up? One of the few benefits of a housing crash, theoretically at least, is supposed to be that home buyers who were previously priced out of the market ...

Who is walking away with Oscars this year? The following is a list of nominees and winners as they are announced at the 81st annual Academy Awards.

Sandi Stratton wanted to see a Dodgers game. Babe Churchill wanted to go to the Academy Awards. Babe won that small argument -- and the decision affected them both for many years to come. "Sandi didn't want to come, and now I can't get her to quit," Babe, of Escondido, California, said with a laugh. The two sisters have been coming to Los Angeles for the Academy Awards for 39 years. On Sunday, they'll celebrate their 40th ceremony. On that ...

The hero of "Slumdog Millionaire," a poverty-raised teaboy seeking his lost love, works his way through the questions on the game show "Who Wants to Be a Millionaire" knowing that, at any time, he can lose and walk away with nothing. At this point, the movie appears unlikely to face the same fate. The crowd-pleasing rags-to-riches story has been the winter's surprise winner, racking up victories at practically every juncture. The Golden Globes gave "Slumdog" its top award; so did ...

At this year's U.S.-Islamic World Forum in Doha, Qatar, speaker after Muslim speaker had nothing particularly awful to say about the United States. The Muslims were, in fact, hopeful about, and slightly amazed by, the new American President. Some even wondered aloud what they could do to help him succeed. Anwar Ibrahim, the Malaysian opposition leader, listed the significant gestures that Obama had made toward the Islamic world, from the President's interview with al-Arabiya television network to the appointment of ...

Award shows often mean free loot for celebrities. But with the economy tanking, this Academy Awards season could see some subtle changes in the giveaway culture, industry insiders say. "The country has shifted, and I think that bling is out," said Jane Ubell-Meyer from Madison and Mulholland, which bills itself as a VIP gift bag and product placement company. "I think that people are a little more conservative and they don't want to flaunt it in everyone's faces." Madison ...

Second seed Andy Murray collected his 10th career title after defeating world number one Rafael Nadal, who was hampered by a knee injury, 6-3 4-6 6-0 in the final of the ABN AMRO tournament in Rotterdam on Sunday. World number four Murray was himself carrying an ankle injury he picked up during his quarterfinal win over Marc Gicquel, but showed little signs of early discomfort as he raced around the court before burying two forehands to take his first service ...

Like any guy, Rory Sheridan, a waiter from New York City, wants to impress his girlfriend during their first Valentine's Day as a couple. But like any guy living in 2009, he's looking to shave some expenses. So while he's going to take her out to a nice dinner this Saturday night, they've also made a pact. "We told each other, 'No presents,' " says Sheridan, 26. Would he have splurged for a nice bracelet, expensive roses or chocolates if ...

Faced with a projected $42 billion deficit, California Gov. Arnold Schwarzenegger warned Tuesday that 20,000 state workers will lose their jobs if a budget deal isn't reached by the end of the week. The governor and the legislature are "making progress" in talks, said Schwarzenegger's press secretary, Aaron McLear. The Republican governor, who declared a fiscal emergency in December, has butted heads for months with the Democratic majority over alleviating the state's $11.2 billion revenue shortfall. "We need to continue ...