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August 13, 2008 10:15 AM ET - Toll Bros. revenue slumps 34 percent. CVS buying Long Drug stores

BusinessWeek's weekly podcast features the magazine's writers and editors recapping the week's top business and economic stories, as well as taking an advance look at the most important economic news expected in the week ahead

The economy is complex. The Bush administration has managed to disconnect the economy from the lives of everyday. This has been going on for some time. Wall Street had been booming for years while the income of average Americans was stuck in neutral. Jobs are down. Wages are falling. I will not even go into the Housing market because we are familiar that. Although GDP hasn t fallen, it isn t going up either. So, while the Fox guys are sort of correct about the definition of a recession, they are, of course, shading the truth. 2 quarters of a negative GDP was the old definition but it has been changed. The NBER Business Cycle Dating Committee defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Paul Krugman said it very well a couple of months ago - The point is that the official definition of recession has become delinked from peoples’ actual experience. Right now, we’re in an economy with deteriorating employment and incomes, collapsing home prices, and business retrenchment. Is it also an economy in recession? Who cares? ShareThis

Election day in some Tampa Bay area communities, new hearing requested regarding lethal injection and Hillsborough County's transportation planners put long-range plan into motion.

Retail sales figures for October will be announced next week. The numbers are expected to be a preview of the holiday shopping season. KPLU's Dave Meyer spoke with financial commentator Greg Heberlein.