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Beliefnet.com founder and Editor-in-Chief Steven Waldman discusses the role of religion and the state of the religious right in post-election politics. Will the coalition of religious groups that united in support of Barack Obama fracture over specific issues?

Japan's main index fell more than 6 percent. South Korea was down more than 3 percent. Hong Kong's main stock average fell nearly 5 percent, partly on grim economic news out of China. The drop in world markets follows a nearly 8 percent plunge in the Dow, after the National Bureau of Economic Research issued a report declaring that the U.S. officially is in recession.

Gunmen in Mumbai are thought to still be holding a number of foreign hostages. Indian commandos have been trading fire with the attackers. On Wednesday, gunmen armed with assault rifles and grenades fanned out across Mumbai and attacked popular tourist sites, including the city's top two luxury hotels.

Myron Rolle, the starting strong safety for the Florida State Seminoles, has been awarded the Rhodes scholarship to study at Oxford University. The pre-med student had to miss part of Saturday's game against Maryland because he was being interviewed for the scholarship.

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.

Citigroup stock has moved higher after the government announced a second effort to shore up confidence in the troubled bank. The Treasury Department will backstop the company's bad assets while providing an additional $20 billion in emergency loans.

After the author came to the United States from the Dominican Republic, he says, he became obsessed with his home country. Diaz eventually adjusted and learned about the new culture by reading.

Sen. Hillary Clinton has agreed to be President-elect Obama's nominee for secretary of state; New York Fed chief Timothy Geithner is in line to be treasury secretary; and New Mexico Gov. Bill Richardson is up for the top job at Commerce.

Lawmakers are demanding that GM, Ford and Chrysler submit a plan for improvements before Congress will consider a $25 billion aid package for the auto industry. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid say if there's a viable plan, Congress might return to work early next month for a vote. Some lawmakers wanted Congress to stay in session.

Economists say falling prices are a sign that the economy isn't doing well. Slowing consumer demand is behind the fall in oil prices, which are heading toward $50 a barrel. The government reported Wednesday that prices for consumer goods are eroding at a record pace. A short while ago, inflation seemed to be the danger. Economic policymakers now are fretting about deflation.