Recessions and depressions

FILE - In this Jan. 23, 1996, file photo, President Bill Clinton gestures while giving his State of the Union address to a joint session of Congress on Capitol Hill, in Washington. When he stood before Congress in 1996 and declared “the era of big government is over,” Clinton gave voice to a doctrine that permeated Democratic politics for more than two decades. Government, while necessary, shouldn't be celebrated if the party wanted to win elections. The coronavirus is changing that. Democrats are enthusiastically embracing the idea of a robust role for government in American life, abandoning concerns they might alienate the relatively narrow slice of independent voters. (AP Photo/Greg Gibson, File)
1010 WINS Newsroom
May 07, 2020 - 5:49 am
WASHINGTON (AP) — When he stood before Congress in 1996 and declared “the era of big government is over,” President Bill Clinton gave voice to a doctrine that permeated Democratic politics for more than two decades. Government, while necessary, shouldn't be celebrated if the party wanted to win...
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A man walks by a closed store during the COVID-19 in Chicago, Thursday, April 30, 2020. Another 3.8 million people filed claims for jobless benefits last week, according to the Labor Department. While that's down from the previous week's 4.4 million, a staggering 30.3 million have applied for unemployment in the six weeks since the coronavirus began taking a wrecking ball to the U.S. job market. (AP Photo/Nam Y. Huh)
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May 06, 2020 - 5:26 pm
WASHINGTON (AP) — The economic catastrophe caused by the viral outbreak likely sent the U.S. unemployment rate in April to its highest level since the Great Depression and caused a record-shattering loss of jobs. With the economy paralyzed by business closures, the unemployment rate likely jumped...
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A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 6, 2020. Asian stock markets were mixed Wednesday as hopes for a global economic recovery rose after more governments eased anti-virus controls. (AP Photo/Ahn Young-joon)
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May 06, 2020 - 4:36 pm
Stocks fell on Wall Street Wednesday, sending the market to its first loss in three days, after more depressing data rolled in on the devastation sweeping the global economy. The S&P 500 dropped 0.7%, and three out of four stocks in the index sank. But the market’s losses would have been much...
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In this April 30, 2020, photo, House Speaker Nancy Pelosi of Calif. speaks during a news conference on Capitol Hill in Washington. House Democrats are seeking to drive the debate on the next coronavirus response bill. They're promising a mega-package stuffed with Democratic priorities, including funding for state and local governments. (AP Photo/Manuel Balce Ceneta)
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May 06, 2020 - 2:52 pm
WASHINGTON (AP) — Although timing for the House's return isn't set, the outlines are emerging for a Democratic-driven bill to aid states and local governments, the Postal Service, and boost contact tracing to track the coronavirus. Democratic leaders promise that the House will deliver legislation...
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In this April 3, 2020, photo, a man wearing a face mask due to COVID-19 concerns stands outside a check cashing service center in the Brooklyn borough of New York. While millions of U.S. workers have already received a quick relief payment from the federal treasury through direct deposit, millions of others without traditional bank accounts must wait weeks for paper checks. Advocates for the poor say this is an opportunity to get many of those who are unbanked into the formal financial system. (AP Photo/Bebeto Matthews)
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May 06, 2020 - 10:53 am
WASHINGTON (AP) — The Treasury Department is detailing how it plans to borrow a record-breaking $2.99 trillion in debt this quarter which will include issuing for the first time since 1986 a 20-year bond. The Treasury faces an unprecedented need for credit because of the trillions of dollars the...
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European Commissioner for the Economy Paolo Gentiloni speaks during a media conference on the economy at EU headquarters in Brussels, Wednesday, May 6, 2020. The European Union predicted Wednesday "a recession of historic proportions this year" due to the impact of the coronavirus with a drop in output of more than 7 percent, as it released its first official forecast of the damage the pandemic is inflicting on the bloc's economy. (Kenzo Tribouillard, Pool Photo via AP)
1010 WINS Newsroom
May 06, 2020 - 8:36 am
BRUSSELS (AP) — The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc’s economy. The 27-nation EU economy is predicted to contract...
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McCormick Cafe manager Charli Perry, left, looks over an order with server Jane Goodridge as the restaurant reopened Monday, May 4, 2020 in Billings, Mont. The state is slowly opening up its economy as some other states extend shutdowns prompted by the coronavirus. (AP Photo/Matthew Brown)
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May 05, 2020 - 11:38 am
WASHINGTON (AP) — The U.S. service sector shrank for the first time in a decade last month as the pandemic forced shutdowns and layoffs nationwide. The Institute for Supply Management said Tuesday that its service-sector index fell to 41.8 in April, compared with a March reading of 52.5. Any...
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FILE - This Dec. 24, 2018, file photo shows the Federal Reserve building during a partial government shutdown in Washington. The Federal Reserve said Thursday, April 23, 2020, that it will provide monthly reports on several of its economic rescue programs supported by the $2 trillion rescue program passed by Congress. (AP Photo/Manuel Balce Ceneta, File)
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May 04, 2020 - 4:03 pm
WASHINGTON (AP) — With the U.S. economy sinking into a severe recession, the Federal Reserve is set to launch a high-risk program through which it will lend money to small and medium-sized companies outside the banking industry for the first time since the Great Depression. More than the eight...
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FILE - In a Friday, May 1, 2020 file photo, NYPD officers walk along a sparsely populated Wall Street, in the Manhattan borough of New York. The devastation rocking the economy becomes more clear by the week with reports continually showing how many million workers have lost their jobs due to the coronavirus outbreak. Wall Street sees that pain, but it already sent the U.S. stock market down by a third more than a month ago on anticipation of that. Now, it’s looking further ahead and sees a future that’s not as bad as this horrific present. That’s why stocks just had their best month in a generation. Whether they’re correct is still to be determined. (AP Photo/John Minchillo, File)
1010 WINS Newsroom
May 04, 2020 - 12:28 pm
NEW YORK (AP) — Is Wall Street blind? The global economy is in shambles, the coronavirus pandemic has killed more than 248,000 worldwide and 30 million Americans have lost their jobs as collateral damage in the fight against COVID-19, with the tallies all rising by the day. Yet, the U.S stock...
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A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 1, 2020. Shares have dropped in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic. (AP Photo/Eugene Hoshiko)
1010 WINS Newsroom
May 01, 2020 - 10:23 am
Stocks are falling in early trading on Wall Street Friday as major U.S. companies provide details of how the coronavirus is disrupting their businesses. The S&P 500 was down 2% after the first half-hour of trading, following losses in London and Tokyo. Treasury yields rose, while crude oil...
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