Recessions and depressions

FILE - In this Feb. 14, 2020 file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. Georgieva said Friday, March 27, it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. She said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage(AP Photo/Jens Meyer, File)
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March 27, 2020 - 3:54 pm
WASHINGTON (AP) — The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in...
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A soldier watches homeless people who were rounded up in downtown Johannesburg Friday, March 27, 2020, after South Africa went into a nationwide lockdown for 21 days in an effort to mitigate the spread to the coronavirus. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo)
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March 27, 2020 - 11:38 am
JOHANNESBURG (AP) — South Africa announced its first deaths from the coronavirus Friday as the country's cases rose above 1,000 and a three-week lockdown began, with military patrolling and police screaming at the homeless on quiet streets. But some people cooly strolled through townships, alcohol...
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Patrons wait in line keeping social distancing on the parking lot behind a Trader Joe's grocery store in Los Feliz neighborhood of Los Angeles on Thursday, March 26, 2020. As supermarkets remained one of the few retail businesses still open, a union representing more than 120,000 grocery store employees and 15,000 who work in drug stores started a petition drive for safer working conditions. (AP Photo/Damian Dovarganes)
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March 27, 2020 - 9:51 am
WASHINGTON (AP) — Americans increased their spending by a modest amount in February but the expectation is that spending will be hit hard in coming months reflecting the shutdown of the American economy by the coronavirus. The Commerce Department reported Friday that spending edged up 0.2% in...
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House Speaker Nancy Pelosi of Calif. arrives to read a statement outside her office on Capitol Hill, Monday, March 23, 2020, in Washington. (AP Photo/Andrew Harnik, Pool)
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March 26, 2020 - 9:35 pm
WASHINGTON (AP) — With rare bipartisanship and speed, Washington is about to deliver massive, unprecedented legislation to speed help to individuals and businesses as the coronavirus pandemic takes a devastating toll on the U.S. economy and health care system. The House is set to pass the sprawling...
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FILE - In this March 17, 2020 file photo, people wait in line for help with unemployment benefits at the One-Stop Career Center in Las Vegas. A record-high number of people applied for unemployment benefits last week as layoffs engulfed the United States in the face of a near-total economic shutdown caused by the coronavirus. The surge in weekly applications for benefits far exceeded the previous record set in 1982. (AP Photo/John Locher, File)
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March 26, 2020 - 3:13 pm
WASHINGTON (AP) — Nearly 3.3 million Americans applied for unemployment benefits last week — almost five times the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak...
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FILE - In this Wednesday, May 8, 2013 file photo, a technician works at the Ferrari department factory in Maranello, Italy. The eurozone's third-largest economy and a major exporter, Italy on Wednesday becomes the first western industrialized nation to idle swaths of industrial production to stop the spread of coronavirus by keeping yet more of the population at home. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Marco Vasini, File)
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March 26, 2020 - 12:43 pm
Soave, Italy (AP) — Italy has become the first western developed nation to idle most of its industry to halt the spread of the coronavirus, a potential cautionary tale for other governments, such as the Trump administration, that are resisting such drastic measures. After more than two weeks of a...
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House Speaker Nancy Pelosi of Calif., heads to a news conference on Capitol Hill in Washington, Thursday, March 26, 2020. (AP Photo/Susan Walsh)
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March 26, 2020 - 12:21 pm
WASHINGTON (AP) — The House will give final approval Friday to the massive $2.2 trillion economic rescue bill with robust backing from both parties, Speaker Nancy Pelosi said, a vote that would cap Congress' tumultuous effort to rush the relief to a nation battered by the coronavirus. Pelosi spoke...
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Unidentified Los Angeles residents are admistered with a test for COVID-19 while in their vehicles inside the Crenshaw Christian Center in South Los Angeles Wednesday, March 25, 2020. With California virus cases surging, Gov. Gavin Newsom said his stay-at-home order for 40 million Californians may stay in place into May. (AP Photo/Damian Dovarganes)
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March 25, 2020 - 8:16 pm
SACRAMENTO, Calif. (AP) — Five of the nation's largest banks have agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said Wednesday. The announcement came as Newsom provided yet another grim statistic about the economic...
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Treasury Secretary Steven Mnuchin, left, accompanied by White House Legislative Affairs Director Eric Ueland and acting White House chief of staff Mark Meadows, speaks with reporters as he walks to the offices of Senate Majority Leader Mitch McConnell of Ky. on Capitol Hill in Washington, Tuesday, March 24, 2020. (AP Photo/Patrick Semansky)
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March 25, 2020 - 2:27 am
WASHINGTON (AP) — The White House and Senate leaders of both parties announced agreement early Wednesday on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic. The urgently needed pandemic response measure is...
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FILE - In this Monday, March 16, 2020, file photo, pedestrian traffic is light along Wall Street in Lower Manhattan in New York. The banking system is not as risk of failing as banks have plenty of capital on hand to handle this crisis due to the new coronavirus, economists say. (AP Photo/Craig Ruttle, File)
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March 24, 2020 - 2:44 pm
NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their...
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