Latest Recessions and depressions News

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Yellen urges Congress to do more to fight pandemic recession

Jan. 19, 2021 12:18 AM EST

WASHINGTON (AP) — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too great to cut back on support now. “Without further action, we risk a longer, more painful recession...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, Jan. 19, 2021. Shares advanced in Asia on Tuesday as the changing of the guard in the U.S. raised hopes for more support for the economy and more aggressive measures to fight the pandemic. (AP Photo/Vincent Yu)

Asian shares mostly higher as Biden inauguration approaches

Jan. 18, 2021 11:10 PM EST

Shares advanced in Asia on Tuesday as the coming changing of the guard in the U.S. raised hopes for more support for the economy and more aggressive measures to fight the pandemic. Benchmarks were higher in Tokyo, Seoul and Hong Kong but slipped in Shanghai. World markets were subdued on Monday, with U.S....

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Yellen urges Congress to do more to fight pandemic recession

Jan. 18, 2021 6:26 PM EST

WASHINGTON (AP) — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too great to cut back on support now. “Without further action, we risk a longer, more painful recession...

FILE - In this May 8, 2019 file photo, then Federal Trade Commission commissioner Rohit Chopra testifies during a House Energy and Commerce subcommittee hearing on Capitol Hill in Washington. President-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. (AP Photo/Susan Walsh)

Biden picks Chopra, Gensler for financial oversight roles

Jan. 18, 2021 5:42 PM EST

WASHINGTON (AP) — President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Chopra, now a commissioner at the Federal Trade Commission, helped launch...

The Washington Monument and the National Mall are visible as members of the U.S. Air Force Honor Guard walk along the West Front of the U.S. Capitol at the site of the 59th Presidential Inauguration in Washington, Monday, Jan. 18, 2021. (AP Photo/Andrew Harnik)

Biden's test: Engineering economic boom in a partisan divide

Jan. 18, 2021 12:31 PM EST

BALTIMORE (AP) — When Joe Biden entered the White House as vice president, the economy was cratering. Job losses were mounting. Stocks were crashing. Millions of Americans were in the early stages of losing their homes to foreclosure as the housing bubble burst. Biden returns to the White House as...

A view from the lower west terrace door as preparations are made prior to a dress rehearsal for the 59th inaugural ceremony for President-elect Joe Biden and Vice President-elect Kamala Harris on Monday, January 18, 2021 at the U.S. Capitol in Washington.  (Win McNamee/Pool via AP)

Biden aims for unifying speech at daunting moment for US

Jan. 18, 2021 11:47 AM EST

President-elect Joe Biden will take the stage for his inaugural address at perhaps the most difficult starting point for a president since Franklin Roosevelt began his first term by assuring a nation scarred by the Great Depression that “we have nothing to fear but fear itself.” But memorable turns...

FILE -- This May 2, 2019 file photo shows lawmakers meet on the floor of the state House of Representatives at the Hawaii State Capitol in Honolulu. Cut spending, raise taxes, or perhaps both. Hawaii lawmakers face tough choices as they convene a new legislative session this week amid a pandemic that has pummeled tourism, the state's biggest industry, and depleted tax revenue. Lawmakers expect to spend time addressing how to spend federal funds allocated to help Hawaii test for the coronavirus, distribute vaccines, and bolster hospitals. They'll also consider how to help Hawaii's economy recover from the public health crisis. (AP Photo/Audrey McAvoy, File)

Hawaii lawmakers face tough choices amid pandemic recession

Jan. 18, 2021 9:04 AM EST

HONOLULU (AP) — Cut spending, raise taxes or perhaps both. Hawaii lawmakers face tough choices as they convene a new legislative session this week amid a pandemic that has pummeled tourism, the state's biggest industry, and depleted tax revenue. Lawmakers expect to spend time addressing how to spend...

A Wells Fargo office is shown, Wednesday, Jan. 13, 2021 in New York.  Wells Fargo & Co. says its profit rose 4% to $2.99 billion in the fourth quarter of 2020. The bank, based in San Francisco, said Friday that it had earnings of 64 cents per share, compared with earnings of 60 cents a year earlier. (AP Photo/Mark Lennihan)

Optimistic banks start moving 'bad' loans back to 'good'

Jan. 15, 2021 1:42 PM EST

CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. The financial performance of the big U.S. banks has...

A woman wearing a face covering walks past a shop window in London, Thursday, Jan. 14, 2021 during England's third national lockdown to curb the spread of coronavirus. (AP Photo/Kirsty Wigglesworth)

Another recession looms for UK economy as lockdowns bite

Jan. 15, 2021 7:06 AM EST

LONDON (AP) — The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6% month-on-month in November, when much of the country was in a second coronavirus lockdown. The Office for National Statistics said that as a result of the fall, the economy...

'Zombie subdivisions' coming back to life in Casa Grande

Jan. 15, 2021 12:23 AM EST

CASA GRANDE, Ariz. (AP) — “Zombie subdivisions" left behind when the Great Recession collapsed the homebuilding industry in Casa Grande are coming back to life. The partially built neighborhoods launched from 2005 to 2007 were left incomplete, some with water and sewer lines and even paved streets,...