Latest Recessions and depressions News

Office lights of the European Central Bank in Frankfurt, Germany, Wednesday, Jan. 13, 2021. (AP Photo/Michael Probst)

European Central Bank faces gloomier picture for economy

Jan. 21, 2021 2:00 AM EST

FRANKFURT, Germany (AP) — The European Central Bank is looking at a darkening picture for the economy as infections and deaths surge. With more than a trillion euros of pandemic stimulus still in the pipeline, President Christine Lagarde is expected to underline Thursday that the bank has the means keep...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 21, 2021. Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. (AP Photo/Ahn Young-joon)

Asian shares rise on optimism for more stimulus from Biden

Jan. 20, 2021 11:07 PM EST

TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. Hopes are high that President Joe Biden's administration will mean more support for the struggling U.S. economy, setting off a recovery that's crucial for the export-driven...

Italian Prime Minister Giuseppe Conte speaks during his final address at the Senate prior to a confidence vote, in Rome, Tuesday, Jan. 19, 2021. Italian Premier Giuseppe Conte fights for his political life with an address aimed at shoring up support for his government, which has come under fire from former Premier Matteo Renzi's tiny but key Italia Viva (Italy Alive) party over plans to relaunch the pandemic-ravaged economy. (Roberto Monaldo/ Lapresse via AP)

Italian PM Conte works to cement majority after narrow vote

Jan. 20, 2021 5:11 AM EST

ROME (AP) — Italian Premier Giuseppe Conte worked to solidify his majority in parliament Wednesday after narrowly winning a Senate confidence vote after a junior coalition ally yanked his support over Conte’s handling of the coronavirus pandemic. Conte was expected to brief President Sergio...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia'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 pushes GOP senators on $1.9 trillion relief package

Jan. 19, 2021 1:44 PM EST

WASHINGTON (AP) — Janet Yellen, President-elect Joe Biden's choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of U.S. budget...

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...

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...