Recessions and depressions

People sit at a cafe in Milan, Italy, Monday, May 18, 2020. On Monday, Italians enjoyed a first day of regained freedoms, including being able to sit down at a cafe or restaurant, shop in all retail stores or attend church services such as Mass. (Marco Alpozzi/LaPresse via AP)
May 20, 2020 - 6:30 am
BRUSSELS (AP) — The European Union signaled Wednesday that it will not punish member countries for breaking the bloc’s deficit rules to tackle the coronavirus but that it could condition their access to sorely-needed recovery funds on them following its advice on how to manage their budgets. The 27...
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In this March 3, 2020 file photo Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. Powell is pledging to reveal the names and other details of the entities that borrow from the emergency programs the central bank has set up to offset the economic hit from the viral outbreak. In prepared testimony for a Tuesday, May 19, 2020 congressional hearing, Powell says the central bank will disclose the amounts borrowed and the interest rates it levies under its programs to provide credit for large corporations, state and local governments, and medium-sized businesses. (AP Photo/Jacquelyn Martin, file)
May 19, 2020 - 3:13 pm
WASHINGTON (AP) — Facing the gravest U.S. economic crisis in decades, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell offered Congress contrasting views Tuesday of what the government's most urgent priority should be. Striking a theme frequently pushed by President Donald...
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Customers drink coffee at the Versailles restaurant and pastry shop in Lisbon, Monday, May 18, 2020. Some cafes and restaurants are reopening in Portugal on Monday. The government is gradually easing measures introduced to stem the spread of the new coronavirus. (AP Photo/Armando Franca)
May 18, 2020 - 12:13 pm
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to national and global response, the work place and the spread of the virus. ________________________ DAY AFTER: States are trying to figure out the safest way...
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May 18, 2020 - 1:38 am
MIAMI (AP) — Tropical Storm Arthur crawled closer to the North Carolina coast early Monday, amid threats of some minor flooding and rough seas as the system moves off the Southeast seaboard. Arthur formed Saturday in waters off Florida, marking the sixth straight year that a named storm has...
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FILE - In this March 1, 2020, file photo, a department store employee with a mask dresses a mannequin in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020. (AP Photo/Jae C. Hong, File)
May 17, 2020 - 10:23 pm
TOKYO (AP) — Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing that worse times may lie ahead. The Cabinet Office reported Monday a 3.4% drop in the annual pace of seasonally adjusted...
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University of California at Berkeley graduate Tyler Lyson stands in front of Sather Gate on the closed Cal campus in Berkeley, Calif., on Monday, May 11, 2020. For the Class of 2020, the future looks grim. The pandemic has shattered the economy and the high hopes of graduates who, until recently, seemed all but assured of success. (AP Photo/Ben Margot)
May 17, 2020 - 10:07 pm
Tyler Lyson watched his parents’ financial collapse in the Great Recession, a decade ago. He vowed he’d find the security they never had: He would get a college degree. The 27-year-old won a full scholarship to the University of California-Berkeley and, on Monday, will become the first in his...
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May 17, 2020 - 4:03 am
MIAMI (AP) — Tropical Storm Arthur formed off the coast of Florida on Saturday, making it the sixth straight year for a named storm to develop before the official June 1 start of the Atlantic hurricane season. The U.S. National Hurricane Center in Miami issued a tropical storm warning for North...
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House Speaker Nancy Pelosi of Calif., wears a mask as she steps away from the podium at the conclusion of a news conference on Capitol Hill, Thursday, May 14, 2020, in Washington. (AP Photo/Andrew Harnik)
May 15, 2020 - 11:15 pm
WASHINGTON (AP) — The unparalleled speed of the collapse of the U.S. economy, forcing more than 36 million Americans out of work, has left an all-too-common political divide, with many Republicans seeing reasons to believe the worst is over while Democrats call for more aid to stave off a possible...
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House Speaker Nancy Pelosi of Calif., arrives for a news conference on Capitol Hill, Thursday, May 14, 2020, in Washington. (AP Photo/Andrew Harnik)
May 15, 2020 - 6:34 pm
WASHINGTON (AP) — Neither Civil War nor Great Depression nor any other national crisis has pushed the House to allow lawmakers to vote by proxy — without being “present,” as the Constitution requires. That's about to change during the coronavirus pandemic. The House approved Friday a package of...
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A currency trader talks near screens at the foreign exchange dealing room in Seoul, South Korea, Friday, May 15, 2020. Asian shares were mixed Friday as markets meandered on news about economies reopening, mixed with worries about the prolonged health risks from the new coronavirus. (AP Photo/Lee Jin-man)
May 15, 2020 - 3:48 pm
Stocks capped another wobbly day of trading on Wall Street with modest gains Friday, though the S&P 500 still ended with its biggest weekly loss in nearly two months. The benchmark index rose 0.4% after falling 1.3% earlier in the day as investors weighed more grim data showing how badly the...
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