With unprecedented force and speed, a global recession is likely taking hold

With unprecedented force and speed, a global recession is likely taking hold

The rapid national shutdown already has caused layoffs and reverberated on Wall Street, driving stocks into their first bear market in 11 years.. For millions of workers, consumers and investors, the economy's sudden stop comes as memories of the 2008 global financial crisis remain fresh.. Less than 12 years ago, the economy sank into a painful recession after risky Wall Street investments tied to real estate went sour.. The economy has weathered numerous painful recessions and previous shocks, including natural disasters and terrorist attacks.. On Friday, Treasury Secretary Steven Mnuchin said the president was moving quickly to counter the epidemic and ensure that the economy rebounds before year's end.. But banks will face enormous pressure to keep funds flowing to businesses that are struggling to keep their doors open.. As stock prices plunged, some hedge funds sold Treasury bonds to raise cash to repay borrowings they had used to make risky investments.. Most U.S. and European companies can't survive for long with oil below $40 a barrel, many analysts say.. On Friday, the president announced that the government will buy oil on the open market to fill the nation's strategic reserves.. The news nudged oil up a few dollars per