A homeless man sorts through his belongings on concrete banks of the Los Angeles River. The head of the San Francisco branch of the US Federal Reserve has said the country appears to be in a recession as the US government, for the first time since the Great Depression, took moves to partially nationalize major banks. (AFP/Getty Images/File/David Mcnew)
"In thinking about recessions, people will naturally think back to the last couple" in the early 1990s and in 2001, said Paul Ashworth, senior U.S. economist at Capital Economics in Toronto. "What they should be looking back at is further."