Recession fears mount

(AFP): Fears grew today (Wednesday 15 October) that the financial crisis will mutate into a worldwide recession with leaders calling for new global action against a slowdown. As EU leaders gathered for a summit devoted to the financial turmoil, a top US central bank official said the United States appeared to be already in recession. Janet Yellen, president of the San Francisco Federal Reserve, said "virtually every major sector of the economy has been hit by the financial shock." Go to article.