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When experts look at the economy and its rebound, they go through an alphabet soup of letters, with a “V” shape recovery being the best-case scenario. It’s a fast decline with a fast recovery. Letters like “W” or “L” mean a much slower and painful path forward.A resurgence of more COVID-19 cases is shifting the likely shape of our economic recovery, and having economists evaluate the likelihood of a recovery in the shape of the more dreaded letters.“The fact that the virus has increased in a number of states shows that it is still very much a threat not only to one’s health but the economy,” said Michelle Meyer, who heads U.S. Economics at Bank of America. “The initial stage of the recovery was quite robust. It felt quite ‘V’ like, the economy was digging its way out of what was a very deep hole.”According to Bank of America, about a third of the jobs lost during the pandemic have been recovered. However, the recovery has slowed down into more of a “U” shape, and now data is showing a stall with concern of a higher chance of a “W” or “L” shape recovery.“The ‘W’ trajectory would be the worst-case scenario. That would show real fragility on the economy if we dipped back into a recession,” added Meyer.Experts say it would lead even higher unemployment, and more permanent job loss and business closures. In addition, to come out of a “W” or “L” shape recovery, we would need even more stimulus money from the federal government, which may not even improve the economic downturn as much as it did the first time.“Stimulus in Washington provides a really nice band-aid and I think it helped tremendously in the first stage of this recovery but at the end of the day, we need the economy to fundamentally improve,” said Meyer.The good news is unless there is a significant or full shutdown again, a “W” shape recovery is still less likely to occur than a “U” shape.“Our analysis projects that a 'U' shape recovery with rather steep losses and growth this year and rather flat next year and then recovering subsequently is the most likely outcome,” said David Turkington, the Senior Vice President at State Street Associates.A recent State Street study based on 100 years of historical data shows that the U.S. still has 30.1% chance of a “U” recovery, and a combined 24.4% chance of a “W” or “L” shape recovery which include stagflation and depression outcomes.“The real economy I think is what determines the recovery and how that plays forward,” said Turkington.The real economy is jobs, businesses and consumer spending. Providing stability there could determine which way the economy goes. 2615

WESTMINSTER, Colo. — A family's lifeline was stolen right in front of their home on Tuesday morning. Someone took off in their 2004 Toyota Highlander with something even more valuable inside — an electric wheelchair. "She goes 'let me just go get the car; I'll be right back,' " said Candace Trujillo.Trujillo's mom drives her to work every morning because she's unable to drive herself. She has brittle bone disease and uses a wheelchair to get around. "I was born with 26 fractures," Trujillo said.Doctors didn't expect her to live past age 2. She's now 28 years old and works five days a week. The morning started off just like any other. Trujillo woke up at 3 a.m. to start getting ready for her job in customer service. She usually leaves the house around 5 a.m. Her mom will pull the car up, load the wheelchair and then help her into the car. On this cold morning, she left the car running and it was gone 10 minutes later."It also had my wheelchair on there, which are my legs. I can't go anywhere without those," said Trujillo.The ,000 power wheelchair was recovered three hours after the vehicle was stolen. It was abandoned approximately 15 minutes from their home."It's just been going on and on in my head all day, I just don't understand why," said Trujillo.The car is still missing, and without it, Trujillo has no idea how she's going to get to work."It's really awful. I don't even know how to describe it," she said. "I'm at a loss of words because the car is everything to us right now. We don't have one." 1581

When he was a US attorney in Florida, Labor Secretary Alexander Acosta gave accused pedophile Jeffrey Epstein the "deal of a lifetime," the Miami Herald reported Wednesday.In a sweeping review of the politically connected multimillionaire's case, the Herald explained how Acosta made an agreement with Epstein to avoid major repercussions for the hedge fund manager, even though a federal investigation identified 36 underage victims.The report said Acosta forged a deal with one of Epstein's attorneys where he pleaded to two state prostitution charges, ultimately serving only 13 months and avoiding a federal trial. The agreement, the Herald said, "essentially shut down an ongoing FBI probe" and further granted immunity to "any potential co-conspirators" in the case.Epstein also registered as a sex offender and paid restitution to the victims identified by the FBI.The paper said it learned that Epstein provided information to federal investigators, but did not detail what the information was. It did note, however, that the Epstein case occurred around the same time as the economic crisis of 2008 and that records showed Epstein was a witness in the prosecution of executives at the failed investment bank Bear Stearns.The Herald said neither Epstein nor his attorney Jack Goldberger responded to its requests for comment. CNN has also reached out to Goldberger for comment.Eric Holland, a spokesperson for the Department of Labor, said in an emailed response to the report that "this matter has been publicly addressed previously, including during confirmation hearings.""The US Attorney's Office for the Southern District of Florida has defended the actions in this case across three administrations, and the US Attorney's Office for the Southern District of Florida is the appropriate office for your inquiry," Holland said.Sarah Schall, a spokesperson for the Southern District of Florida, told CNN the office declined to comment.The Herald said it found about 80 women Epstein allegedly molested or sexually abused over a five-year period, and the report charged that even Epstein's state prison time was lax, being housed in a private wing at the Palm Beach County jail and allowed work release privileges.Epstein was friends with President Donald Trump and former President Bill Clinton, and his legal team included Alan Dershowitz and Kenneth Starr, the report noted.Trump nominated Acosta to lead the Department of Labor last year after his first choice, Andrew Puzder, withdrew himself from contention.Acosta defended his handling of the Epstein case during his confirmation hearing."At the end of the day, based on the evidence, professionals within a prosecutor's office decide that a plea -- that guarantees that someone goes to jail, that guarantees that someone register generally and that guarantees other outcomes -- is a good thing," he said last year.The report noted a pair of lawsuits await further action in the courts, and in one, the Herald said, women argue Acosta and other federal prosecutors broke the law in their handling of the case.The-CNN-Wire 3095

WEST PALM BEACH, Fla. (AP) -- File it under pizza toppings only offered in Florida.State inspectors say they found an 80-pound iguana stashed in the freezer at a local pizza joint. Pizza Mambo in West Palm Beach was forced to close for a day last week following the inspection by the Florida Department of Business and Professional Regulation.A restaurant employee told the South Florida Sun Sentinel the reptile was gifted to the owner and stored in a separate freezer away from the restaurant's food.It was immediately trashed after they were informed it was a violation.Non-native iguanas are multiplying so rapidly that state wildlife officials encourage people to kill them. 687

Whether your car breaks down or you are slapped with a hefty medical bill, odds are most of us are not ready to pay for unexpected expenses. Instead of using a credit card to pay the bill, you might consider taking out a personal loan. Banks aren't the only ones lending money. According to Consumer Advocate, the top lending companies for 2018 include, Lending Tree, SoFi and Upgrade.Alison Norris, a certified financial planner with SoFi says you can borrow up to ,000 with some companies. However, you have a shorter period of time to pay them off. "They are paid off in periods ranging from 2 to 7 years," says Norris. Typically, when you're slapped with an unexpected expense, you reach for the credit card. But Norris says personal loans have a lower interest rate than most credit cards. "It could be the difference between an average credit card APR of 16 percent to a personal loan which can start as low as 6 percent," Norris says.What's different about a personal loan is that there is no collateral, unlike a home or car loan.   "You can compare that to a car loan if you were to stop making payments, it's possible that your car could be repossessed," Norris says.    With a personal loan, it's only backed by your guarantee. But if you can't pay on time, your credit score could take a big hit."It could very much change your ability to get a job in the future or apply for another loan and will have a few other repercussions," Norris says.   But remember, it's best to not take on more debt than what's necessary.   1647