Recessions and depressions

FILE - In this June 25, 2020, file photo Rep. Karen Bass, D-Calif., speaks during a news conference on the House East Front Steps on Capitol Hill in Washington ahead of the House vote on the George Floyd Justice in Policing Act of 2020. California Congresswoman Bass has emerged a leading contender to be Democrats' vice presidential candidate. Allies say her reputation as a bridge-builder would make her a strong partner to presumptive Democratic presidential nominee. (AP Photo/Carolyn Kaster, File)
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July 31, 2020 - 7:52 am
SACRAMENTO, Calif. (AP) — California's leaders were deadlocked and on the verge of financial catastrophe in 2008. Five negotiators, including Republican Gov. Arnold Schwarzenegger, couldn't agree on a budget that would guide the nation's most populous state through the Great Recession. Enter Karen...
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A waitress serves a glass of champagne at La Grande Georgette restaurant in front of the cathedral in Reims, the Champagne region, east of Paris, Tuesday, July 28, 2020. Producers in France’s eastern Champagne region, headquarters of the global industry, say they’ve lost about 1.7 billion euros ($2 billion) in sales this year, as turnover fell by a third — a hammering unmatched in living memory, and worse than the Great Depression. (AP Photo/Francois Mori)
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July 31, 2020 - 3:38 am
REIMS, France (AP) — Champagne is losing its fizz. For months, lockdown put the cork on weddings, dining out, parties and international travel — all key sales components for the French luxury wine marketed for decades as a sparkling must at any celebration. Producers in France's eastern Champagne...
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City of Hialeah employees loading up food and vegetables to hundreds of cars lined up for hours early during a drive-thru food distribution at the Goodlet Park in Hialeah, Fla., as the coronavirus pandemic continues on Wednesday, July 29, 2020. The City of Hialeah in partnership with Feeding South Florida organized the drive-thru food distribution. Food is distributed first-come, first-served while supplies last. (David Santiago/Miami Herald via AP)
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July 30, 2020 - 1:51 pm
WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's...
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FILE - In this July 29, 2020, file photo President Donald Trump arrives to deliver remarks about American energy production during a visit to the Double Eagle Energy Oil Rig in Midland, Texas. Trump, like many fellow Republicans, holds out tax reductions and regulatory cuts as economic cure-alls and frames himself as a conservative champion in seemingly endless culture wars. But the president, still trying to fashion himself as an outsider, offers little detail about how he’d pull the levers of government in a second term. (AP Photo/Evan Vucci, File)
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July 30, 2020 - 5:41 am
WASHINGTON (AP) — President Donald Trump and his Democratic challenger, Joe Biden, both promise sweeping progress over the next four years –- via starkly different paths. Trump, like many fellow Republicans, holds out tax reductions and regulatory cuts as economic cure-alls and frames himself as a...
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FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla. Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. (AP Photo/Lynne Sladky)
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July 29, 2020 - 2:32 pm
WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year. A huge plunge in consumer spending as people stayed home and avoided...
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A woman wearing a face mask stands beneath a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, July 28, 2020. Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. (AP Photo/Vincent Yu)
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July 27, 2020 - 11:37 pm
MITO, Japan (AP) — Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. Benchmarks climbed in Hong Kong, Tokyo and Shanghai after the S&P 500 rose 0.7% overnight. Much attention will be focused...
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Jobless graduates gather in front of the Ministry of Oil to demand jobs in Baghdad, Iraq, Monday, July 20, 2020. In the Mideast, wave after wave of war, disease and economic collapse leaves this generation feeling hopeless. (AP Photo/Hadi Mizban)
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July 26, 2020 - 3:33 am
BAGHDAD (AP) — At 24, Sama al-Diwani and her college sweetheart had big dreams. He was working on opening a bakery in Iraq. She was preparing to leave to England, where she would spend a year working on her masters’ degree in pharmacy. After that, they would reunite, get married and start a family...
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Australian Treasurer Josh Frydenberg addresses the media during a federal budget update ahead of the 2020/21 budget scheduled for October, at Parliament House in Canberra, Thursday, July 23, 2020. Australia’s response to the coronavirus pandemic tipped the government’s budget AU$85.8 billion ($61 billion) into the red in the last fiscal year and will create AU$184 billion ($131 billion) more debt in the current year which would be the nation’s biggest deficit since World War II, treasury figures showed on Thursday. (Lukas Coch/AAP Image via AP)
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July 23, 2020 - 3:35 am
CANBERRA, Australia (AP) — Australia’s response to the coronavirus pandemic tipped the government’s budget 85.8 billion Australian dollars ($61 billion) into the red in the last fiscal year and will create AU$184 billion ($131 billion) more debt in the current year which would be the nation’s...
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FILE - In this April 1, 2020 photo, a "For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. Americans stepped up their home purchases in June, clawing back some of the losses after the pandemic had caused sales to crater in the prior three months. (AP Photo/Elaine Thompson, File)
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July 22, 2020 - 10:27 am
BALTIMORE (AP) — Americans stepped up their home purchases in June by a robust 20.7% after the pandemic had caused sales to crater in the prior three months. But the housing market could struggle to rebound further in the face of the resurgent viral outbreak and a shrinking supply of homes for sale...
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European Parliament President David Sassoli talks during a news conference following the recovery financial plan deal at the EU leaders summit, at the European Parliament in Brussels, Wednesday, July 22, 2020. After four days and nights of wrangling, exhausted European Union leaders finally clinched a deal on an unprecedented 1.8 trillion-euro (dollars 2.1 trillion) budget and coronavirus recovery fund early Tuesday, after one of their longest summits ever. (Francois Lenoir, Pool Photo via AP)
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July 22, 2020 - 8:24 am
BRUSSELS (AP) — The European Parliament's president criticized Wednesday the cuts to key programs that the EU's 27 leaders approved in the bloc's long-term budget at a marathon summit this week. The seven-year budget worth 1.07 trillion ($1.2 trillion) was negotiated in tandem with a 750 billion-...
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