Economy & Business

Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

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Over 300,000 Californians affected by PG&E blackouts

High tension towers in Los Angeles. Photo: Apu Gomes/AFP via Getty Images

Pacific Gas & Electric (PG&E) announced Sunday that it would begin power shut-offs for roughly 361,000 California customers due to dry weather that could risk wildfire spread.

Where it stands: Cal Fire identified two new fire incidents late on Sunday that have spread through 70 acres. Two other major fires in the state are 80% and 30% contained.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
Felix Salmon, author of Capital
8 hours ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

New Hampshire paper backs Biden in first Democratic endorsement in over 100 years

Photo: Jim Watson, Brendan Smialowski/AFP via Getty Images

The New Hampshire Union Leader, the conservative-leaning Manchester-based newspaper, endorsed Joe Biden for president on Sunday.

Why it matters: It's the first time the paper has endorsed a Democrat for president in over 100 years, after it broke from more than a century of backing Republicans to endorse libertarian Gary Johnson over President Trump in 2016.

What Matters 2020

The missed opportunities for 2020 and beyond

Photo illustration: Sarah Grillo/Axios. Photos: Jason Armond (Los Angeles Times), Noam Galai, Jabin Botsford (The Washington Post), Alex Wong/Getty Images

As the 2020 presidential campaign draws to a close, President Trump and Joe Biden have focused little on some of the most sweeping trends that will outlive the fights of the moment.

Why it matters: Both have engaged on some issues, like climate change and China, on their own terms, and Biden has addressed themes like economic inequality that work to his advantage. But others have gone largely unmentioned — a missed opportunity to address big shifts that are changing the country.

Investors consider Coca-Cola's post-pandemic reopening play

"The pandemic and its restrictions have hurt Coke, which gets about half of its sales from restaurants, cafeterias, stadiums, and other places and events outside the home," per Barron's.

Yes, but: Coca-Cola is promising a "reopening" plan: "Coke benefits from rising living standards in the developing world. And ... the company generates about 75% of its profits outside the U.S."

Oct 24, 2020 - Politics & Policy

Biden is highest-spending political candidate on TV ads

Joe Biden. Photo: Sean Rayford/Getty Images

After spending an additional $45.2 million on political ads this week, former Vice President Joe Biden has become the highest-spending political candidate on TV ads ever, according to data from Advertising Analytics.

By the numbers: In total, the Biden campaign has spent $582.7 million on TV ads between 2019 and 2020, officially surpassing Michael Bloomberg's record spend of roughly $582 million. Biden's spend includes his primary and general election advertising.

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