What's happening on Wall Street? When did old-fashioned "firing" become "downsizing"? And what motivates a 16-year-old grocery clerk in Illinois to invest in a stock portfolio? Hear these and other financial items. Marketplace is not only about money and business, but about people, local economies and the world — and what it all means to us. The only national daily business news program originating from the West Coast, Marketplace has four domestic bureaus—in New York, Miami, Washington, D.C. and Los Angeles, plus international bureaus in London and Beijing.
New York Mayor Bill de Blasio has appointed former Los Angeles police chief Bill Bratton as head of the NYPD. Why is it that the list of top candidates for the top policing jobs in the U.S. is such a short one? The same candidates seem to reappear time and time again. Plus, a deal to avoid another government shutdown seems to be coalescing around increasing revenues – but not taxes. The government would bring in additional money through user fees. And finally, revised GDP numbers juiced the market today, but the reality behind the data should give us pause. The number’s big because inventories were high last quarter.
Now that regulators are close to deciding on the Volcker Rule, conventional wisdom has shifted from "it will be so weak as to be useless" to "it will be tougher than expected." But what is the rule? Also, the credit rating agency Experian says Americans are taking out bigger car loans and are taking longer to pay them back. We look at what’s behind the return of easy automotive credit, and whether we’re again on the slippery slope of subprime lending. Finally, Newsweek is to be revived, in print.
Dow Chemical says it’s getting out of the commodity chemical market so much that it may drop 'Chemical' from its name. Overseas competitors can produce these chemicals much more cheaply. And so will pass from U.S. manufacturing a class of products without which life is hard to imagine. Ziploc bags. Nylon (in DuPont’s case). Then, sales of pickup trucks helped the Big Three U.S. automakers beat analysts’ expectations for November sales. We look at how those sales figures play out in the U.S. job market, and whether workers have been recalled to build those vehicles.
Amazon wants to use unmanned "drone" aircraft to fly products to customers in 30 minutes or less. It sounds great, but how realistic is the proposal? Next, the administration says the front end of healthcare.gov is up-and-running, so now developers will start to focus on the back-end connection to the insurers. Finally, a gauge of the global economy: The purchaser’s management index in most countries is up…but only just. It’s evidence of a nascent recovery in the global economy, but political unrest in some countries, combined with the prospect of tapering, has some economists worried.
Marketplace’s Sabri Ben-Achour braves the holiday shopping crowds to find out how opening on Thanksgiving Day affected this year’s sales figures. Plus, a look at how U.S. taxpayers are close to getting back all the money they put into the housing giants. Marketplace host Lizzie O’Leary talks with Bloomberg Government’s Nela Richardson and Cardiff Garcia from FT Alphaville for a wrap-up of the week’s business news. And, a lot of fans are calling for USC’s interim head football coach to take the top job permanently, especially after their upset of Stanford a few weeks ago. But as Marketplace’s Mark Garrison reports, that may not necessarily be the case.
The consternation over Black Friday's creeping into Thanksgiving might lead you to believe Thanksgiving has always been a sacred (though secular) space for Americans. Yeah. Not so much. Then, we look at the economics of food philanthropy. Clothing retailer H&M says it's developing a plan to ensure that the people that make their clothes will earn a living wage by 2018. This week, a judge ruled that Sriracha-maker Huy Fong Foods had to partially shut down because of offensive orders coming from their Southern California factory. And, five years on from the worst of the foreclosure crisis, the federal government still owns close to 200,000 homes not yet on the market. Rowan Moore Gerety reports.
The IRS will change some of the ground rules when it comes to the unlimited and anonymous spending that groups have been able to do in political races after the Supreme Court's ruling on Citizens United. Sunday is December 1, which is also a big day for the Obama administration's implementation of the Affordable Care Act. What's the latest on health care? And finally, Thanksgiving week is always a big week for movies, which means this week will be big for the latest movie in the Hunger Games franchise. The film is already going great guns at the box office, but it’s not just kids who are watching.
Men’s Wearhouse turns the tables on its would-be acquirer, Jos. A. Bank. What one suits-for-the-masses retailer has to gain by buying another. The pope dished out a searing critique of capitalism today. But what influence does the Papal office have these days? We take another look at why the 30-year fixed mortgage is our home loan of choice. And finally, the economics of airline cancellations: How airlines anticipate and react to big storms barreling down at peak travel periods like Thanksgiving.
With a six-month agreement in place to thaw some of the restrictions on doing business in Iran, international firms are now making calculations about whether to get involved in that marketplace, or wait and see what comes next. Also, Yahoo! is hiring Katie Couric. It’s the latest in a number of high-priced recruitments by the internet company, but Couric is unusual. She’s older, she’s a TV icon, and she’s a host, not a reporter. Finally, the Affordable Care Act has turned insurance brokers into a legion of private navigators for individuals and families faced with insurance decisions. The brokers are frustrated by the law’s complications and the failures of healthcare.gov, but also have a wave of new business.
Justin Rowlatt of the BBC talks about helium’s impact on the world, and what’s being done to conserve it. Wall Street bankers take a turn on the stand-up comedy stage. Cable TV has been losing subscribers to satellite and phone companies—not to mention a growing online video presence. How will merging Time Warner with another company affect the cable TV business? Social media art sales are breaking down the white walls of the traditional art gallery business model. Now that the rules for breaking a Senate filibuster have changed, what will be President Obama's first move?
Target is the latest low-price retailer to lower expectations because consumers aren’t spending freely. The problem appears to be lower-income consumers, worried about jobs, food and gas. Also on the show: Many would say that the unveiling of Obamacare has been one of the worst product launches in history. Now comes the do-over: New branding (Only refer to it as the ACA -- not Obamacare). And finally, United Airlines and Delta are tweaking their frequent flier mileage plans. American and US Airways will to, following their merger. The changes will devalue miles earned by frequent fliers, potentially alienating customers.
It’s shaping up to be a good holiday for people looking to get a deal on consumer electronics. Best Buy says it’s preparing deep discounts – even if they put profit margins at risk – to win the holiday season. Rivals are expected to follow. Next, the FCC is moving toward allowing phone companies to replace their century-old land lines with internet-based phone service. Finally, our series The New Math of Health Care continues with a look at what 'value' means in the context of health.
Most banks with legal exposure to the financial crisis are dealing with the lawsuits one-by-one. But today, J.P. Morgan Chase decided to deal with the whole issue in one go, and settle for $13 billion. We begin a special collaboration with the New York Times that we're calling The New Health Care Math. Plus, meatpackers and ranchers are fighting each other over new labeling rules that take effect Saturday, requiring packaged meat to state where the animal that contributed said meat was raised, slaughtered and processed. And finally, the Obama administration launches a $100 million race-to-the-top-style competition meant to overhaul career and tech education by pairing high schools with colleges and employers.
The Dow Jones Industrial Average hit 16,000 today. The record-high means something to the trading and investing community, but how important is that mark to the rest of us? Also, Walmart has signaled that the ACA requirement that most Americans either carry insurance or pay a penalty could hurt sales. Plus, a Senate committee is trying to understand Bitcoin today. Will the rest of us have to understand the idea of a virtual currency some day? Right now Bitcoin functions mainly among early Bitcoin adopters – who have pushed the currency’s value to a record level.
The latest revelations about government snooping have to do with money transfers – the CIA is building a database of transactions through firms like Western Union and MoneyGram. Also, health insurers have spent retooling their business plan in order to prosper under the ACA. What do those companies do now that the President has announced a change that upends their strategy? Finally, Google Books gets the legal go-ahead to continue scanning copyrighted works into its enormous database.
Two hours of Senate testimony, countless pages of written documents. Peel away the caution, the Fed-speak, and the dense economic language, and what can we now say about The (economic) world according to Janet Yellen?Plus, #AskJPM's attempt at social media community engagement on Twitter was shut down not long after it was launched. What are the pitfalls businesses should watch out for as they try to engage their communities? Finally, you’ve got a business that’s never earned a dollar and someone offers you $3 billion for it. And you say no. For Snapchat, started by two college students a couple years ago, was it not enough money?
Stack ranking is the office equivalent of grading on a curve. Jack Welch, at GE, brought stack ranking to the fore. And Microsoft used to use it -- but has now killed it; even as Marissa Mayer, Yahoo’s glamorous CEO, is ramping it up. Plus, new guidelines on the use of statins to lower cholesterol hold the promise to dramatically increase the number of Americans who take those drugs. Most of them are available as generics. Finally, a group of Occupy Wall Street activists has started to buy securitized personal debt on the cheap – and then forgive the debtors — not only to lift the burden from individuals, but to raise awareness about the debt collection industry and how to resist credit.
By all accounts, about 50,000 people have made it through the federal exchanges. So, what does it mean? We keep hearing 500,000 as a magic number that the Obama administration was counting on. Next, typhoons beat on the Philippines regularly, destroying roads, bridges and buildings in an already poor country with bad roads, bridges and buildings, where the population has tripled in 50 years. Finally, Michelle Obama has a new pet project: Getting kids into college. What are the economics of the First Lady?
The extensive Filipino community here in the U.S. is rushing to the aid of its typhoon-struck homeland with a raft of fundraising initiatives. Amazon has signed a deal with the U.S. Postal Service for Sunday deliveries this holiday season. Good for Amazon: Great for the consumer! But is this a good deal for the post office? Finally, while it’s unclear how serious the issue of battery fires in Tesla cars is, the concern over them has taken shareholders on a fast ride in the last month.
The unemployment rate ticked up to 7.3 percent in the Labor Department's latest jobs report. In the data, there was good news -- more jobs -- and bad news -- long-term unemployment. But beware: The report is a mess of bad data and false indicators and we shouldn’t rely on this months report. Also, new federal rules requiring health insurers to cover mental health and addiction could mean a flood of money to therapists, clinics and rehab centers. Plus, the airlines have been a little slow to get into the Big Data game. But it looks like they’re moving in that direction now. Welcome to being a totally captive audience at 30,000 feet. Finally, we talk to two of our regular guests about the week that was on Wall Street.