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Economy

WNYC News

Rise in NYC Unemployment Explained

Friday, January 22, 2010

The city's unemployment rate jumped from 10 percent to 10.6 percent last month, the highest in 16 years. WNYC's Lisa Chow explains why.

REPORTER: It's kind of almost an accounting problem. There was actually a net gain in jobs last month for NYC - 5,400 jobs ...

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WQXR News

Obama Proposes New Restrictions for Banks

Thursday, January 21, 2010

President Barack Obama has proposed sweeping new regulations for banks, saying they will help prevent a repeat of the financial crisis.

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WNYC News

A Deeper Look at Today's Unemployment Numbers

Thursday, January 21, 2010

The economic recovery has not yet turned things around for workers in New York City. December unemployment numbers are out today and show that the city's unemployment rate jumped from ten percent to 10.6 percent, the highest in 16 years. WNYC's Lisa Chow answers some key questions:

1. We saw ...

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WNYC News

Paterson Proposes $134b Budget With Cuts, New Taxes

Wednesday, January 20, 2010

Saying that this is "not a budget of choice, but of necessity", Paterson proposes closing a $7.4 billion gap by cutting school aid, health care and state agencies by more than one billion dollars each.

"Our revenues have crumbled, and our budget has crashed," said Paterson. ...

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The Takeaway

Morici: Citigroup Doesn't Know How to Bank

Tuesday, January 19, 2010

Citigroup announced its earnings this morning, ending a three-quarter profit streak with a $7.6 billion loss during the final three months of 2009. This as consumers still struggled to repay loans and the bank managed to repay its government bailout money.

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WNYC News

Students Want State to Keep Metrocards Free

Tuesday, January 19, 2010

When Governor Paterson unveils his spending plan for 2010-2011 today, he may have important news for roughly 600,000 New York City school kids. The MTA is threatening to do away with free Metrocards for students because of diminishing state aid. Callie Richards, a sophomore at ...

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WNYC News

Paterson to Propose Aid Cuts

Tuesday, January 19, 2010

Governor Paterson presents his 2010-2011 budget in Albany this morning. WNYC's Ilya Marritz reports austerity remains the name of the game.

REPORTER: For the last three months of this fiscal year, the state faces a cash shortfall of $3 million.

And there's more agony in store for ...

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The Leonard Lopate Show

Andrew Ross Sorkin's Economic Questions

Monday, January 18, 2010

New York Times financial columnist Andrew Ross Sorkin, author of Too Big to Fail, talks about the Financial Crisis Commission should ask about the causes of the current financial crisis. You can read his column "What the Financial Crisis Commission Should Ask" here.

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The Leonard Lopate Show

Freefall

Monday, January 18, 2010

Nobel Prize winner Joseph Stiglitz discusses the current financial crisis—and the coming global economic order. In Freefall: America, World Markets, and the Sinking of the World Economy, he draws on his academic expertise, his years shaping policy in the Clinton administration and at the World Bank, and his role ...

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The Takeaway

Takeouts: Deflation, Sports, Future of Civil Rights

Monday, January 18, 2010

  • MONEY TAKEOUT: The Labor Department released new inflation figures last Friday, and it appears that the economy is experiencing moderate deflation. New York Times finance reporter Louise Story talks to us about the effects this deflation could have on ordinary Americans.
  • SPORTS TAKEOUT: We check in with Takeaway Sports Contributor Ibrahim Abdul-Matin about last weekend's NFC playoffs and talk about the Cinicinnati Bengals' Marwin Lewis, who just won the NFL's Coach of the Year award.
  • MLK TAKEOUT: This weekend, WNYC hosted a Martin Luther King Jr. Holiday celebration at the Brooklyn Museum, co-hosted by our own Celeste Headlee. Celeste and Femi Oke spoke with Columbia law professor Patricia Williams about the future of the civil rights movement.

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The Brian Lehrer Show

Financial Crisis Commission Day 2

Thursday, January 14, 2010

Too-big-to-fail bankers faced questioning from the Financial Crisis Inquiry Commission. Greg David, director of the business and economics program at the CUNY Graduate School of Journalism, and Nomi Prins, senior fellow at Demos, former investment banker and author of It Takes a Pillage: Behind the Bailouts, Bonuses and Backroom Deals ...

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WNYC News

Explaining the MTA's Stimulus Choices

Tuesday, January 12, 2010

The Beame Shuffle. It's a phrase that came about in the 1970s when Mayor Abe Beame used federal money to prevent a fare increase on the subway. MTA chairman Jay Walder's resurrected the term this year to warn of taking similar steps with federal stimulus money.

"We spent more than ...

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WNYC News

Attn Cardholders: Watch Your Mailbox

Monday, January 11, 2010

Credit card holders should keep an eye on their mailboxes this week.

REPORTER: According to Congresswoman Carolyn Maloney, any last-minute interest-rate hikes on existing credit card balances should've gone out by January 7, at the latest. That's because of the new CARD Act, which goes into ...

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WNYC News

Paterson Has New Proposals for Tackling the Budget Deficit

Monday, January 11, 2010

Governor Paterson says he'll stick to a self-imposed cap on state spending when he releases his budget this month, and even promises to generate a surplus that can be given back to New Yorkers in the form a property tax credit. But the governor is ...

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Listen to Lucy

Why forecasters should stick to the weather

Monday, January 11, 2010

Why forecasters should stick to the weather

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WNYC News

Bloomberg Seeks to Cut Salt Content in Food

Monday, January 11, 2010

Following on the heels of his campaign against tobacco and trans fats Mayor Michael Bloomberg is taking aim at salt.

Today, the city formalized the initiative and announced a list of partners. Unlike previous campaigns, this one isn’t starting with a local ban. Health officials are ...

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WNYC News

Love Your Job? Most Don't, Survey Finds

Friday, January 08, 2010

Employers continue to trim their payrolls, as evidenced by today’s Bureau of Labor Statistics report showing a loss of 85,000 jobs in December. But while one in ten Americans is now out of work, even those who have jobs say they are increasingly unhappy.

A report released earlier this week ...

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WNYC News

Students from India Win 'NYC Next Idea' Competition

Friday, January 08, 2010

Mayor Michael Bloomberg yesterday announced the winner of the 2009-2010 "NYC Next Idea" competition. It's a contest that invites entrepreneurs from around the globe to propose business ideas that will improve the city.

This year's winner was a team of students from the Indian Institute of ...

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The Takeaway

Watching Unemployment Move Across the Map

Friday, January 08, 2010

The U.S. Labor Department will release current employment numbers later this morning.  Slate associate Editor Chris Wilson has put together an interactive map that shows the nation's transformation over the past two years, as big job gains turned into painful job losses.  We take a look at two intriguing areas of the country: the first is South Florida, where Ned Murray, associate director of the Florida International University Metropolitan Center, blames the housing bubble's burst, amongst other things, for the ballooning unemployment over the past two years there.  The other area we will focus on is Riley County, Kansas, where they've actually seen job gains, unlike most of the rest of the country. In January of 2007 they had seen 807 more jobs than the year before; and in October of 2009, they saw 10,927 jobs gained. Michael Kearns, Riley County commissioner, attributes the growth of Fort Riley as a key factor in Riley's success.

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WQXR News

Unemployment Benefits Rose, Barely

Thursday, January 07, 2010

The number of people claiming unemployment benefits for the first time rose last week, but not by much. After two weeks of sharp drops, that's further evidence that layoffs are easing.

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