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Economy

WNYC News

Chesapeake Energy Abandons Plans to Drill in NYC Watershed

Wednesday, October 28, 2009

An energy company is giving up its plans to drill near the city's upstate reservoirs, citing concerns over the safety of drinking water. WNYC's Ilya Marritz has more.

Oklahoma-based Chesapeake Energy has thousands of acres under lease within the New York City watershed. But in an ...

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WNYC News

Main Street NYC Returns to 161st Street in The Bronx

Wednesday, October 28, 2009

The first World Series in the new Yankee Stadium begins today. In the third part of our Main Street series, WNYC returns to the shopkeepers on 161st in the Bronx.

They’ve seen their businesses suffer in the shadow of the new stadium, and the playoffs didn’t ...

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WNYC News

Report: NYC's Retention of Manufacturing Jobs Inadequate

Wednesday, October 28, 2009

A new report argues that the Bloomberg administration's attempts to keep manufacturing jobs in New York City are coming up short. A loophole is allowing hotels and bowling alleys to locate in places the Mayor set aside for wood shops and bakeries. WNYC's Matthew Schuerman ...

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WNYC News

Main Street NYC Returns to Victory Boulevard, Staten Island

Tuesday, October 27, 2009

While financial analysts closely watching the stock market, housing market and consumer consumption are predicting that the recession is likely nearly over, word on the street is mixed.

As part of our Main Street project looking at a series of streets in and around the city ...

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WNYC News

A Bittersweet Career Change at 44

Tuesday, October 27, 2009

The official unemployment rate for New York City has climbed to 10.3 percent, higher than at any point in the last 16 years. It is also higher than the national unemployment rate. WNYC continues its series of profiles of the region's jobless:

FRIEDMAN: I'm currently unemployed. ...

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WNYC News

Former Hedge Fund Boss at Bear Stearns Testified Against Executives

Tuesday, October 27, 2009

The former hedge fund boss at Bear Stearns took the witness stand yesterday, in the first criminal trial of Wall Street executives related to the subprime mortgage meltdown. Greg Quental testified as a government witness against Ralph Cioffi and Matthew Tannin, who are accused of ...

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WNYC News

Criticism Abound at NYS Budget Hearing

Tuesday, October 27, 2009

Schools advocates, union members and others are speaking out against Governor Paterson's proposed budget cuts. They showed up at a Senate hearing on the matter yesterday.

James Parrott, an economist at the Fiscal Policy Institute, says the state should hold off on making drastic cuts.

PARROTT: I ...

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WNYC News

Floating Hospital Expands Clinic in Long Island City

Monday, October 26, 2009

The Floating Hospital, which has provided health care to the poor for nearly a century and a half, has cut the ribbon on its expanded, land-based main clinic in Queens. The non-profit renovated the Long Island City facility with $1.3 million in federal stimulus funds. ...

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WNYC News

Former Bear Stearns Execs to Testify in Trial

Monday, October 26, 2009

Two former Bear Stearns executives are expected to testify this week in the first criminal trial related to the subprime mortgage meltdown. WNYC's Lisa Chow reports.

REPORTER: The government is calling Bear Stearns' former head of asset management and its former hedge fund boss to the ...

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WNYC News

Main Street NYC Returns to Grove Street, Jersey City

Monday, October 26, 2009

Walking down Jersey City’s Grove Street you could forget there's an economic crisis. On any given weekend, people happily mingle in the Grove Point courtyard at Grove Street’s Path Station, and crowd the sidewalks as they move in and out of local stores.

And if you ...

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The Takeaway

Debate Over Pay Cuts at Bailed-Out Banks

Friday, October 23, 2009

The Obama administration plans to cut executives' pay at companies that received taxpayer money as part of the financial bailout. Meanwhile, the Federal Reserve says it will monitor bank pay packages in the hopes of deterring payouts that reward overly-risky behavior. For a look at what this means for recruiters we're joined by Joe Nocera, business columnist for The New York Times.

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WNYC News

Court Decision Causes Tenants to Cheer and Landlords to Shudder

Friday, October 23, 2009

The real estate industry is reeling from a decision that was handed down by the state's highest court, Thursday. It means that the owners of Stuyvesant and Peter Cooper Village may have to pay millions in rent over charges to tenants and return apartments to ...

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WNYC News

MTA Chair Suggest His Old Employer: Transport for London as Consultants

Friday, October 23, 2009

The MTA's new chairman is proposing to spend up to a half-million dollars for technological advice from his old employer - Transport for London. WNYC's Matthew Schuerman has more.

REPORTER: Jay Walder served as a top executive at London's transit agency until 2006. He's proposing a ...

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WNYC News

Main Street NYC

Friday, October 23, 2009

Wall Street to Main Street. It’s been a constant refrain since the economy began to tumble. As the first bank bailouts hit, one big question was 'What does this mean for Main Street?'

WNYC has spent the year following different blocks in New York City and ...

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WNYC News

StuyTown Residents Celebrate Court Decision

Thursday, October 22, 2009

Stuy Town apartments (Don Emmert/AFP/Getty Images)

Stuy Town apartments (Don Emmert/AFP/Getty Images)

The state's highest court has ruled that the owners of Stuyvesant Town and Peter Cooper Village should not have been raising rents to market rates while receiving a city tax credit. The 4-to-2 decision means landlord Tishman Speyer could owe thousands of tenants more than $200 million. The ruling could also make thousands of other building owners citywide liable for rent overcharges.

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The Takeaway

Whose Detroit Are We Talking About?

Thursday, October 22, 2009

The national media has given prominent coverage to the woes of the Motor City. For example, Time recently embedded journalists in the city for over a year for its ambitious "Assignment Detroit" project. But while the national attention is (mostly) appreciated, insiders' eyes may turn out to be more valuable when it comes to looking for solutions to the city's troubles. Reporters at Detroit's public radio station, WDET, are crowd-sourcing plans for Detroit's recovery. They have been asking Detroit residents for their own voices and viewpoints in order to come up with plans to fix it. We find out more about the project from WDET news director Jerome Vaughn.

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WNYC News

Food Stamp Enrollments Increase by 30 Percent

Thursday, October 22, 2009

The number of New York City food stamp recipients has increased by almost 30 percent since January of last year to 1.6 million. That's an all time high according to the City's Independent Budget Office (the previous record was 1.46 million people in April 1995).

IBO ...

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WNYC News

Paterson Rejects Senate Plan to Refinance Bonds

Thursday, October 22, 2009

Governor Paterson has agreed to delay a special budget cutting session of the legislature, but he's rejecting a Senate plan to refinance some bonds. From Albany here's Karen DeWitt:

REPORTER: Paterson in a public meeting with legislative leaders shot down a plan floated by Senate Democrats ...

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WNYC News

Paterson: NY Will Weather Executive Pay Cuts

Thursday, October 22, 2009

Steep cuts to executive pay at companies like AIG and Citigroup will hurt New York State finances, according to Governor Paterson. He was reacting to news that the Obama administration will sharply reduce executive level bonuses at firms still dependent on federal bailout money. “What ...

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The Takeaway

Takeouts: Public Option; B2B Comeback; Homelessness

Wednesday, October 21, 2009

  • Washingon Takeout: The Takeaway's Washington correspondent Todd Zwillich gives us his reaction to our discussion with Rep. Henry Waxman (D-Calif.) about the future of the public option in health care reform.
  • Finance Takeout: Newsweek writer Dan Gross joins with a look at the economic recovery of one aspect of the economy — the business-to-business sales market. But is this trend an indicator of an economy in recovery? Or just a small rebound?
  • Listener Takeout: Listeners respond to our conversation on the number of homeless increasing with the poor economy.

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