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October 2009 Archives

The bottom of everything

My weekly podcast, After the Bell, is now available. Today, I talk to Henry Blodget of the Business Insider about the bad deal taxpayers are getting on GMAC, and his ideas for resolving the Too Big to Fail problem. Plus, I’ll put this week’s GDP and housing news in some perspective. Musical assistance from Bright Eyes and The Gap Band, among others. If you’d like the podcast to download automatically each Friday, click here. Click continue reading to listen now.

Continue reading The bottom of everything

The race is on

This week, Marketplace is taking a special look at the issues surrounding climate change. Whatever your beliefs about that issue, I think you’ll find the project thought-provoking and informative.

Continue reading The race is on

The new Treasury Secretary

No, Tim Geithner hasn’t been replaced. He just seemed different this week, like maybe the guy testifying to Congress was an imposter wearing a Tim Geithner mask. It is Halloween, you know.

Continue reading The new Treasury Secretary

Morning Reading

Happy Friday. A selection of thought-provoking prose for you this morning:

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Oh, we may be weary

Still excited about health care reform? Anyone? Anyone? Today’s unveiling of an $894 billion House bill that includes a public option was met with intense… ambivalence. Even the “pep” rally on Capitol Hill was a dud.

Continue reading Oh, we may be weary

Checking out at Wal-Mart

There are few, if any, boundaries on what Wal-Mart might offer its customers. The retailer has started selling caskets on its website. While some people might recoil at the idea of a coffin from Wal-Mart, others say it’s about time!

Continue reading Checking out at Wal-Mart

Jukes and head fakes

Like a linebacker going for a tackle, we’re trying wrap our arms around the GDP number out today. The government said the economy grew at a 3.5% annual pace in the third quarter. That’s after four quarters of shrinking. The question is: Is this for real or are we about to be deked out of our cleats?

Continue reading Jukes and head fakes

Morning Reading

Good morning. Despite all the bailouts, banks still aren’t lending. Plus, remembering when the Fed was boring, and the need for airline pilots to stop being bored:

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Banks won't change til they have to

A new report says even though new laws are coming soon, credit card companies are nowhere close to complying with the stricter regulations.

Continue reading Banks won't change til they have to

The Great Pumpkin isn't coming

I watched “It’s the Great Pumpkin, Charlie Brown” last night, and I couldn’t help but think the Peanuts were performing a sketch about bailouts and financial regulation.

Continue reading The Great Pumpkin isn't coming

Please sir, may have I some more?

GMAC is back in line at the Treasury Department, empty bowl in hand. The bank is asking the government for a third bailout — somewhere between $2.8 and $5.6 billion. That’s on top of the $12.5 billion GMAC has been given since December.

Continue reading Please sir, may have I some more?

Morning Reading

Good morning. Two former Fed chairmen disagree with our current one about TBTF. That and more:

Continue reading Morning Reading

You might call it Greenmail

Ecuador has an idea for keeping millions of tons of carbon dioxide out of the atmosphere — pay us $3 billion, and we won’t drill for oil in a certain area of the Amazon.

Continue reading You might call it Greenmail

Young and old

Actress Billie Burke once said: Age is something that doesn’t matter, unless you are a cheese. But if you’re looking for a job right now, it does seem to make a difference. Young Cheddars have the advantage over Old Goudas. Even AARP is going younger.

Continue reading Young and old

Money for nothin'?

One idea being bounced around Congress is a tax credit to businesses for creating jobs. We need something to get the job market going again. I’m just not sure this particular tax break is the solution.

Continue reading Money for nothin'?

Morning Reading

Good morning. Does Congress need a bonus system? Plus, why we don’t hate Wal-Mart anymore, among other items:

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Bad Company

What national bank would make a loan to OJ Simpson after he was found liable for the deaths of his wife and her friend? And would not only make the loan but defend it with documentation from Simpson that he “didn’t do it”? Washington Mutual, that’s who.

Continue reading Bad Company

Scary things

If the economy isn’t enough to keep you up nights, maybe you should see Paranormal Activity, this week’s top-grossing movie at the box office. Apparently, it’s the perfect recession film — made for nothin’, marketed for nothin’ and scary enough to make people forget they don’t have a job.

Continue reading Scary things

Are you ready to rumble?

The American people may have reached a boiling point with their anger towards Wall Street. As I write this, hundreds of protesters have gathered outside Goldman Sachs headquarters in Chicago. It’s part of a three-day rally aptly titled “The Showdown in Chicago.”

Continue reading Are you ready to rumble?

Morning Reading

Good morning. Hope you had a good weekend. Short list this morning:

Continue reading Morning Reading

It takes a pillage

My weekly podcast, After the Bell, is now available. This week, I talk to Nomi Prins. She used to work for Goldman Sachs, but now writes for The Daily Beast and has a new book: It Takes a Pillage. Great title, huh? The book’s description on Amazon: A former Wall Street manager turned muckraking journalist gets inside how the banks looted the Treasury, stole the bailout, and continued with business as usual. We talk about what’s wrong with the government’s proposals on pay, why she left Wall Street and whether all the populist anger is justified. Plus, I break down the week that was. Music from ZZ Top, Men Without Hats and BB Jay. If you’d like ATB to download automatically each week, click here. Click continue reading to listen now.

Continue reading It takes a pillage

Staying grounded

The airlines are increasing fares once again. Most of them upped tickets another $10 this week. It’s the fifth industry-wide hike this year. Yet another reason to take the bus.

Continue reading Staying grounded

The say on pay

I’ve done as much reading as possible about the new rules on executive compensation. Here are some thoughts from a variety of sources:

Continue reading The say on pay

Morning Reading

Happy Friday. I’ll have something shortly on the executive pay issue; in the meantime, here’s an interview with the man in charge of it, plus some other things to read:

Continue reading Morning Reading

Stimulus for bumble bee soccer

Here’s a subject that probably hasn’t gotten enough attention. Across the country, the funding for youth sports programs is being cut, and if the programs even survive, parents are being asked to fork out hefty sums just so their kids can play.

Continue reading Stimulus for bumble bee soccer

Triple letters and triple digits

Some analysts say, without a doubt, the price of oil is headed for $100 a barrel. It hit $82 today, and the conditions are ripe for more gains. Down the road there’s another issue. What happens if the US loses its AAA credit rating, and the dollar is fed (pun intended) into the shredder?

Continue reading Triple letters and triple digits

Home buyer tax credit fraud

Congress is trying to decide whether to extend the first time home buyer’s tax credit of $8,000. Here’s one thing to consider: how many people are cheating, and why isn’t the IRS catching them?

Continue reading Home buyer tax credit fraud

Morning Reading

Good morning. Thanks to Paddy for filling in. Feeling a bit better. Here are some things that might make you feel better. Or not:

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Hospital pass

There’s a lot of debate about how much a swine flu epidemic might cost. The UK is estimating anything from two to seven million quid if there’s a serious breakout this winter across the pond (that’s $3.3-11.5 million).

Its becoming increasingly clear here in the US that swine flu is already biting deep into hospital’s bottom lines.

Continue reading Hospital pass

Your tax dollars at work (or not)

mall.jpg

Reuters took this photo of a deserted Oklahoma City Mall that is now owned by you, the humble taxpayer.

Continue reading Your tax dollars at work (or not)

Filling in

Atchoo

Scott is sick today. We’re hoping it’s not swine flu, which continues to make headlines. Vaccines are a big issue. A number of states say they’re not getting enough.

Continue reading Filling in

Hello CIA, glad you could join me

I’m not sure how the CIA will rate this blog post, but I doubt I’ll raise too many red flags. The spy agency’s investment arm is reportedly pouring millions into a company that monitors blogs and social networking sites.

Continue reading Hello CIA, glad you could join me

I told you so

Not me, Brooksley Born. She gave “The Warning” in the late 90’s that credit derivatives were dangerous and needed to be regulated. Tonight on PBS, Frontline tells the whole sordid story.

Continue reading I told you so

Buying young

My post last week about the 20-year-old woman who just bought a home has prompted a lively discussion and more questions. It also prompted the young woman to respond. So, here’s more on it:

Continue reading Buying young

Morning Reading

Good morning. Today, why savers are getting cheated, and seniors are getting another handout. Plus, a little stock market erotica from Colbert:

Continue reading Morning Reading

Us, Us, Us and Them, Them, Them

An album that was recorded during a turbulent time about a turbulent time will be remade. I’ll give you a hint: “Money. It’s a gas. Grab that cash with both hands and make a stash. New car, caviar, four star daydream. Think I’ll buy me a football team.”

Continue reading Us, Us, Us and Them, Them, Them

You spend, we'll save

Six months after supporting aggressive government spending, Federal Reserve Chairman Ben Bernanke said today that the US needs to significantly reduce the federal budget deficit. At the same time, he said Asian countries need to encourage their people to buy more stuff.

Continue reading You spend, we'll save

Is Wall Street in a panic?

Yeah, the Dow’s back above 10,000 today, but some traders might not even be paying attention. They might be home “sick” or taking apart their phones to see if they’re tapped.

Continue reading Is Wall Street in a panic?

Morning Reading

Hope you had a good weekend. This morning… so now, the administration is mad as hell and not gonna take it anymore. Plus, a disturbing report about airline repairs, and why the wrong person always wins the award:

Continue reading Morning Reading

After the Bell

My weekly podcast, After the Bell, is now ready for ears. This week, I talk to banking consultant Bart Narter about how to spot a healthy bank vs a sick one. Plus, a chat with Senior Business Correspondent Bob Moon about Dow 10,000, and I put the week in some perspective. Good music, too. 8 Track All Stars, J.B. Hutto and Natalie Merchant. If you’d like ATB to download automatically each week, click here.

Oh, and if you like the podcast, tell your friends about it!

My phone will now perform for you

Gather ‘round, my cell phone has formed a band and would like to play ringtones for you. Dee dee dee dah dah dah dum dum dum. Sorry, now I need to charge you 50 cents for a ticket to this concert. I told you it was a performance.

Continue reading My phone will now perform for you

Just a minute

I’ve been doing the podcast, so pardon me not writing you
Sometimes on Fridays, there’s just so much to do,
But I come with a gift, a gift of the times
And yes, there’s a reason this blog post rhymes.

Introducing our new web feature, the Marketplace Minute with Bill Radke. All the week’s business news crammed into a 60 second poem. Enjoy!

Morning Reading

Good morning. Let’s start the day this way:

Continue reading Morning Reading

Here come the pitchforks

The level of public outrage over Wall Street’s shenanigans has not abated. In fact today, Gawker announced the Goldman Sachs Project, asking people to report any excessive spending by Goldman employees.

Continue reading Here come the pitchforks

On the flip side...

Sticking with the housing market, here’s the story of a young first-time home buyer. And I mean young. She bought a foreclosed home about a month ago. At age 20.

Continue reading On the flip side...

The foreclosure fault line

We’re having a major earthquake drill here in California today, and coincidentally, last night I dreamt I was in an earthquake, so I’m feeling a bit shaky. Thus, the earthquake analogy. Foreclosures are still rippling through the housing market like a solid 6.5. Is the big one still to come?

Continue reading The foreclosure fault line

Morning Reading

Good morning. Since the Dow starts the day at 10,000, I think we’ll start with that as well:

Continue reading Morning Reading

What are the odds?

Tonight on Marketplace, we’ll be talking to the founder of a new website called the Book of Odds. What are the chances you’ve ever eaten cold pizza? Or that you’re unemployed right now? Or that you’ll run into a journalist? Find out.

Continue reading What are the odds?

What the puck?

I plopped down on the couch yesterday to watch a good ole hockey game, only to discover that it wasn’t on because Directv and the Versus network are having a nasty feud. Now, you might not care that I missed my hockey game, but there may be something here to care about.

Continue reading What the puck?

Morning Reading

Good morning. Today, thoughts on the panic over the dollar, how to pick jurors for a Wall Street trial and Capitalism… An Apathy Story:

Continue reading Morning Reading

Goldman's bonus bonanza

How does $789,000 sound to you? That’s how much the average Goldman Sachs employee can expect to make this year. The bank is reportedly planning to hand out $23 billion worth of bonuses, by far the most in its history. It might also donate 1/23 of that amount to charity.

Continue reading Goldman's bonus bonanza

The Great Recession is over

So says a report out today from the National Association for Business Economics. The survey of economists also predicts this won’t be a double-dip recession where we see another downturn next year. Now, about the job market…

Continue reading The Great Recession is over

Itsy bitsy loans

A website that helps people in developing countries get small loans has opened its business to US entrepreneurs. It’s an encouraging, non-governmental solution for the economy. But the question is: does microlending actually work?

Continue reading Itsy bitsy loans

Morning Reading

Good morning. Today, a New York Times budget memo, the price of drugs (legal and illegal) and the battle of the stand-up economists.

Continue reading Morning Reading

Email vs Facebook

The hot web topic of the day seems to be: Is email headed for the graveyard? It was prompted by a Wall Street Journal article titled “Why Email No Longer Rules.”

Continue reading Email vs Facebook

The passionate economy

I have someone I think you should meet. His message is this: Now is the time to cash in on your passions. And he’s leading by example.

Continue reading The passionate economy

Are patients making things worse?

NPR had a story this morning that grabbed my attention. It’s something I’ve thought about for years. Every time I go to the doctor, in fact.

Continue reading Are patients making things worse?

Morning Reading

Good morning. Hope you had a good weekend. A few things to get the week started:

Continue reading Morning Reading

Like a Rolling Stone

This week on my podcast, After the Bell, I talk to Rolling Stone writer and blogger Matt Taibbi. We get into naked short selling a little, but then talk about other things, like who is Matt Taibbi? Plus, I break down this whole dollar/oil/gold debate and talk to our Sustainability Editor Liza Tucker about the cool things she learned on her recent trip to Europe. If you’d like ATB to download automatically each Friday, click here. Click “continue reading” to listen to the podcast right now.

Continue reading Like a Rolling Stone

Making the Internet "leakier"

There’s a website called Wikileaks.org, which has published 1.2 million sensitive documents. Wikileaks has a plan to make it easier for whistleblowers and other insiders to hand over the goods for the world to see.

Continue reading Making the Internet "leakier"

What the world needs now

Yeah, I get that the economy needs as much activity as possible to gain momentum. For retailers, that means extra measures this year — deep early discounts, opening temporary stores and opening on Thanksgiving Day. But it reminds me of a song by Cracker.

Continue reading What the world needs now

Morning Reading

Good Friday to you. Among this morning’s items, the most hated rally in Wall Street history, monopoly money, and the blob:

Continue reading Morning Reading

The chicken or the egg?

The economic numbers out this week seem to paint a pretty clear picture. Economic activity is picking up. A little. In the third quarter, there was probably some growth. But consumers are still saving instead of spending, and the job market continues to be bleak. So, what’s going to give?

Continue reading The chicken or the egg?

Not leavin' on a jet plane

A new study says long flight delays are twice as common as they were 20 years ago. And as the economy improves, the aggravation of flying will only get worse. What’s the solution?

passengers.jpg

Continue reading Not leavin' on a jet plane

Who has Geithner's ear

We’ve talked a lot about the potentially inappropriate ties between Wall Street and the government. A look at the Treasury Secretary’s appointment calendar does absolutely nothing to dispel the suspicions.

Continue reading Who has Geithner's ear

Morning Reading

Good morning. Nothing too hard-hitting today so far, but some good things to read nonetheless. Starting with — did you know, they’re opening a McDonald’s at the Louvre??

Continue reading Morning Reading

The death of California?

It’s weird. A colleague and I were chatting today, and he wondered aloud whether California might fail. I chuckled a sad chuckle. But just now, I stumbled across an article asking that very question: Will California be the first failed state?

Continue reading The death of California?

Will that be debit or credit?

The Fed says revolving credit (see also: credit cards) had a big drop off this summer, more than 8% on an annual basis. Meanwhile, debit card usage has taken off. People are leaving the plastic in their wallets, and instead using the… other plastic. Good thing?

Continue reading Will that be debit or credit?

AIG's new chief

His name is Bob Benmosche. He’s been CEO of AIG for about two months now. And so far, he isn’t making many friends, let me tell ya.

Continue reading AIG's new chief

Morning Reading

Good morning. Today, a few pictures worth a thousand words. And a few words that might say even more:

Continue reading Morning Reading

Afternoon musings

There’s no single thing grabbing my attention this afternoon. But there are some items I thought you might like to take a look at:

Continue reading Afternoon musings

I'll have the cheeseburger anyway

A study out today suggests posting calorie information at fast food restaurants might not accomplish a damn thing.

Continue reading I'll have the cheeseburger anyway

Oil, dollars, denials

There’s a lot of buzz about a British newspaper story that says other countries are plotting against the US with a plan to trade oil in currencies other than the dollar. So, is this the fall of Rome? Or much ado about nothing?

Continue reading Oil, dollars, denials

Morning Reading

Good morning. Today, why unemployment is higher than the numbers say. Casinos have decided to save their money. Predictions of a bloodbath in the fourth quarter. And you may already be drinking boxed wine and not even know it.

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Was TARP worth it?

As you may know, TARP’s”watchdog” Neil Barofsky made comments today about what happened a year ago. Barofsky says decision-makers bent the truth, but they were clearly convinced that economic devastation was imminent.

Continue reading Was TARP worth it?

Blogger freebies

I’m having a hard time understanding this one. The Federal Trade Commission has issued new guidelines that require bloggers to disclose when they receive cash or free stuff from companies and then write about their products.

Continue reading Blogger freebies

RIP Gourmet magazine

Publisher Conde Nast announced today that it’s closing four of its magazines. Perhaps there won’t be much fuss over the demise of Modern Bride, Elegant Bride and Cookie. But shutting down Gourmet is a tear-jerker for many people.

Continue reading RIP Gourmet magazine

Morning Reading

Good morning. Hope you had a good weekend. Today, taking on Krugman, jobs just sitting there, the debate over income inequality and a little Saturday Night Live action:

Continue reading Morning Reading

The week that was

My weekly podcast, After the Bell, is now available. I talk to our Washington correspondent Steve Henn about why companies are dropping out of the US Chamber of Commerce and what’s going on behind the scenes there. Plus, as promised, a chat with John Carney of Clusterstock about naked short selling. I’ll get another viewpoint on that subject next week. Some good music too, including Ida Maria, Styx and Mr. Johnny Cash. If you’d like ATB to download automatically each Friday, click here.

The jobs solution

The unemployment numbers that came out today were pretty sobering. We now have 15 million people out of work, twice as many as when the recession started. Another 263,000 jobs disappeared last month, and the unemployment rate hit 9.8%. What to do?

Continue reading The jobs solution

Chi-town bummed? You?

Is it really a surprise that Chicago didn’t win the bid for the 2016 Olympics? Yes, according to the odds-makers. And this photograph says it was shocking to some people of Chicago. But there’s also quite a bit of relief that the city lost.

Continue reading Chi-town bummed? You?

Morning Reading

Good morning. An excellent question to start the day: where is the help for small businesses?

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Will you look at that vook?

I know a vook sounds like one of the creatures in the Star Wars cantina scene, but it’s not. I’ll give you a hint. When I did a search for the word, Google came back with: Did you mean book?

Continue reading Will you look at that vook?

What you care to wear

It’s Paris fashion week, which normally doesn’t make my top 100 things to care about because I don’t know anyone who wears outfits like this. But we had the guy from Project Runway on the air this morning, and he talked about things most of us can relate to.

Continue reading What you care to wear

Getting Naked, Part 2

This is a follow up on yesterday’s post about naked short selling. There may be some misunderstandings about what it actually is.

Continue reading Getting Naked, Part 2

Morning Reading

Good morning. We’ll start with some thoughts about B of A’s Ken Lewis stepping down. Plus, the junk and treasures of bank failures and some fun with The Onion:

Continue reading Morning Reading


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