Money Talking

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Pensions. Be Afraid. Feb 28, 2014

Show notes

From San Jose to Detroit, from Illinois to Rhode Island, cities and states across the country are grappling with how to pay for pensions and retiree health care costs. In New Jersey, Governor Chris Christie is proposing a $34.4 billion budget that includes more than $2 billion in pension payments, the largest outlay yet to shore up a retirement plan for public workers that the governor calls a "looming crisis." Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss why cities and states are facing pension crises and what they can do to solve the problem. And bitcoin: Entering a new phase or on the verge of collapse.

Should the Internet Be Treated Like a Utility? Feb 21, 2014

Show notes

The Federal Communications Commission is making a renewed push to pass net neutrality rules to keep the internet free and open. This week Money Talking regular contributors Rana Foroohar of Time magazine and Joe Nocera of the New York Times examine whether broadband internet service should be regulated like a utility, similar to power, water or telephone service. It's about money, access and how much we'll pay to use the web. Then, a look at what some are calling an especially frothy tech scene. Nocera and Foroohar weigh in on Facebook's $19 billion acquisition of the messaging app WhatsApp and the imminent IPO from King, the creator of the ubiquitous cell phone game Candy Crush Saga.

A Different Kind of Union in Tennessee Feb 14, 2014

Show notes

Friday marks the final day of voting for what could be a different type of relationship between management and labor in this country, and it's happening in a place not usually associated with unions: Tennessee. That's where Volkswagen autoworkers may form the nation's first "works council," a type of union popular in Germany where employees and management work together to make decisions. This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine examine how significant the move would be for the nation's labor movement and why some officials and policy groups are opposed to it. Plus, a discussion of Comcast's purchase of Time Warner Cable for $45 billion.

Unpacking the CVS Cigarette Ban Feb 07, 2014

Show notes

The drugstore chain CVS made big news this week when it announced it will stop selling cigarettes and other tobacco products by October. The move comes as CVS has been transitioning away from retail and opening more in-store health clinics. This week on Money Talking, Heidi Moore of the Guardian talks to regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine about how the decision could affect CVS's bottom line, what it has to do with Obamacare and whether the likes of Walgreens are likely to follow suit. Then, Money Talking examines Twitter's first quarterly earnings report since its initial public offering. Looking ahead, Foroohar discusses Tennessee governor Bill Haslam's call for residents to get two years of free post-secondary education at a technical school or community college and why the business community is getting on board. Nocera looks into whether the United States could be facing a natural gas shortage despite the recent boom in fracking.

Stock Market Wobbles Despite Economy Growing Jan 31, 2014

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The stock market has been rocky so far in 2014. After months of steadily climbing and setting new records in 2013, the Dow Jones alone is down more than 4% this month. The downward slide comes even as the economy strengthens. This week on Money Talking, contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss the recent drops, the incoming Fed chairman Janet Yellen and whether there's more volatility in store in the coming weeks and months. And the Super Bowl: Just how much of a financial boon is it for the host city?

As Bitcoin Takes Off, Regulators Want In Jan 24, 2014

Show notes

Digital currency is inching its way onto Wall Street, with a new "bitcoin center" next door to the New York Stock Exchange. As bitcoin gains prominence and popularity, regulators — like New York's Department of Financial Services, which is holding hearings next week — are trying to work out where they figure in this new currency. Joe Nocera of the New York Times talks about the future of bitcoin while Rana Foroohar of Time magazine reports from the World Economic Forum in Davos, Switzerland.

And if you still can't get enough of bitcoin, here's some more.

NSA, Davos and Target? It’s All About Your Data Jan 17, 2014

Show notes

In a speech Friday, President Obama is expected to announce guidelines that will limit how the National Security Agency can conduct surveillance in the United States and overseas. The new rules will likely include everything from how the agency monitors Americans' phone records to the creation of a "public advocate" to represent privacy concerns before the secret intelligence court. The President is also expected to ask Congress to weigh in on some of the toughest choices when it comes to balancing national security and privacy. Money Talking regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss the connection between the upcoming World Economic Forum in Davos, Switzerland, and the idea of privacy that's been put front and center by the N.S.A. leaks and the President's forthcoming announcement. "Data is at the heart of almost every major story right now, from security to the economic story to privacy," Foroohar says. Nocera discusses the data breach at Target and explains why the revelations about the N.S.A. have been bad for business for the likes of Google and Apple.

Helping Ordinary Americans Focus Of Fed Under Janet Yellen Jan 10, 2014

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Janet Yellen will be the first woman to head the the Federal Reserve when she takes over for Ben Bernanke at the end of January. This week on Money Talking, WNYC contributors Joe Nocera with the New York Times and Rana Foroohar with Time magazine discuss the woman who will soon steer the world's largest economy. Foroohar sat down with Yellen for an exclusive interview this week and says that she will focus on the kitchen-table economy: how to help ordinary families get back on their feet. Nocera says Yellen may turn out to be the right Fed chairman at the right time: Just as Bernanke — an expert on the causes of the Great Depression — came and battled the Great Recession, Yellen is an expert on unemployment who will apply her skills to the nation's stubborn unemployment problem.

What Does 2014 Hold for Corporate Profits, Inequality and the Economy? Jan 03, 2014

Show notes

2013 was a year of soaring stock markets, rising U.S. competitiveness and more jobs for American workers as the unemployment rate dropped to 7 percent, a five-year low. It was also a banner year for corporate profits. This week on Money Talking, Rana Foroohar of Time magazine and Ben White of Politico weigh in on what companies and lawmakers need to do in 2014 to keep the U.S. economy moving in the right direction. Looking ahead, Foroohar talks about how Janet Yellen would likely address unemployment if she is confirmed as the next chairman of the Federal Reserve Bank. White previews the December jobs numbers, which will be released next Friday.