National News

So, who's picking up the doughnuts?

Marketplace - American Public Media - Thu, 2014-06-05 13:35
Thursday, June 5, 2014 - 14:31 Reg Speller/Fox Photos/Getty Images

Salvation Army canteen workers in Brighton operating a doughnut machine flown in from Canada to satisfy Canadian troops appetites for donuts on January 1, 1941.

From the Marketplace Datebook, here's a look at what's coming up Friday, June 6:

It's the first Friday of the month which means all eyes will be on the May jobs report.

Has word gotten around your office that it's National Doughnut Day? It was established in 1938 as a fundraiser for The Salvation Army in Chicago to help those in need during the Great Depression.

The Federal Reserve is scheduled to issue consumer credit data for April.

On June 6, 1998, HBO's "Sex and the City" premiered. It ran for six seasons and fortunately remains in syndication.

It's also the anniversary of the first federal gasoline tax, enacted in 1932. One penny per gallon. That's where it began. Today we pay 18.4 cents per gallon, and state tax too.

And the Great Wisconsin Cheese Festival gets underway in Little Chute. That's right, people: cheese and doughnuts.

Marketplace for Thursday June 5, 2014by Michelle PhilippePodcast Title Datebook: So, who's picking up the doughnuts?Story Type BlogSyndication SlackerSoundcloudStitcherSwellPMPApp Respond No

Fewer homeowners drowning in mortgage debt

Marketplace - American Public Media - Thu, 2014-06-05 13:22

The Tampa area has more underwater mortgages than anywhere else in America: roughly 30 percent. But even there, things are getting better fast. That’s down from nearly 41 percent this time last year, according to CoreLogic

“We’re seeing fewer people who are underwater. Prices have come back up,” says Brad Monroe, director of the Greater Tampa Association of Realtors. 

Homeowners are telling his members they’re finally out from under their mortgages and ready to move. “Calling them back and saying, 'It’s time now. Prices are there and we can do it,'” he says. 

Data from CoreLogic show that nationally, about 12 percent of homeowners owe more than their homes are worth. That’s a big drop from the first quarter last year when the number was around 20 percent. 

“Which is really good news for the housing market,” says Mark Fleming, CoreLogic’s chief economist. 

“So many homeowners didn’t have equity or were under equity and didn’t participate in listing their homes for sale. And that’s why house prices increased over the last year or two so dramatically in those markets,” Fleming says.  

This is a virtuous cycle. Rising home values brought back equity to a lot of homeowners. That means more people can move if they want to. And, more homes on the market keeps prices from rising too fast. 

But just because people are no longer underwater in their mortgages doesn’t mean they can move right away. They need enough equity to pay for the expense of selling one home and a down payment on a new one.

“Paying broker’s fees, for example,” says Kostya Gradushy, project manager at Black Knight Financial Services. “And, if you only have 5 percent equity in your house, you’re not going to be able to cover those costs.” 

Black Knight says one in five homeowners today doesn’t have enough equity in their current home to afford a new one.

'New York Times' Editor: Losing Snowden Scoop 'Really Painful'

NPR News - Thu, 2014-06-05 13:22

Edward Snowden didn't trust The New York Times with his revelations about the NSA because the paper initially spiked an earlier story about the warrantless wiretapping of Americans.

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Vehicle ignitions aren't the only problem at GM

Marketplace - American Public Media - Thu, 2014-06-05 13:17
Thursday, June 5, 2014 - 14:10 Bill Pugliano/Getty Images

General Motors Chief Executive Officer Mary Barra (center), Mark Reuss (left), Executive Vice President, and Dan Ammann (right), President, hold a press conference at the General Motors Technical Center on June 5, 2014 in Warren, Michigan. Barra spoke to provide an update on GM's internal investigation into the ignition switch recall at the General Motors Technical Center. 

General Motors CEO Mary Barra has responded to the auto recalls by firing 15 employees. She also ordered a compensation plan for the victims of the deadly auto defects.

After a report from an internal investigation was released, Barra said the company has some culture issues.

"Mary Barra has made this point that General Motors used to be a cost-focused culture, and now it’s becoming more customer-focused," says Micki Maynard, Director of the Reynolds Center for Business Journalism at the Cronkite School at Arizona State. "But if you read the report, things were going on in 2012 and 2013. It’s not like all of this was ten or fifteen years ago, this is very recent stuff. So I think there’s going to be a lot of work to do."

So if GM culture hasn’t improved in the last few years, what will it take for it to change?

"Maybe nothing can change it," says Maynard. "It might be that General Motors is the way it is, and you have to manage around that. In a good financial situation, you do just fine. But when things go bad, you end up in bankruptcy and need a bailout."

Marketplace for Thursday June 5, 2014Interviewed By Kai RyssdalPodcast Title Vehicle ignitions aren't the only problem at GMStory Type InterviewSyndication SlackerSoundcloudStitcherSwellPMPApp Respond No

What negative interest rates mean for the Eurozone

Marketplace - American Public Media - Thu, 2014-06-05 13:17

Remember when bottled water first came out? I remember thinking, "Who would actually ever pay for water?" I also remember balking at a 75 cents ATM fee years ago.

I imagine that's exactly how European banks are feeling right about now. The European Central Bank's new policy of negative interest rates is, essentially, charging banks for something that it used to pay banks for. 

"Negative interest rates. What that means is that they are now charging commercial banks for leaving money at the central bank," says Beth Ann Bovino, U.S. chief economist at Standard and Poor's.

You know how banks usually pay you for storing your money with them? Now the ECB is actually charging European banks for the privilege. 

So... how does this help the European economy?

"The ECB... is trying to create a hot seat," says Paul Kedrosky, a partner at SK Ventures. "They just want to make it so darn uncomfortable to continue sitting there with your deposits, that you say, 'Oh, screw it! I’ll lend it out.'"

Lending is exactly what European banks haven’t been doing. They’ve been playing it safe and stashing their money at the ECB. Businesses and individuals aren’t getting loans, so they aren’t hiring or buying and Europe’s economy is grinding to a halt.

"The Central Bank, their business is to get the real economy going," says Bovino. To do that, The ECB is making it expensive for banks to save. "Hopefully that means more lending to households and businesses."

So… will it work?

"Many banks in Europe are still fragile and recovering from the trauma of the world financial crisis," says Matthew Slaughter, a professor at Dartmouth’s Tuck School of Business. "How much more likely they will be to make a lot more loans is an open question."

Slaughter says banks might just put their money in another safe haven, like U.S. Treasury Bonds. That would be good for the U.S., but wouldn’t help Europe much.

The ECB can only make the seat hot, now it’s up to the banks to decide where to move their assets.

And maybe Marketplace will convince me to pay them one of these days...

Ikea: New Yorkers spend a lot of time in the bathroom

Marketplace - American Public Media - Thu, 2014-06-05 13:05
Thursday, June 5, 2014 - 15:58 Spencer Platt/Getty Images

Ikea has revealed that it knows way too much about us.

The Swedish furniture and random stuff company did a survey of people in eight cities around the world, one of which was New York.

Here are just some quick tidbits to get you to click on the link:

  • 56 percent of New Yorkers don't see themselves as morning people.
  • Men spend an average of 12 minutes on grooming in the mornings. It's 19 minutes for women.
  • And this one to leave you with: One in six New Yorkers say they take work into the bathroom with them.

Here's the link.

 

Marketplace for Thursday June 5, 2014by Kai RyssdalPodcast Title Ikea: New Yorkers spend a lot of time in the bathroomStory Type BlogSyndication SlackerSoundcloudStitcherSwellPMPApp Respond No

Quick DNA Tests Crack Medical Mysteries Otherwise Missed

NPR News - Thu, 2014-06-05 13:02

Scientists used high-powered DNA sequencing to diagnose infections missed by usual lab tests. The pricey method is still experimental, but might offer a way to identify tough-to-diagnose infections.

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Ikea: New Yorkers spend a lot of time in the bathroom

Marketplace - American Public Media - Thu, 2014-06-05 12:58

Ikea has revealed that it knows way too much about us.

The Swedish furniture and random stuff company did a survey of people in eight cities around the world, one of which was New York.

Here are just some quick tidbits to get you to click on the link:

  • 56 percent of New Yorkers don't see themselves as morning people.
  • Men spend an average of 12 minutes on grooming in the mornings. It's 19 minutes for women.
  • And this one to leave you with: One in six New Yorkers say they take work into the bathroom with them.

Here's the link.

 

Fla. Man Impersonating Police Officer Pulls Over Unmarked Car

NPR News - Thu, 2014-06-05 12:52

The suspect flashed a red and blue light to signal a sheriff's detective to the side of the road. He was promptly arrested.

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What do schools want from classroom tech?

Marketplace - American Public Media - Thu, 2014-06-05 12:46
Thursday, June 5, 2014 - 15:42 <a href="http://marketplaceapm.polldaddy.com/s/school-tech">View Survey</a> by Dan AbendscheinSyndication PMPApp Respond NoBranded story type Curveball

What do schools want from classroom tech?

Marketplace - American Public Media - Thu, 2014-06-05 12:42
<a href="http://marketplaceapm.polldaddy.com/s/school-tech">View Survey</a>

Internal Probe Decries GM's 'Incompetence And Neglect'

NPR News - Thu, 2014-06-05 12:16

An internal probe of how General Motors handled an ignition switch defect has found "a pattern of incompetence and neglect" at GM. On Thursday, CEO Mary Barra announced the dismissal of 15 employees, many of whom were executives and senior managers.

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Bergdahl Homecoming Party Canceled, As Joy Turns To Worry

NPR News - Thu, 2014-06-05 12:16

In Sgt. Bowe Bergdahl's hometown, a celebration had been planned for his homecoming. Now, facing new questions and controversy, the town of Hailey, Idaho, has cancelled that celebration. Jeff Gunter, chief of the Hailey Police Department, explains the decision.

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Sprint Might Finally Get Its Way With Possible T-Mobile Deal

NPR News - Thu, 2014-06-05 12:16

Reports say that a merger between Sprint and T-Mobile is at hand. Sprint has made no secret of its designs on its smaller rival; why are the companies considering a deal now?

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On Eve Of D-Day Anniversary, World Leaders Cope With Fresher Scars

NPR News - Thu, 2014-06-05 12:16

President Obama and other G-7 leaders are meeting in Brussels for a summit that is expected to be dominated by developments in Ukraine and Russia.

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Judge Sums Phone-Hacking Details, As Jury Prepares To Decide Case

NPR News - Thu, 2014-06-05 12:16

A London judge has been summarizing the findings of a phone-hacking trial that has touched the highest levels of British politics and journalism. The case is expected to go to the jury very soon.

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One Year Later, Snowden Still Evades U.S. Charges

NPR News - Thu, 2014-06-05 12:16

One year ago Thursday, Edward Snowden leaked National Security Agency documents revealing details of its surveillance program. The Obama administration still considers Snowden a fugitive from justice and wants him to return to the U.S.

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A Privacy Capitalist Wins Big After Snowden

NPR News - Thu, 2014-06-05 12:16

The NSA scandal has hurt some companies, but there are also some tech winners, including an American who has been cashing in on the political hype. Mike Janke's firm sells privacy devices and apps.

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Senators Reach Framework To Pay For Veterans' Care Outside System

NPR News - Thu, 2014-06-05 11:54

Sens. Bernie Sanders and John McCain announced the accord, which comes a week after Veterans Affairs Secretary Eric Shinseki resigned in the wake of the scandal over veterans' health care.

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So, who's picking up the doughnuts?

Marketplace - American Public Media - Thu, 2014-06-05 11:31

From the Marketplace Datebook, here's a look at what's coming up Friday, June 6:

It's the first Friday of the month which means all eyes will be on the May jobs report.

Has word gotten around your office that it's National Doughnut Day? It was established in 1938 as a fundraiser for The Salvation Army in Chicago to help those in need during the Great Depression.

The Federal Reserve is scheduled to issue consumer credit data for April.

On June 6, 1998, HBO's "Sex and the City" premiered. It ran for six seasons and fortunately remains in syndication.

It's also the anniversary of the first federal gasoline tax, enacted in 1932. One penny per gallon. That's where it began. Today we pay 18.4 cents per gallon, and state tax too.

And the Great Wisconsin Cheese Festival gets underway in Little Chute. That's right, people: cheese and doughnuts.

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