NPR's business news starts with a dive on Wall Street. Just this minute, the Dow Jones Industrial Average is down about 317 points. It's considered the worst drop of the year, so far. We're a little bit before noon in New York City. What's going on? We're going to try to find out. We're joined now by DavidWessel, economics editor of The Wall Street Journal. And David, as best you can determine, what's driving the drop?
Originally published on Wed November 7, 2012 9:40 pm
For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.
But for the economy, an action thriller is just beginning.
Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.
Chris Genteel, Google's head of diversity markets, and other people from the Internet giant will join bankers, investors and federal officials at the Southeast Louisiana Small Business Conference this Thursday at the UNO Lindy Boggs International Conference Center.
Other speakers include Pellsom Lau, regional manager for the Small Business Administration's office of international trade, and Paul Satenstein, chief financial officer of The Online Incentives Exchange. Satenstein will talk about Louisiana's online exchange for state tax credits.
A monster storm flooded parts of the biggest city in America this week. Millions of people are still without power.
But in the long run — even in the medium run — New York (and New Jersey!) will recover. And for the U.S. economy as a whole, this disaster will barely be a blip.
This is largely because there are countless backup plans hiding everywhere in our economy. On today's show, a flooded grocery store reveals safety nets that are usually hidden but, at moments like these, are suddenly made visible.
Originally published on Tue October 30, 2012 6:07 am
Tax policy has been a divisive theme throughout the presidential campaign. At the core of the debate are divergent philosophies about what the economy needs — and how to get it.
In this Oxford-style debate from Intelligence Squared U.S., a panel of experts dissects the motion "The Rich Are Taxed Enough." The term "enough," in this case, is determined by three factors: fairness, sufficiency and efficiency.
The percentage of Americans working in manufacturing fell under President Reagan. It also fell under Presidents Bush, Clinton, Bush and Obama (respectively).
Which is to say, the decline of manufacturing jobs in the U.S. economy is not about who is president or what his policies are. It's the result of long-running, irreversible, historical factors (read: technology and globalization).
Everywhere you look right now, it seems like American symphony orchestras are fighting for their lives — strikes, lockouts, bankruptcy. Perhaps the biggest example is the world-renowned Philadelphia Orchestra, which is just coming out of its own bankruptcy. Tonight, its new 37-year-old music director takes the podium as the venerable orchestra begins a reboot.
It's been a tumultuous time for American orchestras. Labor disputes have shut down the Minnesota Orchestra and Indianapolis Symphony, and strikes and lockouts have affected orchestras in Chicago, Atlanta and Louisville in the past year.
Originally published on Wed October 10, 2012 7:52 am
When former General Electric CEO Jack Welch tweeted on Friday that the drop in the unemployment rate last month was "unbelievable" and that President Obama and his campaign aides "will do anything ... can't debate so change numbers," he aligned himself with conspiracy theorists who were asking if some sort of "October surprise" had been pulled.