Thu, 23 Mar 2017 00:00:00 -0500The House is expected to vote tonight on the GOP's health care bill. But opposition is coming from all corners — including hospitals. We'll look at why executives are against the measure. Next, we'll explore the complicated H-1B visa program, and the frustrations business owners have with how it selects recipients.
Wed, 11 Jan 2017 06:46:08 -0600As Treasury Secretary Jack Lew prepares to leave the office he’s held for nearly four years, he spoke with David Brancaccio about his economic legacy. Lew shared his thoughts about the Great Recession of ’07-‘08, and the steps he and his colleagues took to institute regulations on the financial industry – a framework he hopes will stay in place as a safeguard against future economic crises. As the nation prepares for the transfer of power between President Obama and President-Elect Trump, Lew addressed the concerns of Americans across the country who have felt dislocated by the economy, and what he believes should be done to support the working class moving forward.This interview has been edited for length and clarity. David Brancaccio: After financial markets nearly froze up in 2008 and 2009, triggering the Great Recession, new rules were put into place to keep Wall Street from ever again taking the sort of risks that would require a government bailout. With the new administration in the wings the pendulum could swing back. A top agenda item for the new team is deregulating Wall Street. Is there room now for some deregulation of financial services and financial markets?Jack Lew: I think you have to start by remembering how far we've come. In 2007, 2008 our financial system was in terrible shape. We were surprised by a financial crisis that led to the worst recession since the Great Depression and it led to the most expansive overhaul of our financial regulatory system since the Great Depression. Today we have financial institutions that have deeper capital and I think they're the best capitalized financial institutions in the world. We have transparency where we used to have opacity so that complicated financial products will in the future not be some mysterious box of potential exploding problems. If a financial institution hit a speed bump in ’07, ’08, the uncertainty of what was inside those institutions was an accelerant to the financial crisis. We have procedures in place to resolve failing institutions so the taxpayers should never again have to step in and become the equity holders of financial institutions. So I think before one asks what could change we have to remember how far we've come, and with a bit of humility recognize that until tested in a financial crisis, we don't know whether what we've done is as effective as we think it is. The fact there hasn't been a financial crisis is not a reason to unwind what we've done. We built the system to withstand a shock that hasn't come, and happily has not come on my watch but will come because there are cycles, and shocks come.I think that if you look at the questions that people raise often about where reform might be debated one issue is small banks. And I think there's very broad openness to thinking about treating the smallest banks differently from large ones.Brancaccio: Some of them feel that the added regulation is onerous.Lew: We have a lot of flexibility, and that flexibility has been used to not have a one size fits all approach. But the problem is when people advocate for small bank special rules, they sometimes jump exponentially to a size of institution that meets no definition of small. So for example, under the Dodd-Frank law, there is a threshold of $50 billion for the size of an institution that you pay a certain level of scrutiny to. If there were a debate about raising that from 50 to 100, I think reasonable people would probably find a way to agree that there are small institutions that should get some special consideration. But the last major proposal put forth to reform Dodd-Frank didn't go from 50 to 100. It went from 50 to 500, and at $500 billion you're talking about some of the largest financial institutions in the country, so reform has to be incremental and sensible. It can't be painted with such a broad brush that we undo some of the basic protections we have.I actually am pretty confident that, because it would take 60 votes in the United States Senate to do major changes to our financ[...]
Wed, 22 Mar 2017 00:00:05 -0500Stock index futures are down again this morning. What could be giving investors pause? Economist Jeffrey Cleveland from Payden and Rygel stopped by to explain the economic data that shows how optimistic Americans are really feeling. Next, we'll explore the tough market for reused water, and then report on the difficulties foreign men and women have in trying to obtain H-1B visas.
Tue, 21 Mar 2017 00:00:00 -0500African citizens who were trying to attend an economic development conference in California were recently denied U.S. visas. We'll look at the possible reason behind the denial and its consequences. Next, we'll explore a new study that says the percentage of people dying at a hospital drops when inspectors show up, and then discuss the rise of virtual reality exhibits at museums.
Mon, 20 Mar 2017 00:00:00 -0500The world's top finance leaders met in Germany this weekend for the latest G20 summit, with signs indicating that the U.S. is backing away from globalization. Stephan Richter, editor in chief of the Globalist, joins us to discuss what went down at the meeting. Next, we'll talk about why early advocates of AZT, the first treatment for HIV/AIDs, began lamenting its rapid approval. And finally, we'll look at Goldman Sachs' new online platform, Marcus, for providing small loans.
Fri, 17 Mar 2017 05:00:00 -0500Later today, President Donald Trump will meet with German Chancellor Angela Merkel — two leaders who have sharp differences on important issues involve business. We'll look at the messages Merkel will try to send during her visit, and how business/political leaders in Germany perceive Trump. Afterwards, we'll explore new report from the International Energy Agency that says global CO2 emissions have stayed flat for the third year in a row. And finally, we'll look at the connection between a movie's presale numbers and its box office success.
Thu, 16 Mar 2017 05:00:00 -0500With the release of the White House's budget proposal, we'll talk about who gets the big money and who may end up facing big cuts. Next, we'll look at Janet Yellen's rationale for the Fed's interest rate hike, and then explore the rising number of people who are falling behind on subprime car loans.
Wed, 15 Mar 2017 05:00:00 -0500Pages from Trump's 2005 tax returns are out, revealing he made $153 million and paid $36.5 million in income taxes. We'll look at what else the documents revealed, like the tax loopholes he may have taken advantage of. In other Trump news, we'll also discuss his plans to roll back fuel economy standards for cars, which could be the latest blow for the green vehicle market. And finally, we'll look at what Britain's exit from the European Union will mean for the business community and the U.K.-U.S. relationship.
Tue, 14 Mar 2017 05:00:00 -0500The Congressional Budget Office has revealed how many people would lose insurance coverage under the GOP's new health plan. We'll look at who would benefit from the proposal and who's expected to see costs go up. Next, we'll look at a plan from Puerto Rico to get the island out of crippling debt, and then explore the leading candidate in the upcoming Dutch election: Geert Wilders, a politician that has drawn comparisons to President Trump.
Mon, 13 Mar 2017 05:00:00 -0500The Congressional Budget Office is expected to soon announce how much the GOP replacement plan for Obamacare will cost and how many people will be affected. We'll talk about what some agencies are estimating, then explore how people in Wisconsin are feeling about possible changes in health insurance. Plus: a look at the rocky relationship between German Chancellor Angela Merkel and President Trump.
Fri, 10 Mar 2017 05:00:00 -0600We'll look at what to expect from this morning's release of one of the most anticipated jobs reports in a long time. Next, we'll discuss the ouster of South Korea's president, and then explore what environmental policy might look like under the Trump administration.
Thu, 09 Mar 2017 06:42:00 -0600Several power players in the health care industry disagree with the House GOP plan to replace Obamacare. We'll look at some of the issues they have with the proposal. Afterwards, the Economist's Paris bureau chief, Sophie Pedder, will join us to discuss where France's leading presidential candidates stand on various economic issues. And finally, we'll explore the return of house flipping and what the practice says about America's housing market.
Wed, 08 Mar 2017 05:00:00 -0600The Chinese telecom firm ZTE has been hit with a $1.2 billion fine from the U.S. for selling technology to Iran and North Korea. Marketplace's Kimberly Adams reports on how tricky things can get for businesses in with our increasingly global economy. We'll also explore why the restaurant industry has been hit with challenging times, and then look at a potential crisis at Caterpillar. The manufacturer is reeling after investigators raided the company's headquarters last week.
Tue, 07 Mar 2017 05:00:00 -0600We'll look at a new proposal from House Republicans to replace Obamacare; a lawsuit that will test whether detained immigrants can be forced to work as so-called "volunteers"; and the debut of biblically responsible exchange-traded funds.
Mon, 06 Mar 2017 05:00:00 -0600General Motors is selling its European car business in a $2.3 billion deal. The BBC's Jonty Bloom explains how this deal reshape the auto industry in Europe. Afterwards, we'll look at how President Trump's immigration ban is affecting the U.S. tourism industry, and then explore the ways some regions are coping with a decline in psychiatric hospitals.
Fri, 03 Mar 2017 05:00:00 -0600Costco is raising its membership fees — its first hike since 2011. Marketplace's Annie Baxter explains why retailers are facing tricky times. Next, we'll discuss the reason for low levels of home ownership in England, and then look at how craft brewers feel about Trump's promises on regulation.
Thu, 02 Mar 2017 10:50:32 -0600We'll explore Snapchat's plans to go public today, a move that could prompt other tech companies to have IPOs. Also on today's show: a look at how much a border-adjustment tax would cost consumers, and the cost of California's pushback against Trump.
Wed, 01 Mar 2017 05:00:00 -0600In his first address to Congress, Trump talked about infrastructure and tax reform. We're here to recap the economic highlights from his speech. Next, we'll look at the important items that Warren Buffett decided to leave out of his annual letter to shareholders, and then talk about why Uber's CEO wants to change his image.
Tue, 28 Feb 2017 05:00:00 -0600The White House has released a budget outline that calls for a $54 billion increase in defense spending. We'll explore what's on the Pentagon's wish list and whether Congress is likely to approve it. Afterwards, we'll take a look at one marijuana lab that's found an innovative financing mechanism.
Mon, 27 Feb 2017 05:00:00 -0600During last night's Oscars telecast, the award for best picture mistakenly went to "La La Land" instead of "Moonlight." We'll take a look at the accounting firm behind the vote tallies. Next, we'll discuss a fund that will compensate overseas victims of terror attacks, and then explore how some baby boomers are starting to retrain so they can gain in-demand skills.
Fri, 24 Feb 2017 05:33:13 -0600We'll explore why Chinese President Xi Jinping has plans to move new people into power on his economic team. Afterwards, a look at why stock car racing is struggling and how celebrities choose the political causes they're involved in.
Thu, 23 Feb 2017 05:42:06 -0600Members of Trump's cabinet are in Mexico for talks, but can they smooth over a tense relationship between the country and the U.S.? We'll look at what's at stake during the visit. Afterwards, we'll dive into how Brexit will affect banking and then explore the job losses that southern Illinois coal towns are experiencing.
Wed, 22 Feb 2017 05:23:08 -0600Mayors around the country plan to warn their cities about what will happen if the Affordable Care Act is repealed. We'll explore the financial consequences of a potential end to Obamacare, and then look at why amusement parks may have a harder time hiring workers this year. Plus: A look at the connection that exists between personality type and management style.
Tue, 21 Feb 2017 05:00:00 -0600About 20 million people are at risk of starvation within the next six months. We'll look at the four different food crises that are all happening at once. Next, we'll talk about Home Depot's earnings growth, despite a lack of new stores, and a Philadelphia law that prevents companies from asking job applicants about past salaries.
Mon, 20 Feb 2017 05:00:00 -0600Unilever has turned down Kraft Heinz's $143 billion proposal, a move that lowered its stock. What went wrong? Next, we'll look at a pilot program that will allow some food stamp users to purchase groceries online, and then explore the market for locally produced comics in Africa.
Fri, 17 Feb 2017 05:00:00 -0600This morning we're looking at why the head of Samsung has been embroiled in a corruption scandal and news that the biggest pension fund in the U.S., CalPERS, is protesting the Dakota Access pipeline. Plus: A conversation with chef Nancy Silverton about why she wanted to enter the profession and her initial reservations about doing the Netflix series "Chef's Table."
Thu, 16 Feb 2017 05:14:40 -0600Workers in regions like D.C. and New Jersey are protesting as part of "A Day Without Immigrants," an event aimed at highlighting the importance of immigration's role in society. We'll take a look at how the strike will affect businesses. Next, we'll explore the resistance against Trump's pick for Labor Secretary, who's now resigned, and who the president's next choice might be. Finally, we'll hear from Marketplace's Molly Wood about what she learned at the annual RSA digital security conference.
Wed, 15 Feb 2017 05:25:44 -0600We're looking at what a border-adjustment tax could mean for retailers; the United States' push for NATO members to spend more on defense; and the new responsibilities that come with being a physician.
Tue, 14 Feb 2017 05:00:00 -0600India now rivals China for worst airborne pollution. BBC Reporter Rahul Tandon joins us to discuss if politicians are doing anything to address the issue. Next, we'll look at Ferguson's changing economy following the death of Michael Brown, an 18-year-old African-American who was shot dead by a white police officer.
Mon, 13 Feb 2017 05:00:00 -0600With the Senate scheduled to vote on Trump's nominee for Treasury secretary, Steven Mnuchin, we'll take a look at what the president's pick could mean for the American economy. Next, Marketplace contributor Chris Farrell shares a way to compromise on the post-financial crisis reform law, Dodd-Frank. Finally, we'll discuss the results of an OPEC reduction in oil production.