http://odeo.com/channels/2119878-NPR-Planet-Money-Podcast no Money makes the world go around, faster and faster every day. On NPR's Planet Money, you'll meet high rollers, brainy economists and regular folks -- all trying to make sense of our rapidly changing global economy. Money makes the world go around, faster and faster every day. On NPR's Planet Money, you'll meet high rollers, brainy economists and regular folks -- all trying to make sense of our rapidly changing global economy. The Economy, Explained en-us 40 Fri, 13 Nov 2009 16:53:12 -0800 Fri, 13 Nov 2009 16:53:12 -0800 2008 National Public Radio Finance, Investing, economy, Economics, National Public Radio, Fresh Air, Morning Edition, All Things Considered, NPR, currency, market, trade, recession, growth, debt, inflation, deficit, Planet Money, Adam Davidson Politics Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25448287-117-Planet-Money-Did-The-Cash-Bring-The-Clunkers Jeremy Anwyl, the chief executive of Edmunds.com, defends his company's latest report about the effectiveness of the much-hyped and recently closed Cash for Clunkers program. Edmunds found the program added only 125,000 in sales at a cost of $3.5 billion, or $24,000 per new car. But Austin Goolsbee, a University of Chicago economist currently serving as a member of the Council of Economic Advisers, doesn't think those numbers are right. His analysis puts the number of Cash for Clunkers sales closer to 450,000. Jeremy Anwyl, the chief executive of Edmunds.com, defends his company's latest report about the effectiveness of the much-hyped and recently closed Cash for Clunkers program. Edmunds found the program added only 125,000 in sales at a cost of $3.5 billion, or $24,000 per new car. But Austin Goolsbee, a University of Chicago economist currently serving as a member of the Council of Economic Advisers, doesn't think those numbers are right. His analysis puts the number of Cash for Clunkers sales closer to 450,000. Jeremy Anwyl, the chief executive of Edmunds.com, defends his company's latest report about the effectiveness of the much-hyped and recently closed Cash for Clunkers program. Edmunds found the program added only 125,000 in sales at a cost of $3.5 billion, or $24,000 per new car. But Austin Goolsbee, a University of Chicago economist currently serving as a member of the Council of Economic Advisers, doesn't think those numbers are right. His analysis puts the number of Cash for Clunkers sales closer to 450,000. tag:odeo.com,2009-11-13,25448287 Fri, 13 Nov 2009 16:53:12 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25439810-116-Planet-Money-Breaking-Up-Big-Banks-Is-Hard-To-Do Economist and Planet Money regular Simon Johnson thinks it's time to break up the big banks. Simon says the current regulations aren't enough to prevent another crisis and we need to do something more drastic. Former head of the Federal Reserve, Paul Volcker and Mervyn King, head of the British central bank, agree, but that hasn't convinced Martin Baily of the Brookings Institution. Baily, who was chairman of the Council of Economic Advisers during the Clinton administration, is worried about the unintended consequences of bad regulation. He says the risk simply isn't worth it. Economist and Planet Money regular Simon Johnson thinks it's time to break up the big banks. Simon says the current regulations aren't enough to prevent another crisis and we need to do something more drastic. Former head of the Federal Reserve, Paul Volcker and Mervyn King, head of the British central bank, agree, but that hasn't convinced Martin Baily of the Brookings Institution. Baily, who was chairman of the Council of Economic Advisers during the Clinton administration, is worried about the unintended consequences of bad regulation. He says the risk simply isn't worth it. Economist and Planet Money regular Simon Johnson thinks it's time to break up the big banks. Simon says the current regulations aren't enough to prevent another crisis and we need to do something more drastic. Former head of the Federal Reserve, Paul Volcker and Mervyn King, head of the British central bank, agree, but that hasn't convinced Martin Baily of the Brookings Institution. Baily, who was chairman of the Council of Economic Advisers during the Clinton administration, is worried about the unintended consequences of bad regulation. He says the risk simply isn't worth it. tag:odeo.com,2009-11-11,25439810 Wed, 11 Nov 2009 17:20:30 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25427953-115-Planet-Money-We-ve-Been-Here-Before When people talk about the current economic crisis they bring up the Great Depression and Japan's lost decade, but the world's history of 'financial folly' spans much larger, through eight centuries and 66 different countries. In their new book, This Time Is Different, economist Ken Rogoff of Harvard, and Carmen Reinhart of University of Maryland, tell the stories of financial crises from medieval currency debasements to the recent subprime mess. Reinhart says our current troubles are nothing new, and what's worse, she predicts we're doomed to repeat the mistakes of our predecessors. When people talk about the current economic crisis they bring up the Great Depression and Japan's lost decade, but the world's history of 'financial folly' spans much larger, through eight centuries and 66 different countries. In their new book, This Time Is Different, economist Ken Rogoff of Harvard, and Carmen Reinhart of University of Maryland, tell the stories of financial crises from medieval currency debasements to the recent subprime mess. Reinhart says our current troubles are nothing new, and what's worse, she predicts we're doomed to repeat the mistakes of our predecessors. When people talk about the current economic crisis they bring up the Great Depression and Japan's lost decade, but the world's history of 'financial folly' spans much larger, through eight centuries and 66 different countries. In their new book, This Time Is Different, economist Ken Rogoff of Harvard, and Carmen Reinhart of University of Maryland, tell the stories of financial crises from medieval currency debasements to the recent subprime mess. Reinhart says our current troubles are nothing new, and what's worse, she predicts we're doomed to repeat the mistakes of our predecessors. tag:odeo.com,2009-11-09,25427953 Mon, 09 Nov 2009 16:43:24 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25416628-114-Planet-Money-Shopping-For-An-MRI How can one hospital charge $800 for an MRI while the stand alone clinic down the street charges $450? We visit two MRI centers in Pensacola, Florida to find out. How can one hospital charge $800 for an MRI while the stand alone clinic down the street charges $450? We visit two MRI centers in Pensacola, Florida to find out. How can one hospital charge $800 for an MRI while the stand alone clinic down the street charges $450? We visit two MRI centers in Pensacola, Florida to find out. tag:odeo.com,2009-11-07,25416628 Sat, 07 Nov 2009 00:50:17 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25403741-113-Planet-Money-Paying-Doctors When the government created the Medicare system in 1965, they were so desperate to get doctors into it that they allowed them set their own fees. The fee for service system was good for doctors, who now got paid for giving health care to the poor and elderly, but bad for the government. The crushing weight of doctors fees soon sent government budgets out of control. Ten years later, President Ford thought he had the solution, cap the fees paid to doctors. Unfortunately capping fees just caused another problem, overtreatment. It wasn't until the late 1980's that an economist from Harvard, Professor William Hsiao, finally came up with method to determine competitive prices for doctor's care — the relative value scale. Though this scale is used today, the problem of over paying doctors still exists. Hsiao, says that's because special interests have gotten a hold of his scale distorted it. When the government created the Medicare system in 1965, they were so desperate to get doctors into it that they allowed them set their own fees. The fee for service system was good for doctors, who now got paid for giving health care to the poor and elderly, but bad for the government. The crushing weight of doctors fees soon sent government budgets out of control. Ten years later, President Ford thought he had the solution, cap the fees paid to doctors. Unfortunately capping fees just caused another problem, overtreatment. It wasn't until the late 1980's that an economist from Harvard, Professor William Hsiao, finally came up with method to determine competitive prices for doctor's care — the relative value scale. Though this scale is used today, the problem of over paying doctors still exists. Hsiao, says that's because special interests have gotten a hold of his scale distorted it. When the government created the Medicare system in 1965, they were so desperate to get doctors into it that they allowed them set their own fees. The fee for service system was good for doctors, who now got paid for giving health care to the poor and elderly, but bad for the government. The crushing weight of doctors fees soon sent government budgets out of control. Ten years later, President Ford thought he had the solution, cap the fees paid to doctors. Unfortunately capping fees just caused another problem, overtreatment. It wasn't until the late 1980's that an economist from Harvard, Professor William Hsiao, finally came up with method to determine competitive prices for doctor's care — the relative value scale. Though this scale is used today, the problem of over paying doctors still exists. Hsiao, says that's because special interests have gotten a hold of his scale distorted it. tag:odeo.com,2009-11-04,25403741 Wed, 04 Nov 2009 19:55:28 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25400864-112-Planet-Money-A-Marshall-Plan-For-Africa The world's governments have given a trillion dollars in aid developing nations since WWII, and yet in some countries, particularly in Africa, the economic situation is just as bad or worse than it's ever been. Columbia economist and former economic adviser to the Bush administration, Glenn Hubbard, says it's time to change the way we give aid to Africa. Hubbard, co-author of The Aid Trap: Hard Truths About Ending Poverty, advocates a modern day Marshall plan, which would give money directly to local businesses instead of government. The world's governments have given a trillion dollars in aid developing nations since WWII, and yet in some countries, particularly in Africa, the economic situation is just as bad or worse than it's ever been. Columbia economist and former economic adviser to the Bush administration, Glenn Hubbard, says it's time to change the way we give aid to Africa. Hubbard, co-author of The Aid Trap: Hard Truths About Ending Poverty, advocates a modern day Marshall plan, which would give money directly to local businesses instead of government. The world's governments have given a trillion dollars in aid developing nations since WWII, and yet in some countries, particularly in Africa, the economic situation is just as bad or worse than it's ever been. Columbia economist and former economic adviser to the Bush administration, Glenn Hubbard, says it's time to change the way we give aid to Africa. Hubbard, co-author of The Aid Trap: Hard Truths About Ending Poverty, advocates a modern day Marshall plan, which would give money directly to local businesses instead of government. tag:odeo.com,2009-11-03,25400864 Tue, 03 Nov 2009 00:19:28 -0800 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25400866-111-Planet-Money-In-The-Classroom Economics teacher Heather Hanemann has developed a curriculum based on several of the Planet Money podcasts. We visited her classroom here in Manhattan to see what the kids thought about the show and hear how the financial crisis has played out in their lives. Economics teacher Heather Hanemann has developed a curriculum based on several of the Planet Money podcasts. We visited her classroom here in Manhattan to see what the kids thought about the show and hear how the financial crisis has played out in their lives. Economics teacher Heather Hanemann has developed a curriculum based on several of the Planet Money podcasts. We visited her classroom here in Manhattan to see what the kids thought about the show and hear how the financial crisis has played out in their lives. tag:odeo.com,2009-10-30,25400866 Fri, 30 Oct 2009 16:38:42 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25400867-110-Planet-Money-GMAC-s-Hail-Mary-Pass GMAC is on the way to achieving the special distinction of three federal bailouts. The financial institution has already received $12.5 billion in assistance, for which the government has taken a stake of nearly 35 percent in the company. Columbia economist Charles Calomiris says the GMAC case is a textbook example of the dangers that come with taxpayer bailouts. Calomiris says the government ends up giving money to keep a foundering bank afloat. The bank takes what's known as "resurrection risk," the economic equivalent of football's Hail Mary pass. There's more. Senior Vice President Paul Merski of the Independent Community Bankers of America says that with government backing in place, GMAC is getting an unfair competitive advantage. GMAC is on the way to achieving the special distinction of three federal bailouts. The financial institution has already received $12.5 billion in assistance, for which the government has taken a stake of nearly 35 percent in the company. Columbia economist Charles Calomiris says the GMAC case is a textbook example of the dangers that come with taxpayer bailouts. Calomiris says the government ends up giving money to keep a foundering bank afloat. The bank takes what's known as "resurrection risk," the economic equivalent of football's Hail Mary pass. There's more. Senior Vice President Paul Merski of the Independent Community Bankers of America says that with government backing in place, GMAC is getting an unfair competitive advantage. GMAC is on the way to achieving the special distinction of three federal bailouts. The financial institution has already received $12.5 billion in assistance, for which the government has taken a stake of nearly 35 percent in the company. Columbia economist Charles Calomiris says the GMAC case is a textbook example of the dangers that come with taxpayer bailouts. Calomiris says the government ends up giving money to keep a foundering bank afloat. The bank takes what's known as "resurrection risk," the economic equivalent of football's Hail Mary pass. There's more. Senior Vice President Paul Merski of the Independent Community Bankers of America says that with government backing in place, GMAC is getting an unfair competitive advantage. tag:odeo.com,2009-10-28,25400867 Wed, 28 Oct 2009 17:26:14 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25380978-109-Planet-Money-Can-GM-Ever-Pay-Us-Back Since the start of the financial crisis, the U.S. government has put $50 billion into General Motors. After GM emerged from bankruptcy this year, the public owned 61 percent of the stock of the newly reconstituted company. How much of that $50 billion will the American taxpayer get back? CEO Fritz Henderson says business at GM is getting better, which is at least a hopeful sign for repayment. But the situation at GM is so complicated, Henderson says, that he can't say yet how much money GM will be able to return to the public coffers. Longtime auto analyst John Casesa has crunched the numbers we have. He says GM would have to do everything right, in a strong economy, to pay back what it owes. Meanwhile, a Congressional Oversight Panel report says the public will get back less than half the money it used to bail out GM and Chrysler. Since the start of the financial crisis, the U.S. government has put $50 billion into General Motors. After GM emerged from bankruptcy this year, the public owned 61 percent of the stock of the newly reconstituted company. How much of that $50 billion will the American taxpayer get back? CEO Fritz Henderson says business at GM is getting better, which is at least a hopeful sign for repayment. But the situation at GM is so complicated, Henderson says, that he can't say yet how much money GM will be able to return to the public coffers. Longtime auto analyst John Casesa has crunched the numbers we have. He says GM would have to do everything right, in a strong economy, to pay back what it owes. Meanwhile, a Congressional Oversight Panel report says the public will get back less than half the money it used to bail out GM and Chrysler. Since the start of the financial crisis, the U.S. government has put $50 billion into General Motors. After GM emerged from bankruptcy this year, the public owned 61 percent of the stock of the newly reconstituted company. How much of that $50 billion will the American taxpayer get back? CEO Fritz Henderson says business at GM is getting better, which is at least a hopeful sign for repayment. But the situation at GM is so complicated, Henderson says, that he can't say yet how much money GM will be able to return to the public coffers. Longtime auto analyst John Casesa has crunched the numbers we have. He says GM would have to do everything right, in a strong economy, to pay back what it owes. Meanwhile, a Congressional Oversight Panel report says the public will get back less than half the money it used to bail out GM and Chrysler. tag:odeo.com,2009-10-26,25380978 Mon, 26 Oct 2009 17:28:28 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25358971-108-Planet-Money-Elinor-Ostrom-Checks-In This month, Indiana University professor Elinor Ostrom became the first woman to win the Nobel prize for economics. Ostrom explains her groundbreaking research into the public management of natural resources. The political scientist argues that people should be empowered to organize themselves in small ways that scale up to a global network. Government can be helpful in doing that, but people shouldn't rely on it alone. This month, Indiana University professor Elinor Ostrom became the first woman to win the Nobel prize for economics. Ostrom explains her groundbreaking research into the public management of natural resources. The political scientist argues that people should be empowered to organize themselves in small ways that scale up to a global network. Government can be helpful in doing that, but people shouldn't rely on it alone. This month, Indiana University professor Elinor Ostrom became the first woman to win the Nobel prize for economics. Ostrom explains her groundbreaking research into the public management of natural resources. The political scientist argues that people should be empowered to organize themselves in small ways that scale up to a global network. Government can be helpful in doing that, but people shouldn't rely on it alone. tag:odeo.com,2009-10-23,25358971 Fri, 23 Oct 2009 15:01:40 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25332835-107-Planet-Money-Economics-for-Monkeys Human beings aren't the only creatures who make economic decisions. It turns out that monkeys do it, too. Scientists have observed our primate kin exchanging goods and services and adjusting prices. Ronald Noe, a professor of primate ethnology at the University of Strasbourg, says the vervet monkey of southern and eastern Africa uses grooming as a kind of currency. Vervets determine the value of food providers and divide their attention according to the law of supply and demand. Human beings aren't the only creatures who make economic decisions. It turns out that monkeys do it, too. Scientists have observed our primate kin exchanging goods and services and adjusting prices. Ronald Noe, a professor of primate ethnology at the University of Strasbourg, says the vervet monkey of southern and eastern Africa uses grooming as a kind of currency. Vervets determine the value of food providers and divide their attention according to the law of supply and demand. Human beings aren't the only creatures who make economic decisions. It turns out that monkeys do it, too. Scientists have observed our primate kin exchanging goods and services and adjusting prices. Ronald Noe, a professor of primate ethnology at the University of Strasbourg, says the vervet monkey of southern and eastern Africa uses grooming as a kind of currency. Vervets determine the value of food providers and divide their attention according to the law of supply and demand. tag:odeo.com,2009-10-21,25332835 Wed, 21 Oct 2009 17:59:10 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25315542-106-Planet-Money-The-Paradox-Of-Oil Gregory Schiedler works for a foreign oil company in Angola's capital Luanda. He lives in a gated community, gets driven to work everyday and is responsible for spending one billion dollars in the next year. Gregory has very little interaction with Angolans except for one, the teenager who sells him chewing gum. Minguito works on the streets of Angola selling cigarettes, shoe shines and gum to foreigners like Gregory and anyone else who wants to buy them. He's tired of working on the street and running from the police, but he says he feels like he has no choice. Retired U.S. diplomat Herman Cohen explains why billions of dollars of oil money flowing into Angola have done little to help the people who live there. Gregory Schiedler works for a foreign oil company in Angola's capital Luanda. He lives in a gated community, gets driven to work everyday and is responsible for spending one billion dollars in the next year. Gregory has very little interaction with Angolans except for one, the teenager who sells him chewing gum. Minguito works on the streets of Angola selling cigarettes, shoe shines and gum to foreigners like Gregory and anyone else who wants to buy them. He's tired of working on the street and running from the police, but he says he feels like he has no choice. Retired U.S. diplomat Herman Cohen explains why billions of dollars of oil money flowing into Angola have done little to help the people who live there. Gregory Schiedler works for a foreign oil company in Angola's capital Luanda. He lives in a gated community, gets driven to work everyday and is responsible for spending one billion dollars in the next year. Gregory has very little interaction with Angolans except for one, the teenager who sells him chewing gum. Minguito works on the streets of Angola selling cigarettes, shoe shines and gum to foreigners like Gregory and anyone else who wants to buy them. He's tired of working on the street and running from the police, but he says he feels like he has no choice. Retired U.S. diplomat Herman Cohen explains why billions of dollars of oil money flowing into Angola have done little to help the people who live there. tag:odeo.com,2009-10-19,25315542 Mon, 19 Oct 2009 19:02:07 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25300036-105-Planet-Money-Insurance-For-A-Hedgehog On today's Planet Money: We give a sneak preview of our upcoming This American Life special on health insurance. How much would you pay to protect someone or something you love? Kristin Zorbini Bongard and her husband love their pet hedgehog, Harriet, so much that they spend about $80 a year on health insurance for her. Even with the coverage, they shelled out $1,911.20 for the hedgehog's cancer treatment. Economist Tim Harford, the Financial Times' Undercover Economist, who admits to not being a pet person, says the problem with pet insurance is not that it's for pets. It's that it causes waste, because you're spending someone else's money. On today's Planet Money: We give a sneak preview of our upcoming This American Life special on health insurance. How much would you pay to protect someone or something you love? Kristin Zorbini Bongard and her husband love their pet hedgehog, Harriet, so much that they spend about $80 a year on health insurance for her. Even with the coverage, they shelled out $1,911.20 for the hedgehog's cancer treatment. Economist Tim Harford, the Financial Times' Undercover Economist, who admits to not being a pet person, says the problem with pet insurance is not that it's for pets. It's that it causes waste, because you're spending someone else's money. On today's Planet Money: We give a sneak preview of our upcoming This American Life special on health insurance. How much would you pay to protect someone or something you love? Kristin Zorbini Bongard and her husband love their pet hedgehog, Harriet, so much that they spend about $80 a year on health insurance for her. Even with the coverage, they shelled out $1,911.20 for the hedgehog's cancer treatment. Economist Tim Harford, the Financial Times' Undercover Economist, who admits to not being a pet person, says the problem with pet insurance is not that it's for pets. It's that it causes waste, because you're spending someone else's money. tag:odeo.com,2009-10-16,25300036 Fri, 16 Oct 2009 17:39:32 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25287351-104-Planet-Money-The-Riddle-of-Minimum-Wage On today's Planet Money: You've got economic riddles, and economists have answers. First up, Emily Oster of the University of Chicago Booth School of Business tackles the question about minimum wage. Why is that cities that have raised their minimum wages so often have lower rates of joblessness and healthier economies? Second, Robert Frank of Cornell wrestles with the question of why software companies set such widely varying prices for essentially the same software. On today's Planet Money: You've got economic riddles, and economists have answers. First up, Emily Oster of the University of Chicago Booth School of Business tackles the question about minimum wage. Why is that cities that have raised their minimum wages so often have lower rates of joblessness and healthier economies? Second, Robert Frank of Cornell wrestles with the question of why software companies set such widely varying prices for essentially the same software. On today's Planet Money: You've got economic riddles, and economists have answers. First up, Emily Oster of the University of Chicago Booth School of Business tackles the question about minimum wage. Why is that cities that have raised their minimum wages so often have lower rates of joblessness and healthier economies? Second, Robert Frank of Cornell wrestles with the question of why software companies set such widely varying prices for essentially the same software. tag:odeo.com,2009-10-14,25287351 Wed, 14 Oct 2009 16:55:32 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25262286-103-Planet-Money-Here-Comes-China On today's Planet Money: Ian Bremmer of Eurasia Group and professor Kishore Mahbubani of the National University of Singapore take us on a brief world tour. Mahbubani, author of the New Asian Hemisphere, argues that the most of the world is preparing for China's coming global dominance. It's a psychological adjustment that Americans aren't yet ready to make. Bremmer, author of The Fat Tail, says that if the Chinese economy remains state-controlled, American businesses won't get a level playing field. But Americans shouldn't necessarily fear the rise of China, because the U.S. and China will continue to need each other for many years to come. On today's Planet Money: Ian Bremmer of Eurasia Group and professor Kishore Mahbubani of the National University of Singapore take us on a brief world tour. Mahbubani, author of the New Asian Hemisphere, argues that the most of the world is preparing for China's coming global dominance. It's a psychological adjustment that Americans aren't yet ready to make. Bremmer, author of The Fat Tail, says that if the Chinese economy remains state-controlled, American businesses won't get a level playing field. But Americans shouldn't necessarily fear the rise of China, because the U.S. and China will continue to need each other for many years to come. On today's Planet Money: Ian Bremmer of Eurasia Group and professor Kishore Mahbubani of the National University of Singapore take us on a brief world tour. Mahbubani, author of the New Asian Hemisphere, argues that the most of the world is preparing for China's coming global dominance. It's a psychological adjustment that Americans aren't yet ready to make. Bremmer, author of The Fat Tail, says that if the Chinese economy remains state-controlled, American businesses won't get a level playing field. But Americans shouldn't necessarily fear the rise of China, because the U.S. and China will continue to need each other for many years to come. tag:odeo.com,2009-10-09,25262286 Fri, 09 Oct 2009 16:59:40 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25251133-102-Planet-Money-The-Economics-Of-Parenting Human beings have always loved their children, but at certain times in history they really needed them, for economic reasons. Mick Watson, chair of the psychology department at Brandeis University, explains how economics have impacted parenting styles from our early days as hunter-gatherers to today's modern industrial society. Human beings have always loved their children, but at certain times in history they really needed them, for economic reasons. Mick Watson, chair of the psychology department at Brandeis University, explains how economics have impacted parenting styles from our early days as hunter-gatherers to today's modern industrial society. Human beings have always loved their children, but at certain times in history they really needed them, for economic reasons. Mick Watson, chair of the psychology department at Brandeis University, explains how economics have impacted parenting styles from our early days as hunter-gatherers to today's modern industrial society. tag:odeo.com,2009-10-07,25251133 Wed, 07 Oct 2009 17:14:01 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25239100-101-Planet-Money-Health-Care-Economist-On-Call You've seen those crazy-looking medical bills, the ones with row after row of prices and treatment codes. How about one that says the service cost $1,200, except your insurer paid $400 and you the patient owe nothing? Where did that other money go? Doctor bills are complicated enough to make you go looking for a Harvard health care economist. Which is just what we did. Today, professor Joseph Newhouse fields your questions. You've seen those crazy-looking medical bills, the ones with row after row of prices and treatment codes. How about one that says the service cost $1,200, except your insurer paid $400 and you the patient owe nothing? Where did that other money go? Doctor bills are complicated enough to make you go looking for a Harvard health care economist. Which is just what we did. Today, professor Joseph Newhouse fields your questions. You've seen those crazy-looking medical bills, the ones with row after row of prices and treatment codes. How about one that says the service cost $1,200, except your insurer paid $400 and you the patient owe nothing? Where did that other money go? Doctor bills are complicated enough to make you go looking for a Harvard health care economist. Which is just what we did. Today, professor Joseph Newhouse fields your questions. tag:odeo.com,2009-10-05,25239100 Mon, 05 Oct 2009 17:06:33 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25223471-100-Planet-Money-Capitalism-Just-Keeps-Churning During the Great Depression, people began ditching capitalism for alternative ideologies like communism or socialism. That hasn't happened during the Great Recession, despite people saying that capitalism's flaws are on full display. Socialist parties have been losing ground across Europe. In Germany, for example, the Socialist Democratic Party just made its poorest showing in elections since World War II. Eurasia Group's David Gordon says the political right is doing well in Europe these days because it has co-opted issues that traditionally belonged to the left. Where the left remains popular, as it does in Latin America, successful politicians have moved to the right. Meanwhile, he argues, the left lacks a compelling narrative about what caused the economic crisis. During the Great Depression, people began ditching capitalism for alternative ideologies like communism or socialism. That hasn't happened during the Great Recession, despite people saying that capitalism's flaws are on full display. Socialist parties have been losing ground across Europe. In Germany, for example, the Socialist Democratic Party just made its poorest showing in elections since World War II. Eurasia Group's David Gordon says the political right is doing well in Europe these days because it has co-opted issues that traditionally belonged to the left. Where the left remains popular, as it does in Latin America, successful politicians have moved to the right. Meanwhile, he argues, the left lacks a compelling narrative about what caused the economic crisis. During the Great Depression, people began ditching capitalism for alternative ideologies like communism or socialism. That hasn't happened during the Great Recession, despite people saying that capitalism's flaws are on full display. Socialist parties have been losing ground across Europe. In Germany, for example, the Socialist Democratic Party just made its poorest showing in elections since World War II. Eurasia Group's David Gordon says the political right is doing well in Europe these days because it has co-opted issues that traditionally belonged to the left. Where the left remains popular, as it does in Latin America, successful politicians have moved to the right. Meanwhile, he argues, the left lacks a compelling narrative about what caused the economic crisis. tag:odeo.com,2009-10-02,25223471 Fri, 02 Oct 2009 13:36:47 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25213330-99-Planet-Money-Should-Government-Run-Our-Health-Insurance The U.S. Senate Finance Committee twice voted down a measure to have the government offer a health insurance plan — the so-called public option. In countries like England and Canada, the public option is a fact of life. Taxpayers put money into the system and everyone automatically gets health insurance from the government, in what's known as a single-payer system. Should the government run our health insurance? Donna Smith of the California Nurses Association says it should. Smith, whose personal insurance nightmare figures in the Michael Moore documentary Sicko, says a single-payer system would get care to more people and save money. Stuart Butler of the Heritage Foundation says government shouldn't become everyone's insurance company. Butler, who's from the U.K., says single-payer care is no cure-all. The U.S. Senate Finance Committee twice voted down a measure to have the government offer a health insurance plan — the so-called public option. In countries like England and Canada, the public option is a fact of life. Taxpayers put money into the system and everyone automatically gets health insurance from the government, in what's known as a single-payer system. Should the government run our health insurance? Donna Smith of the California Nurses Association says it should. Smith, whose personal insurance nightmare figures in the Michael Moore documentary Sicko, says a single-payer system would get care to more people and save money. Stuart Butler of the Heritage Foundation says government shouldn't become everyone's insurance company. Butler, who's from the U.K., says single-payer care is no cure-all. The U.S. Senate Finance Committee twice voted down a measure to have the government offer a health insurance plan — the so-called public option. In countries like England and Canada, the public option is a fact of life. Taxpayers put money into the system and everyone automatically gets health insurance from the government, in what's known as a single-payer system. Should the government run our health insurance? Donna Smith of the California Nurses Association says it should. Smith, whose personal insurance nightmare figures in the Michael Moore documentary Sicko, says a single-payer system would get care to more people and save money. Stuart Butler of the Heritage Foundation says government shouldn't become everyone's insurance company. Butler, who's from the U.K., says single-payer care is no cure-all. tag:odeo.com,2009-09-30,25213330 Wed, 30 Sep 2009 17:00:44 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25202958-98-Planet-Money-Senate-Considers-Health-Care-Coops Health care cooperatives are insurance companies owned by ordinary patients who buy in. The Senate Finance Committee is working on a $6 billion measure, pushed by Sen. Kent Conrad (D-N.D.), that would set up health care cooperatives across the nation. The idea is to have cooperatives take the place of the public option, in which the government would set up an insurance plan to compete with ones from private companies. A health coop that saves you money may be something of a unicorn, says reporter Keith Seinfeld of Seattle's KPLU. Seinfeld belongs to a health care cooperative already, one of only two in the country. He says he doesn't see his own Group Health Cooperative as being better than other providers at controlling costs. What's more, the input from its 600,000 members may not amount to much when only 3,000 of them choose to vote. With an expert opinion from Tim Jost, a law professor at Washington and Lee, who says health coops are expensive to start and run. Their main benefi... Health care cooperatives are insurance companies owned by ordinary patients who buy in. The Senate Finance Committee is working on a $6 billion measure, pushed by Sen. Kent Conrad (D-N.D.), that would set up health care cooperatives across the nation. The idea is to have cooperatives take the place of the public option, in which the government would set up an insurance plan to compete with ones from private companies. A health coop that saves you money may be something of a unicorn, says reporter Keith Seinfeld of Seattle's KPLU. Seinfeld belongs to a health care cooperative already, one of only two in the country. He says he doesn't see his own Group Health Cooperative as being better than other providers at controlling costs. What's more, the input from its 600,000 members may not amount to much when only 3,000 of them choose to vote. With an expert opinion from Tim Jost, a law professor at Washington and Lee, who says health coops are expensive to start and run. Their main benefit: They make people happier. Health care cooperatives are insurance companies owned by ordinary patients who buy in. The Senate Finance Committee is working on a $6 billion measure, pushed by Sen. Kent Conrad (D-N.D.), that would set up health care cooperatives across the nation. The idea is to have cooperatives take the place of the public option, in which the government would set up an insurance plan to compete with ones from private companies. A health coop that saves you money may be something of a unicorn, says reporter Keith Seinfeld of Seattle's KPLU. Seinfeld belongs to a health care cooperative already, one of only two in the country. He says he doesn't see his own Group Health Cooperative as being better than other providers at controlling costs. What's more, the input from its 600,000 members may not amount to much when only 3,000 of them choose to vote. With an expert opinion from Tim Jost, a law professor at Washington and Lee, who says health coops are expensive to start and run. Their main benefit: They make people happier. tag:odeo.com,2009-09-29,25202958 Tue, 29 Sep 2009 00:36:55 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25186523-97-Planet-Money-G20-Makes-Pittsburgh-Look-Good On today's Planet Money: Rich nations and developing ones in the G20 got together in Pittsburgh this week to discuss the fate of the world. Also, how to fix it. Among the key issues was how to give emerging markets a meaningful seat at the table. For starters, the G20 will now replace the G8, which includes only leading nations. David Gordon, head of research at Eurasia Group, says that's a start, a small one. Meanwhile, NPR's Scott Horsley ventured out past the protesters in search of an alternative G20 scene. On today's Planet Money: Rich nations and developing ones in the G20 got together in Pittsburgh this week to discuss the fate of the world. Also, how to fix it. Among the key issues was how to give emerging markets a meaningful seat at the table. For starters, the G20 will now replace the G8, which includes only leading nations. David Gordon, head of research at Eurasia Group, says that's a start, a small one. Meanwhile, NPR's Scott Horsley ventured out past the protesters in search of an alternative G20 scene. On today's Planet Money: Rich nations and developing ones in the G20 got together in Pittsburgh this week to discuss the fate of the world. Also, how to fix it. Among the key issues was how to give emerging markets a meaningful seat at the table. For starters, the G20 will now replace the G8, which includes only leading nations. David Gordon, head of research at Eurasia Group, says that's a start, a small one. Meanwhile, NPR's Scott Horsley ventured out past the protesters in search of an alternative G20 scene. tag:odeo.com,2009-09-25,25186523 Fri, 25 Sep 2009 16:41:37 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25175007-96-Planet-Money-Giant-Pool-Of-Money-Where-Are-They-Now We revisit the show that fathered our podcast — The Giant Pool of Money. In that show, Adam and Alex set out to explain a simple question: "Why would the financial services industry rush to make lots of loans to people who couldn't pay them back?" They traced the mortgage chain from the people who took out the loans to those who re-packaged them and sold them off. That show aired in May of 2008 several months before we knew the extent giant financial collapse we were headed for. Today we visit two of the people featured in that piece. Richard, a Marine who was facing foreclosure, and Jim Finkel, a CDO manager, to see they've fared in the downturn. We revisit the show that fathered our podcast — The Giant Pool of Money. In that show, Adam and Alex set out to explain a simple question: "Why would the financial services industry rush to make lots of loans to people who couldn't pay them back?" They traced the mortgage chain from the people who took out the loans to those who re-packaged them and sold them off. That show aired in May of 2008 several months before we knew the extent giant financial collapse we were headed for. Today we visit two of the people featured in that piece. Richard, a Marine who was facing foreclosure, and Jim Finkel, a CDO manager, to see they've fared in the downturn. We revisit the show that fathered our podcast — The Giant Pool of Money. In that show, Adam and Alex set out to explain a simple question: "Why would the financial services industry rush to make lots of loans to people who couldn't pay them back?" They traced the mortgage chain from the people who took out the loans to those who re-packaged them and sold them off. That show aired in May of 2008 several months before we knew the extent giant financial collapse we were headed for. Today we visit two of the people featured in that piece. Richard, a Marine who was facing foreclosure, and Jim Finkel, a CDO manager, to see they've fared in the downturn. tag:odeo.com,2009-09-23,25175007 Wed, 23 Sep 2009 17:44:07 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25162279-95-Planet-Money-Defending-the-Public-Option Meet Jacob Hacker, the father of the "public option." Hacker, a Yale political science professor, introduced the notion of the federal government offering a health insurance plan that would compete with ones from private companies. President Obama calls the public option a means of pressuring private insurers to keep policies affordable, while critics say it would put them at an unfair disadvantage. Now Hacker takes a turn defending his big idea, saying that a public plan would cost less to run and be able to bargain for better prices. Meet Jacob Hacker, the father of the "public option." Hacker, a Yale political science professor, introduced the notion of the federal government offering a health insurance plan that would compete with ones from private companies. President Obama calls the public option a means of pressuring private insurers to keep policies affordable, while critics say it would put them at an unfair disadvantage. Now Hacker takes a turn defending his big idea, saying that a public plan would cost less to run and be able to bargain for better prices. Meet Jacob Hacker, the father of the "public option." Hacker, a Yale political science professor, introduced the notion of the federal government offering a health insurance plan that would compete with ones from private companies. President Obama calls the public option a means of pressuring private insurers to keep policies affordable, while critics say it would put them at an unfair disadvantage. Now Hacker takes a turn defending his big idea, saying that a public plan would cost less to run and be able to bargain for better prices. tag:odeo.com,2009-09-21,25162279 Mon, 21 Sep 2009 18:17:04 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25146660-94-Planet-Money-Revenge-of-the-Tariffs Right now someone out there is writing a new line in the Harmonized Tariff Schedule, a 35 percent tariff on Chinese tires. President Obama announced the new tariff last week, angering the Chinese, who quickly responded with promises to investigate tariffs on the US poultry and automotive industries. The tariff tussle has sparked fears of a trade war between the US and China. Arvind Subramanian, economist at the Peterson Institute, says the new tariff may add to messy trade relations, but it will have little impact on the marketplace. That's good news for poultry producer Eric Joiner, who says he depends on China for sales of his chicken paws. Right now someone out there is writing a new line in the Harmonized Tariff Schedule, a 35 percent tariff on Chinese tires. President Obama announced the new tariff last week, angering the Chinese, who quickly responded with promises to investigate tariffs on the US poultry and automotive industries. The tariff tussle has sparked fears of a trade war between the US and China. Arvind Subramanian, economist at the Peterson Institute, says the new tariff may add to messy trade relations, but it will have little impact on the marketplace. That's good news for poultry producer Eric Joiner, who says he depends on China for sales of his chicken paws. Right now someone out there is writing a new line in the Harmonized Tariff Schedule, a 35 percent tariff on Chinese tires. President Obama announced the new tariff last week, angering the Chinese, who quickly responded with promises to investigate tariffs on the US poultry and automotive industries. The tariff tussle has sparked fears of a trade war between the US and China. Arvind Subramanian, economist at the Peterson Institute, says the new tariff may add to messy trade relations, but it will have little impact on the marketplace. That's good news for poultry producer Eric Joiner, who says he depends on China for sales of his chicken paws. tag:odeo.com,2009-09-18,25146660 Fri, 18 Sep 2009 14:45:30 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25137122-93-Planet-Money-The-Nightmare-of-Regulatory-Reform Much of this economic crisis has been caused by strange financial products that fell between the cracks of regulatory agencies. As we now know, more regulators didn't always make things better, they often made things worse. Adam Davidson and Alex Blumberg tell the story of the SEC and the CFTC, two agencies that have fought hard to stay apart while the products they regulate grow more and more intertwined. Both Republicans and Democrats agree the two should become one, but former House Financial Services Committee chairman Mike Oxley says the chances of that happening are about as good as him beating Tiger Woods. Much of this economic crisis has been caused by strange financial products that fell between the cracks of regulatory agencies. As we now know, more regulators didn't always make things better, they often made things worse. Adam Davidson and Alex Blumberg tell the story of the SEC and the CFTC, two agencies that have fought hard to stay apart while the products they regulate grow more and more intertwined. Both Republicans and Democrats agree the two should become one, but former House Financial Services Committee chairman Mike Oxley says the chances of that happening are about as good as him beating Tiger Woods. Much of this economic crisis has been caused by strange financial products that fell between the cracks of regulatory agencies. As we now know, more regulators didn't always make things better, they often made things worse. Adam Davidson and Alex Blumberg tell the story of the SEC and the CFTC, two agencies that have fought hard to stay apart while the products they regulate grow more and more intertwined. Both Republicans and Democrats agree the two should become one, but former House Financial Services Committee chairman Mike Oxley says the chances of that happening are about as good as him beating Tiger Woods. tag:odeo.com,2009-09-16,25137122 Wed, 16 Sep 2009 17:34:19 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25126389-92-Planet-Money-Live Highlights from our live debate on financial regulatory reform, hosted by Planet Money and the Pew Charitable Trusts - Bob Litan and Scott Talbott duke it out over what to do with financial institutions that are too big to fail. - Adam Levitin and Diane Casey-Landry sound off on a proposed Consumer Financial Protection Agency. - Darrell Duffie and Mark Brickell dispute the future of derivatives. With special appearances by Alice Rivlin, Martin Bailey, Charles Calomiris, Peter Wallison and Adam's dad, Jack Davidson. Highlights from our live debate on financial regulatory reform, hosted by Planet Money and the Pew Charitable Trusts - Bob Litan and Scott Talbott duke it out over what to do with financial institutions that are too big to fail. - Adam Levitin and Diane Casey-Landry sound off on a proposed Consumer Financial Protection Agency. - Darrell Duffie and Mark Brickell dispute the future of derivatives. With special appearances by Alice Rivlin, Martin Bailey, Charles Calomiris, Peter Wallison and Adam's dad, Jack Davidson. Highlights from our live debate on financial regulatory reform, hosted by Planet Money and the Pew Charitable Trusts - Bob Litan and Scott Talbott duke it out over what to do with financial institutions that are too big to fail. - Adam Levitin and Diane Casey-Landry sound off on a proposed Consumer Financial Protection Agency. - Darrell Duffie and Mark Brickell dispute the future of derivatives. With special appearances by Alice Rivlin, Martin Bailey, Charles Calomiris, Peter Wallison and Adam's dad, Jack Davidson. tag:odeo.com,2009-09-14,25126389 Mon, 14 Sep 2009 18:10:29 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25110100-91-Planet-Money-Clipping-Coupons-For-Health-Care Co-payments for prescription drugs are one of the ways health insurance companies try to contain costs. Co-pays for generic drugs are often cheaper than for brand name option, so consumers opt for the drug that's cheaper for the insurance agency. But some drug companies have come up with a way to undermine the system. They're handing out "co-pay assistance cards," which are basically like coupons for prescription drugs. They offer you a discount on the co-pay of a particular brand name drug, making the brand name effectively cheaper than the generic. It may sound like a great deal for consumers, but the Wall Street Journal's John Rockoff, says the coupons come with some hidden costs. Co-payments for prescription drugs are one of the ways health insurance companies try to contain costs. Co-pays for generic drugs are often cheaper than for brand name option, so consumers opt for the drug that's cheaper for the insurance agency. But some drug companies have come up with a way to undermine the system. They're handing out "co-pay assistance cards," which are basically like coupons for prescription drugs. They offer you a discount on the co-pay of a particular brand name drug, making the brand name effectively cheaper than the generic. It may sound like a great deal for consumers, but the Wall Street Journal's John Rockoff, says the coupons come with some hidden costs. Co-payments for prescription drugs are one of the ways health insurance companies try to contain costs. Co-pays for generic drugs are often cheaper than for brand name option, so consumers opt for the drug that's cheaper for the insurance agency. But some drug companies have come up with a way to undermine the system. They're handing out "co-pay assistance cards," which are basically like coupons for prescription drugs. They offer you a discount on the co-pay of a particular brand name drug, making the brand name effectively cheaper than the generic. It may sound like a great deal for consumers, but the Wall Street Journal's John Rockoff, says the coupons come with some hidden costs. tag:odeo.com,2009-09-11,25110100 Fri, 11 Sep 2009 15:18:18 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25101129-90-Planet-Money-Planet-Money-Survives-First-Year On today's Planet Money, Adam Davidson and Alex Blumberg spent the summer of 2008 working on the story that would launch Planet Money — a Chana Joffe-Walt report about the connection between Chinese windmills and U.S. airplanes. But a funny thing happened on the way to that first feature: in a terrifying series of financial calamities last summer, the global economy darned near died. What began as the month we all started thinking about Too Big Too Fail turned into Planet Money's first crazy, crazy year. You were there. Celebrate it with us in this anniversary podcast. On today's Planet Money, Adam Davidson and Alex Blumberg spent the summer of 2008 working on the story that would launch Planet Money — a Chana Joffe-Walt report about the connection between Chinese windmills and U.S. airplanes. But a funny thing happened on the way to that first feature: in a terrifying series of financial calamities last summer, the global economy darned near died. What began as the month we all started thinking about Too Big Too Fail turned into Planet Money's first crazy, crazy year. You were there. Celebrate it with us in this anniversary podcast. On today's Planet Money, Adam Davidson and Alex Blumberg spent the summer of 2008 working on the story that would launch Planet Money — a Chana Joffe-Walt report about the connection between Chinese windmills and U.S. airplanes. But a funny thing happened on the way to that first feature: in a terrifying series of financial calamities last summer, the global economy darned near died. What began as the month we all started thinking about Too Big Too Fail turned into Planet Money's first crazy, crazy year. You were there. Celebrate it with us in this anniversary podcast. tag:odeo.com,2009-09-10,25101129 Thu, 10 Sep 2009 00:35:28 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25074840-89-Planet-Money-Economics-For-Medieval-Chinese-Peasants We've been talking lately with medieval historian Philip Daileader about how very little fun it was to live in 12th century France. Now, thanks to a nudge from listener Alan Munter, we're looking at the state of economic life in Asia. Historian Kenneth Pomeranz says pre-industrial China was no picnic, either. Life expectancy in the lower Yangtze River Valley was probably about 35 in the year zero, Pomeranz says, and it was probably about the same in 1800. At least from the 1,000 on, people began spending more time at work, but without much to show for it. Yet Pomeranz, author of the The Great Divergence: China, Europe, and the Making of the Modern World Economy, says it was one of the best places on the planet for poor people to live until the eve of the industrial revolution. We've been talking lately with medieval historian Philip Daileader about how very little fun it was to live in 12th century France. Now, thanks to a nudge from listener Alan Munter, we're looking at the state of economic life in Asia. Historian Kenneth Pomeranz says pre-industrial China was no picnic, either. Life expectancy in the lower Yangtze River Valley was probably about 35 in the year zero, Pomeranz says, and it was probably about the same in 1800. At least from the 1,000 on, people began spending more time at work, but without much to show for it. Yet Pomeranz, author of the The Great Divergence: China, Europe, and the Making of the Modern World Economy, says it was one of the best places on the planet for poor people to live until the eve of the industrial revolution. We've been talking lately with medieval historian Philip Daileader about how very little fun it was to live in 12th century France. Now, thanks to a nudge from listener Alan Munter, we're looking at the state of economic life in Asia. Historian Kenneth Pomeranz says pre-industrial China was no picnic, either. Life expectancy in the lower Yangtze River Valley was probably about 35 in the year zero, Pomeranz says, and it was probably about the same in 1800. At least from the 1,000 on, people began spending more time at work, but without much to show for it. Yet Pomeranz, author of the The Great Divergence: China, Europe, and the Making of the Modern World Economy, says it was one of the best places on the planet for poor people to live until the eve of the industrial revolution. tag:odeo.com,2009-09-04,25074840 Fri, 04 Sep 2009 14:36:13 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25064210-88-Planet-Money-The-Economics-Of-Ticket-Master A listener wants to know why Ticketmaster charges a convenience fee if you want to print out the tickets you buy online. After all, it's your ink and paper, and you're not asking Ticketmaster to mail your purchase. Economist Emily Oster of the Chicago Booth School of Business has been decoding the universe for us, and she's got an answer for you. It's got to do with the network effect, locking up a market and — of course — supply and demand. If you've got an economic riddle for Emily Oster, e-mail it to us at planetmoney@npr.org. A listener wants to know why Ticketmaster charges a convenience fee if you want to print out the tickets you buy online. After all, it's your ink and paper, and you're not asking Ticketmaster to mail your purchase. Economist Emily Oster of the Chicago Booth School of Business has been decoding the universe for us, and she's got an answer for you. It's got to do with the network effect, locking up a market and — of course — supply and demand. If you've got an economic riddle for Emily Oster, e-mail it to us at planetmoney@npr.org. A listener wants to know why Ticketmaster charges a convenience fee if you want to print out the tickets you buy online. After all, it's your ink and paper, and you're not asking Ticketmaster to mail your purchase. Economist Emily Oster of the Chicago Booth School of Business has been decoding the universe for us, and she's got an answer for you. It's got to do with the network effect, locking up a market and — of course — supply and demand. If you've got an economic riddle for Emily Oster, e-mail it to us at planetmoney@npr.org. tag:odeo.com,2009-09-02,25064210 Wed, 02 Sep 2009 14:49:05 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25053460-87-Planet-Money-Health-Insurance-Is-Like-An-All-You-Can-Eat-Buffet Much of the debate over changing the U.S. health care system concerns the Americans who can't get care. But a majority of Americans have insurance of one type or another, and for them, the health care system often more closely resembles an all-you-can-eat buffet. As a consumer, you don't have to worry too a great deal about the price, to a point, because your employer pays much of your premiums and the insurer picks up much of the medical cost. David Goldhill, author of an Atlantic article called "How American Health Care Killed My Father," calculates that the average cost of a family's health insurance over a lifetime is $1.7 million. Goldhill proposes that Americans pay for routine care up to $50,000 over their lifetimes, and then be required to build health savings accounts that would cover the rest. Goldhill's idea strikes Richard Kirsch of Health Care for America Now as very dangerous proposition. He says you can't treat medicine like any other commodity. Much of the debate over changing the U.S. health care system concerns the Americans who can't get care. But a majority of Americans have insurance of one type or another, and for them, the health care system often more closely resembles an all-you-can-eat buffet. As a consumer, you don't have to worry too a great deal about the price, to a point, because your employer pays much of your premiums and the insurer picks up much of the medical cost. David Goldhill, author of an Atlantic article called "How American Health Care Killed My Father," calculates that the average cost of a family's health insurance over a lifetime is $1.7 million. Goldhill proposes that Americans pay for routine care up to $50,000 over their lifetimes, and then be required to build health savings accounts that would cover the rest. Goldhill's idea strikes Richard Kirsch of Health Care for America Now as very dangerous proposition. He says you can't treat medicine like any other commodity. Much of the debate over changing the U.S. health care system concerns the Americans who can't get care. But a majority of Americans have insurance of one type or another, and for them, the health care system often more closely resembles an all-you-can-eat buffet. As a consumer, you don't have to worry too a great deal about the price, to a point, because your employer pays much of your premiums and the insurer picks up much of the medical cost. David Goldhill, author of an Atlantic article called "How American Health Care Killed My Father," calculates that the average cost of a family's health insurance over a lifetime is $1.7 million. Goldhill proposes that Americans pay for routine care up to $50,000 over their lifetimes, and then be required to build health savings accounts that would cover the rest. Goldhill's idea strikes Richard Kirsch of Health Care for America Now as very dangerous proposition. He says you can't treat medicine like any other commodity. tag:odeo.com,2009-08-31,25053460 Mon, 31 Aug 2009 15:55:43 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25035112-86-Planet-Money-Barney-Frank-Checks-In If any single player is driving the process for reforming financial regulation on Capitol Hill, it's Rep. Barney Frank (D-Mass.). The chair of the House Financial Services Committee tells Adam Davidson that bipartisan consensus on the issue is beyond reach. As you'll hear in this interview, Frank is an intense lawmaker with very definite ideas about politics and the art of the possible. If any single player is driving the process for reforming financial regulation on Capitol Hill, it's Rep. Barney Frank (D-Mass.). The chair of the House Financial Services Committee tells Adam Davidson that bipartisan consensus on the issue is beyond reach. As you'll hear in this interview, Frank is an intense lawmaker with very definite ideas about politics and the art of the possible. If any single player is driving the process for reforming financial regulation on Capitol Hill, it's Rep. Barney Frank (D-Mass.). The chair of the House Financial Services Committee tells Adam Davidson that bipartisan consensus on the issue is beyond reach. As you'll hear in this interview, Frank is an intense lawmaker with very definite ideas about politics and the art of the possible. tag:odeo.com,2009-08-27,25035112 Thu, 27 Aug 2009 23:09:59 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25028607-85-Planet-Money-Can-China-Save-America-s-Bacon China's all over the headlines these days, as its economy recovers faster than the U.S. one. World newspapers trumpet the communist nation's rise, with stories like "Asia recovery show's China's ascendance" and "China to surpass U.S. 'within a decade.'" Analyst David Gordon, head of research at Eurasia Group, says it's true that the Chinese responded to the global recession with a fast, effective stimulus program. The rest is hype, Gordon says, since the China's economy is nowhere near big enough or dynamic enough to save the rest of the world. Plus: Listener Aimee Ennis checks in from her interrupted subdivision in Clover, South Carolina, where the developer is — gasp! — building homes again. China's all over the headlines these days, as its economy recovers faster than the U.S. one. World newspapers trumpet the communist nation's rise, with stories like "Asia recovery show's China's ascendance" and "China to surpass U.S. 'within a decade.'" Analyst David Gordon, head of research at Eurasia Group, says it's true that the Chinese responded to the global recession with a fast, effective stimulus program. The rest is hype, Gordon says, since the China's economy is nowhere near big enough or dynamic enough to save the rest of the world. Plus: Listener Aimee Ennis checks in from her interrupted subdivision in Clover, South Carolina, where the developer is — gasp! — building homes again. China's all over the headlines these days, as its economy recovers faster than the U.S. one. World newspapers trumpet the communist nation's rise, with stories like "Asia recovery show's China's ascendance" and "China to surpass U.S. 'within a decade.'" Analyst David Gordon, head of research at Eurasia Group, says it's true that the Chinese responded to the global recession with a fast, effective stimulus program. The rest is hype, Gordon says, since the China's economy is nowhere near big enough or dynamic enough to save the rest of the world. Plus: Listener Aimee Ennis checks in from her interrupted subdivision in Clover, South Carolina, where the developer is — gasp! — building homes again. tag:odeo.com,2009-08-27,25028607 Thu, 27 Aug 2009 00:33:42 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25015901-84-Planet-Money-MySpace-Was-Born-of-Ignorance If you find MySpace more chaotic than Facebook, that's no accident. Founders Chris DeWolfe and Tom Anderson wanted to create a site that's just as disorienting as your average nightclub, a crazy landscape of musicians and models and Hollywood desire, says Julia Angwin, author of Stealing Myspace: The Battle to Control the Most Popular Website in America. DeWolfe and Anderson came to their social networking juggernaut from the world of porn and spyware. Their greatest asset? Complete ignorance, Angwin says. Not knowing what to fear, the entrepreneurs just dove in. It gave them a great beginning — and an Achilles heel. If you find MySpace more chaotic than Facebook, that's no accident. Founders Chris DeWolfe and Tom Anderson wanted to create a site that's just as disorienting as your average nightclub, a crazy landscape of musicians and models and Hollywood desire, says Julia Angwin, author of Stealing Myspace: The Battle to Control the Most Popular Website in America. DeWolfe and Anderson came to their social networking juggernaut from the world of porn and spyware. Their greatest asset? Complete ignorance, Angwin says. Not knowing what to fear, the entrepreneurs just dove in. It gave them a great beginning — and an Achilles heel. If you find MySpace more chaotic than Facebook, that's no accident. Founders Chris DeWolfe and Tom Anderson wanted to create a site that's just as disorienting as your average nightclub, a crazy landscape of musicians and models and Hollywood desire, says Julia Angwin, author of Stealing Myspace: The Battle to Control the Most Popular Website in America. DeWolfe and Anderson came to their social networking juggernaut from the world of porn and spyware. Their greatest asset? Complete ignorance, Angwin says. Not knowing what to fear, the entrepreneurs just dove in. It gave them a great beginning — and an Achilles heel. tag:odeo.com,2009-08-24,25015901 Mon, 24 Aug 2009 16:35:31 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/25002178-83-Planet-Money-Too-Much-Information Doctors know plenty about you and your ailments, but what do you know about them?. Robert Krughoff, of Consumer Checkbook, has a new website, Patient Central, that uses detailed survey information obtained by actual patients to measure doctor performance. Sometimes a little bit of information can be too much. Naked Economist Charlie Wheelan says knowing our genetic makeup is good for us but bad for the insurance industry. Wheelan argues that as soon as our insurance pool is "corrupted" by this information, healthy people will begin to opt out and people likely to get sick forced to opt in at higher rates. Doctors know plenty about you and your ailments, but what do you know about them?. Robert Krughoff, of Consumer Checkbook, has a new website, Patient Central, that uses detailed survey information obtained by actual patients to measure doctor performance. Sometimes a little bit of information can be too much. Naked Economist Charlie Wheelan says knowing our genetic makeup is good for us but bad for the insurance industry. Wheelan argues that as soon as our insurance pool is "corrupted" by this information, healthy people will begin to opt out and people likely to get sick forced to opt in at higher rates. Doctors know plenty about you and your ailments, but what do you know about them?. Robert Krughoff, of Consumer Checkbook, has a new website, Patient Central, that uses detailed survey information obtained by actual patients to measure doctor performance. Sometimes a little bit of information can be too much. Naked Economist Charlie Wheelan says knowing our genetic makeup is good for us but bad for the insurance industry. Wheelan argues that as soon as our insurance pool is "corrupted" by this information, healthy people will begin to opt out and people likely to get sick forced to opt in at higher rates. tag:odeo.com,2009-08-21,25002178 Fri, 21 Aug 2009 16:32:01 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24990475-82-Planet-Money-Inside-The-Mind-Of-A-Financial-Criminal Before Bernie Madoff, there was the Antar family. The Antars ran the popular "Crazy Eddie" electronics chain, which was known for its frenetic commercials and low prices. The business was crooked from the start, but the fraud got more serious when the family took the company public in 1984. Eddie's nephew Sam Antar was one of the masterminds of the fraud. He explains how the family managed to cheat investors out of millions and why the scheme eventually fell apart. Before Bernie Madoff, there was the Antar family. The Antars ran the popular "Crazy Eddie" electronics chain, which was known for its frenetic commercials and low prices. The business was crooked from the start, but the fraud got more serious when the family took the company public in 1984. Eddie's nephew Sam Antar was one of the masterminds of the fraud. He explains how the family managed to cheat investors out of millions and why the scheme eventually fell apart. Before Bernie Madoff, there was the Antar family. The Antars ran the popular "Crazy Eddie" electronics chain, which was known for its frenetic commercials and low prices. The business was crooked from the start, but the fraud got more serious when the family took the company public in 1984. Eddie's nephew Sam Antar was one of the masterminds of the fraud. He explains how the family managed to cheat investors out of millions and why the scheme eventually fell apart. tag:odeo.com,2009-08-19,24990475 Wed, 19 Aug 2009 17:22:11 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24978500-81-Planet-Money-Is-Financial-Innovation-A-Friend-Or-Foe We started our debate on financial innovation a few weeks ago with Mike Konczal and Charles Calomiris. Today Tyler Cowen of Marginal Revolution and Felix Salmon of Reuters join Mike to answer the question: has financial innovation in the last 25 years has been positive or negative? Felix Salmon says that financial innovation was a good thing — until about 25 years ago, when it became a way for bankers to get around regulation. Tyler Cowen says that it's not financial innovations that caused economic calamities — it's the leverage — banks being able to borrow huge amounts of cash with little money down. While Mike Konczal argues that it's all about competition: if a rival bank comes up with a new innovation, you need to compete whether it's dangerous or not. We started our debate on financial innovation a few weeks ago with Mike Konczal and Charles Calomiris. Today Tyler Cowen of Marginal Revolution and Felix Salmon of Reuters join Mike to answer the question: has financial innovation in the last 25 years has been positive or negative? Felix Salmon says that financial innovation was a good thing — until about 25 years ago, when it became a way for bankers to get around regulation. Tyler Cowen says that it's not financial innovations that caused economic calamities — it's the leverage — banks being able to borrow huge amounts of cash with little money down. While Mike Konczal argues that it's all about competition: if a rival bank comes up with a new innovation, you need to compete whether it's dangerous or not. We started our debate on financial innovation a few weeks ago with Mike Konczal and Charles Calomiris. Today Tyler Cowen of Marginal Revolution and Felix Salmon of Reuters join Mike to answer the question: has financial innovation in the last 25 years has been positive or negative? Felix Salmon says that financial innovation was a good thing — until about 25 years ago, when it became a way for bankers to get around regulation. Tyler Cowen says that it's not financial innovations that caused economic calamities — it's the leverage — banks being able to borrow huge amounts of cash with little money down. While Mike Konczal argues that it's all about competition: if a rival bank comes up with a new innovation, you need to compete whether it's dangerous or not. tag:odeo.com,2009-08-17,24978500 Mon, 17 Aug 2009 18:45:22 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24965336-80-Planet-Money-Your-Doctor-Is-Like-A-Mechanic Imagine two identical hospitals, side by side. One charges patients a little, and the other piles on the bills. Where do patients get better care? Researchers say that, overall, there's no connection between the intensity, quality or cost of treatment and how well patients fare. That's one of the biggest challenges in fixing health care — patients, doctors and insurance companies aren't all playing with the same information. As patients visiting a doctor, most of us are like drivers taking a car to the mechanic. If we had the know-how, we'd fix it ourselves, but we don't and so we have to rely on someone else's judgment. With appearances by Deborah Kimbell of the Dartmouth Institute for Health Policy and Clinical Practice, Chana Joffe-Walt's mom, a sunglasses vendor in Manhattan, and mechanic Ari Cohen. Imagine two identical hospitals, side by side. One charges patients a little, and the other piles on the bills. Where do patients get better care? Researchers say that, overall, there's no connection between the intensity, quality or cost of treatment and how well patients fare. That's one of the biggest challenges in fixing health care — patients, doctors and insurance companies aren't all playing with the same information. As patients visiting a doctor, most of us are like drivers taking a car to the mechanic. If we had the know-how, we'd fix it ourselves, but we don't and so we have to rely on someone else's judgment. With appearances by Deborah Kimbell of the Dartmouth Institute for Health Policy and Clinical Practice, Chana Joffe-Walt's mom, a sunglasses vendor in Manhattan, and mechanic Ari Cohen. Imagine two identical hospitals, side by side. One charges patients a little, and the other piles on the bills. Where do patients get better care? Researchers say that, overall, there's no connection between the intensity, quality or cost of treatment and how well patients fare. That's one of the biggest challenges in fixing health care — patients, doctors and insurance companies aren't all playing with the same information. As patients visiting a doctor, most of us are like drivers taking a car to the mechanic. If we had the know-how, we'd fix it ourselves, but we don't and so we have to rely on someone else's judgment. With appearances by Deborah Kimbell of the Dartmouth Institute for Health Policy and Clinical Practice, Chana Joffe-Walt's mom, a sunglasses vendor in Manhattan, and mechanic Ari Cohen. tag:odeo.com,2009-08-14,24965336 Fri, 14 Aug 2009 17:13:39 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24951491-79-Planet-Money-Emily-Oster-Decodes-The-World Some days, you just have to wonder why the world is the way it is. Emily Oster is making a career out of training the lens of economics on just that question. Oster talks about her economic of analysis of AIDS and risky behavior in Africa, and she answers a riddle from a Planet Money listener. That riddle: Why, when prices are flat or falling, are restaurants piling more food on our plates? Some days, you just have to wonder why the world is the way it is. Emily Oster is making a career out of training the lens of economics on just that question. Oster talks about her economic of analysis of AIDS and risky behavior in Africa, and she answers a riddle from a Planet Money listener. That riddle: Why, when prices are flat or falling, are restaurants piling more food on our plates? Some days, you just have to wonder why the world is the way it is. Emily Oster is making a career out of training the lens of economics on just that question. Oster talks about her economic of analysis of AIDS and risky behavior in Africa, and she answers a riddle from a Planet Money listener. That riddle: Why, when prices are flat or falling, are restaurants piling more food on our plates? tag:odeo.com,2009-08-12,24951491 Wed, 12 Aug 2009 17:33:16 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24939859-78-Planet-Money-Economics-for-12th-Century-Peasants Does the existence of hope unfulfilled make for a worse life? Medieval historian Philip Daileader says it might. People in places like 12th and 13th century France lived far more constrained economic lives than we do, but they had no expectations that their situations would ever improve. Does the existence of hope unfulfilled make for a worse life? Medieval historian Philip Daileader says it might. People in places like 12th and 13th century France lived far more constrained economic lives than we do, but they had no expectations that their situations would ever improve. Does the existence of hope unfulfilled make for a worse life? Medieval historian Philip Daileader says it might. People in places like 12th and 13th century France lived far more constrained economic lives than we do, but they had no expectations that their situations would ever improve. tag:odeo.com,2009-08-10,24939859 Mon, 10 Aug 2009 14:52:48 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24926575-77-Planet-Money-Health-Care-Goes-to-the-Economist The cost of health care is rising faster than our economy is growing — it's an economic train wreck waiting to happen. The debate over fixing that situation rests on a couple of key questions, namely how do we get coverage for everyone and how do we control costs. That second question turns out to be much harder to answer. For all the talk about healing, a hospital is also a business. Cutting costs at a hospital falls to a hospital administrator like Daniel Kearns. He worked at a string of hospitals in the Southwest. Kearns says the hardest part of his job was dealing with doctors, like the one who wanted baseball season tickets for his family and the one who wanted a helicopter for transportation. Those may sound wacky, but Harvard health economist Tom McGuire, says neither patients, doctors nor hospitals have real incentives to trim expenses because they're all spending someone else's money. The cost of health care is rising faster than our economy is growing — it's an economic train wreck waiting to happen. The debate over fixing that situation rests on a couple of key questions, namely how do we get coverage for everyone and how do we control costs. That second question turns out to be much harder to answer. For all the talk about healing, a hospital is also a business. Cutting costs at a hospital falls to a hospital administrator like Daniel Kearns. He worked at a string of hospitals in the Southwest. Kearns says the hardest part of his job was dealing with doctors, like the one who wanted baseball season tickets for his family and the one who wanted a helicopter for transportation. Those may sound wacky, but Harvard health economist Tom McGuire, says neither patients, doctors nor hospitals have real incentives to trim expenses because they're all spending someone else's money. The cost of health care is rising faster than our economy is growing — it's an economic train wreck waiting to happen. The debate over fixing that situation rests on a couple of key questions, namely how do we get coverage for everyone and how do we control costs. That second question turns out to be much harder to answer. For all the talk about healing, a hospital is also a business. Cutting costs at a hospital falls to a hospital administrator like Daniel Kearns. He worked at a string of hospitals in the Southwest. Kearns says the hardest part of his job was dealing with doctors, like the one who wanted baseball season tickets for his family and the one who wanted a helicopter for transportation. Those may sound wacky, but Harvard health economist Tom McGuire, says neither patients, doctors nor hospitals have real incentives to trim expenses because they're all spending someone else's money. tag:odeo.com,2009-08-07,24926575 Fri, 07 Aug 2009 16:26:17 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24916368-76-Planet-Money-The-Gold-Standard-and-the-Great-Depression A lot of folks want to know who's to blame for the Great Recession. Investment manager Liaquat Ahamed says he knows who's to blame for the Great Depression. Ahamed, author of Lords of Finance: The Bankers Who Broke the World, blames that economic collapse on the boneheaded policies of the leading central bankers. Ahamed says much of the problem stemmed with a return to the gold standard. A lot of folks want to know who's to blame for the Great Recession. Investment manager Liaquat Ahamed says he knows who's to blame for the Great Depression. Ahamed, author of Lords of Finance: The Bankers Who Broke the World, blames that economic collapse on the boneheaded policies of the leading central bankers. Ahamed says much of the problem stemmed with a return to the gold standard. A lot of folks want to know who's to blame for the Great Recession. Investment manager Liaquat Ahamed says he knows who's to blame for the Great Depression. Ahamed, author of Lords of Finance: The Bankers Who Broke the World, blames that economic collapse on the boneheaded policies of the leading central bankers. Ahamed says much of the problem stemmed with a return to the gold standard. tag:odeo.com,2009-08-05,24916368 Wed, 05 Aug 2009 16:41:28 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24905569-75-Planet-Money-Why-the-Credit-Crisis-Drags-On The recession's showing signs of up, but the credit crisis isn't over. Banks still aren't lending like they used to, to families or businesses. Ira Jersey, head of U.S. interest rate strategy at RBC Capital Markets, can tell you why. Put simply, it's that families and businesses have borrowed too much already. They're continuing the long, slow and painful process of paying the debt down or writing it off. The recession's showing signs of up, but the credit crisis isn't over. Banks still aren't lending like they used to, to families or businesses. Ira Jersey, head of U.S. interest rate strategy at RBC Capital Markets, can tell you why. Put simply, it's that families and businesses have borrowed too much already. They're continuing the long, slow and painful process of paying the debt down or writing it off. The recession's showing signs of up, but the credit crisis isn't over. Banks still aren't lending like they used to, to families or businesses. Ira Jersey, head of U.S. interest rate strategy at RBC Capital Markets, can tell you why. Put simply, it's that families and businesses have borrowed too much already. They're continuing the long, slow and painful process of paying the debt down or writing it off. tag:odeo.com,2009-08-03,24905569 Mon, 03 Aug 2009 15:14:29 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24893494-74-Planet-Money-Wall-Street-Creativity Congress has been arguing for months now about the best ways to overhaul the American system of financial regulation. It's a tough conversation, because regulation can be bad in a couple of ways. First, regulation can be ineffective, in which case it fails to prevent the outcomes it was designed to block or causes more problems than it solves. Second, regulation can overreach, in which case it stifles financial innovation. After newfangled financial products nearly brought down the global economy last fall, you might think it's not so bad to stifle financial innovation. But financial innovation has also led to prosperity. Atlantic writer Mike Konczal and Columbia Business School economist Charles Calomiris argue the pros and cons of Wall Street creativity. Congress has been arguing for months now about the best ways to overhaul the American system of financial regulation. It's a tough conversation, because regulation can be bad in a couple of ways. First, regulation can be ineffective, in which case it fails to prevent the outcomes it was designed to block or causes more problems than it solves. Second, regulation can overreach, in which case it stifles financial innovation. After newfangled financial products nearly brought down the global economy last fall, you might think it's not so bad to stifle financial innovation. But financial innovation has also led to prosperity. Atlantic writer Mike Konczal and Columbia Business School economist Charles Calomiris argue the pros and cons of Wall Street creativity. Congress has been arguing for months now about the best ways to overhaul the American system of financial regulation. It's a tough conversation, because regulation can be bad in a couple of ways. First, regulation can be ineffective, in which case it fails to prevent the outcomes it was designed to block or causes more problems than it solves. Second, regulation can overreach, in which case it stifles financial innovation. After newfangled financial products nearly brought down the global economy last fall, you might think it's not so bad to stifle financial innovation. But financial innovation has also led to prosperity. Atlantic writer Mike Konczal and Columbia Business School economist Charles Calomiris argue the pros and cons of Wall Street creativity. tag:odeo.com,2009-07-31,24893494 Fri, 31 Jul 2009 14:57:08 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24882810-73-Planet-Money-America-s-Waning-Influence Almost a year into the financial crisis, we ask foreign policy analyst Ian Bremmer to take stock of America's position in the world. Bremmer, author of The Fat Tail and president of the risk consulting firm Eurasia Group, says America has lost some of its power. Bremmer gives two reasons for that. First, he says, other countries have recovered from the crisis more quickly. The second, he says, is that the crisis has forced U.S. leaders to pay more attention to domestic affairs and play a less active role on the global stage. On the upside, Bremmer says this is a great time to invest in Iraq. Almost a year into the financial crisis, we ask foreign policy analyst Ian Bremmer to take stock of America's position in the world. Bremmer, author of The Fat Tail and president of the risk consulting firm Eurasia Group, says America has lost some of its power. Bremmer gives two reasons for that. First, he says, other countries have recovered from the crisis more quickly. The second, he says, is that the crisis has forced U.S. leaders to pay more attention to domestic affairs and play a less active role on the global stage. On the upside, Bremmer says this is a great time to invest in Iraq. Almost a year into the financial crisis, we ask foreign policy analyst Ian Bremmer to take stock of America's position in the world. Bremmer, author of The Fat Tail and president of the risk consulting firm Eurasia Group, says America has lost some of its power. Bremmer gives two reasons for that. First, he says, other countries have recovered from the crisis more quickly. The second, he says, is that the crisis has forced U.S. leaders to pay more attention to domestic affairs and play a less active role on the global stage. On the upside, Bremmer says this is a great time to invest in Iraq. tag:odeo.com,2009-07-29,24882810 Wed, 29 Jul 2009 17:28:07 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24871424-72-Planet-Money-Bloody-Miserable-Medieval-Economics Before governments had regulators with suits and briefcases, says College of William and Mary history professor Philip Daileader, they had knights. The Lancelots of real life went around the kingdom forcing people to pay whatever the knights decided they owed. It was a brutal economic approach. If you think the knights were tough, be thankful you never faced the guild system. It existed to eliminate competition and benefit producers at the expense of consumers. Craftspeople fought each other for control and tried to limit access to the market — at their own expense, it turned out. Before governments had regulators with suits and briefcases, says College of William and Mary history professor Philip Daileader, they had knights. The Lancelots of real life went around the kingdom forcing people to pay whatever the knights decided they owed. It was a brutal economic approach. If you think the knights were tough, be thankful you never faced the guild system. It existed to eliminate competition and benefit producers at the expense of consumers. Craftspeople fought each other for control and tried to limit access to the market — at their own expense, it turned out. Before governments had regulators with suits and briefcases, says College of William and Mary history professor Philip Daileader, they had knights. The Lancelots of real life went around the kingdom forcing people to pay whatever the knights decided they owed. It was a brutal economic approach. If you think the knights were tough, be thankful you never faced the guild system. It existed to eliminate competition and benefit producers at the expense of consumers. Craftspeople fought each other for control and tried to limit access to the market — at their own expense, it turned out. tag:odeo.com,2009-07-27,24871424 Mon, 27 Jul 2009 17:33:44 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24859399-71-Planet-Money-The-Goldman-Sachs-Interview Goldman Sachs carries a certain mystique on Wall Street. The firm is known for hiring the brainiest people and paying them well. A number of its former executive have gone into politics, including former CEO Henry Paulson, who became President Bush's Treasury secretary, and former CEO Robert Rubin, an adviser to Presidents Clinton and Obama. This week, Goldman finished paying back its $10 billion federal TARP loan — with taxpayers pocketing a return of 23 percent. The firm also just released a fantastic report on its earnings, totaling $23 billion for the first half of 2009. Goldman is setting aside almost half of that money for paying its 30,000 employees. In rough terms, that amounts to almost $400,000 for each worker. Lucas Van Praag, a Goldman spokesperson, answers questions about other ways Goldman received government help and why it's rewarding the staff so richly after getting a hand from Uncle Sam. Plus: The stunning results from our Economic Radio Story Showdown. Goldman Sachs carries a certain mystique on Wall Street. The firm is known for hiring the brainiest people and paying them well. A number of its former executive have gone into politics, including former CEO Henry Paulson, who became President Bush's Treasury secretary, and former CEO Robert Rubin, an adviser to Presidents Clinton and Obama. This week, Goldman finished paying back its $10 billion federal TARP loan — with taxpayers pocketing a return of 23 percent. The firm also just released a fantastic report on its earnings, totaling $23 billion for the first half of 2009. Goldman is setting aside almost half of that money for paying its 30,000 employees. In rough terms, that amounts to almost $400,000 for each worker. Lucas Van Praag, a Goldman spokesperson, answers questions about other ways Goldman received government help and why it's rewarding the staff so richly after getting a hand from Uncle Sam. Plus: The stunning results from our Economic Radio Story Showdown. Goldman Sachs carries a certain mystique on Wall Street. The firm is known for hiring the brainiest people and paying them well. A number of its former executive have gone into politics, including former CEO Henry Paulson, who became President Bush's Treasury secretary, and former CEO Robert Rubin, an adviser to Presidents Clinton and Obama. This week, Goldman finished paying back its $10 billion federal TARP loan — with taxpayers pocketing a return of 23 percent. The firm also just released a fantastic report on its earnings, totaling $23 billion for the first half of 2009. Goldman is setting aside almost half of that money for paying its 30,000 employees. In rough terms, that amounts to almost $400,000 for each worker. Lucas Van Praag, a Goldman spokesperson, answers questions about other ways Goldman received government help and why it's rewarding the staff so richly after getting a hand from Uncle Sam. Plus: The stunning results from our Economic Radio Story Showdown. tag:odeo.com,2009-07-24,24859399 Fri, 24 Jul 2009 17:33:27 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24847761-70-Planet-Money-The-Myth-of-Rational-Markets The rational school of economics holds that markets make sense. Sure, some people and businesses trade on raw, crazy emotions, but the mistakes cancel each other out. In the end, the rational school argues, market prices make sense. And then there's real life. Anyone who has spent any time looking at the stock market has to think there's at least a decent chance the whole thing is crazy — prices pinging around, investors making crazy bets, regulators trying to figure out who's flouting the byzantine rules. Justin Fox, a writer for Time and author of "The Myth of the Rational Market," talks about teddy bears, bubbles and Alan Greenspan. The rational school of economics holds that markets make sense. Sure, some people and businesses trade on raw, crazy emotions, but the mistakes cancel each other out. In the end, the rational school argues, market prices make sense. And then there's real life. Anyone who has spent any time looking at the stock market has to think there's at least a decent chance the whole thing is crazy — prices pinging around, investors making crazy bets, regulators trying to figure out who's flouting the byzantine rules. Justin Fox, a writer for Time and author of "The Myth of the Rational Market," talks about teddy bears, bubbles and Alan Greenspan. The rational school of economics holds that markets make sense. Sure, some people and businesses trade on raw, crazy emotions, but the mistakes cancel each other out. In the end, the rational school argues, market prices make sense. And then there's real life. Anyone who has spent any time looking at the stock market has to think there's at least a decent chance the whole thing is crazy — prices pinging around, investors making crazy bets, regulators trying to figure out who's flouting the byzantine rules. Justin Fox, a writer for Time and author of "The Myth of the Rational Market," talks about teddy bears, bubbles and Alan Greenspan. tag:odeo.com,2009-07-22,24847761 Wed, 22 Jul 2009 16:45:27 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24836302-69-Planet-Money-A-World-Without-Donuts It looks like business lender CIT will be saved from bankruptcy by a $3 billion loan from its bondholders. The bondholders decided to step forward with the offer after the Treasury Department and the FDIC turned down the company's bids for help — apparently the government decided this institution was not too big too fail. Bill Dunkelberg, chief economist with the National Federation of Independent Business, explains how CIT got into trouble in the first place. Details of the deal are still being worked out and there is no guarantee the plan won't fall apart. A collapse of CIT could spell disaster for many of the nation's retailers who depend on the company for financing. National chains like Dunkin Donuts are clients and the company has even touted its aid to donut franchisees. Planet Money intern Matt Katz hit the streets of New York to find out what a world without donuts would look like. It looks like business lender CIT will be saved from bankruptcy by a $3 billion loan from its bondholders. The bondholders decided to step forward with the offer after the Treasury Department and the FDIC turned down the company's bids for help — apparently the government decided this institution was not too big too fail. Bill Dunkelberg, chief economist with the National Federation of Independent Business, explains how CIT got into trouble in the first place. Details of the deal are still being worked out and there is no guarantee the plan won't fall apart. A collapse of CIT could spell disaster for many of the nation's retailers who depend on the company for financing. National chains like Dunkin Donuts are clients and the company has even touted its aid to donut franchisees. Planet Money intern Matt Katz hit the streets of New York to find out what a world without donuts would look like. It looks like business lender CIT will be saved from bankruptcy by a $3 billion loan from its bondholders. The bondholders decided to step forward with the offer after the Treasury Department and the FDIC turned down the company's bids for help — apparently the government decided this institution was not too big too fail. Bill Dunkelberg, chief economist with the National Federation of Independent Business, explains how CIT got into trouble in the first place. Details of the deal are still being worked out and there is no guarantee the plan won't fall apart. A collapse of CIT could spell disaster for many of the nation's retailers who depend on the company for financing. National chains like Dunkin Donuts are clients and the company has even touted its aid to donut franchisees. Planet Money intern Matt Katz hit the streets of New York to find out what a world without donuts would look like. tag:odeo.com,2009-07-20,24836302 Mon, 20 Jul 2009 18:06:06 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson http://odeo.com/episodes/24823456-68-Planet-Money-How-We-Get-Paid Robert Frank, author of the Economic Naturalist's Field Guide, lays out the benefits and problems of merit based pay using the Planet Money Staff as an example. Plus: we asked you to share your stories about how you get paid. Today we hear from real estate agent Rachel Nelson, who says she likes working on commission, and mechanic Raymond McMormick who pays his staff using a piece rate system. Robert Frank, author of the Economic Naturalist's Field Guide, lays out the benefits and problems of merit based pay using the Planet Money Staff as an example. Plus: we asked you to share your stories about how you get paid. Today we hear from real estate agent Rachel Nelson, who says she likes working on commission, and mechanic Raymond McMormick who pays his staff using a piece rate system. Robert Frank, author of the Economic Naturalist's Field Guide, lays out the benefits and problems of merit based pay using the Planet Money Staff as an example. Plus: we asked you to share your stories about how you get paid. Today we hear from real estate agent Rachel Nelson, who says she likes working on commission, and mechanic Raymond McMormick who pays his staff using a piece rate system. tag:odeo.com,2009-07-17,24823456 Fri, 17 Jul 2009 17:44:33 -0700 no NPR: Planet Money Podcast Finance Investing economy Economics National Public Radio Fresh Air Morning Edition All Things Considered NPR currency market trade recession growth debt inflation deficit Planet Money Adam Davidson