Money Talking

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

Bitcoin. It's the latest tech "disruption" because if it's successful it could upend banks, Wall Street and good-old, cold-hard cash. But if it's not all about the Benjamins, then what's it all about? Here are 12 questions you may have about bitcoin. Or if that's too many, then how about 7 answers? Or maybe you just want to listen to someone explain it on the Brian Lehrer show (and then read his story.) And then go buy some at a NYC Whole Foods (along with your kale and quinoa): Cause there's gold in them thar’ digital currencies! But then again, they might need some regulation.   Cause bitcoin might need its own central banker. And New York state's insurance commissioner wants to license them and is holding hearings on how to regulate virtual currencies on January 28 and 29, 2014 in NYC. He’s ready: He’s already sent subpoenas to companies investing in bitcoin. So, who’s buying bitcoins? Here's a map of who is. Hey, it’s getting legit. Just don't lose them because they're hard to find (especially if you tossed your old computer). The future, however, might be uncertain even as it booms. But former Federal Reserve chair Alan Greenspan does see bubbles this time, and thinks bitcoins is one. Perhaps not, though, says outgoing chairman Ben Bernanke. China's a little worried and is barring banks from making bitcoin transactions. It's such a murky, murky world. But really, is it much ado about nothing? Then again, $25 million for a bitcoin-related startup...Is that good news or the sound of bubble? It's so easy to make them: Look! I’m doing it right now! What's the role going to be for bitcoins on Wall Street? Small businsses are getting into bitcoin. So is Silicon Valley venture capitalist Marc Andreessen. There's even a Bitcoin center right near Wall Street.  What it's going to be like? But is it fools' gold?

Digital currency is inching its way onto Wall Street, with a new "bitcoin center" next door to the New York Stock Exchange. As bitcoin gains prominence and popularity, regulators — like New York's Department of Financial Services, which is holding hearings next week — are trying to work out where they figure in this new currency. Joe Nocera of the New York Times talks about the future of bitcoin while Rana Foroohar of Time magazine reports from the World Economic Forum in Davos, Switzerland.  And if you still can't get enough of bitcoin, here's some more.

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

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

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

  From a fast-food, minimum wage worker to a banker on Wall Street, a lot is changing in what people are getting paid. On January 1, the minimum wage is going up in 13 states, including New York and New Jersey.  At the same time, there are reports Wall Street bonuses may not be as big as in previous years.  This week on Money Talking, regular contributor Rana Foroohar from Time magazine and Diane Brady from Bloomberg Businessweek review what the minimum these changes signal and the future for income inequality.  Plus, a look at the Federal Reserve's decision to end its economic stimulus and why 2014 will be a big year for health and technology.

There were signs of bipartisanship in Washington this week as budget negotiators announced a two-year budget deal that will hopefully avert another shutdown.  This week on Money Talking, what the deal means for businesses and the economy. Plus, Google and other tech companies are calling on the NSA to limit online surveillance of their users. 

Across the country, cities and states are trying to figure out how to address the growing public pension crisis. Collectively, they're underfunded by an estimated $1 trillion. This week on Money Talking, what Detroit, Illinois and Rhode Island all have in common. Plus, banking regulators meet next week to approve the "Volcker Rule," the proposal that would make it illegal for banks to make trades with their own money.  It's been three years in the making and has all sorts of exemptions, will it make the financial system safer?  Plus a look at Time Magazine's exclusive interview with Carl Icahn, the shareholder activist who's doing all he can to force a stock bigger buyback at Apple.

A lot of iconic companies in the tech sector like HP, Cisco and Blackberry have been struggling recently.   This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine consider if the challenges are the result of problems at the company or external forces; are these tech companies canaries in the coal mine for an impending stock market correction. Then a look ahead to a Supreme Court and a case involving Halliburton and how sanctions being lifted in Iran could affect that country's economy.

Healthcare.gov launched more than seven weeks ago and its diagnosis isn't looking good so far.  The program's problems keep piling up as hundreds of thousands of people receive notifications that their current coverage is being cancelled. There are also concerns over the website's security. Last week President Obama tried to calm the situation by announcing that people can keep the plans they were told they were dropped from. This week on Money Talking, regular contributors Joe Nocera of The New York Times and Rana Foroohar of Time magazine consider if these changes put the entire law at risk and what the uncertainty means for consumers and businesses. Plus, a look at the recent JPMorgan settlement, which forced the bank to shell out a record $13 billion. 

Janet Yellen is poised to become the new head of the Federal Reserve. If she's confirmed by the Senate, she would arguably become the most powerful woman in the U.S. economy, with the power to keep interests rates low, prevent inflation and attack unemployment. This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss Yellen's confirmation hearing as well as what's going on at the regional Federal Reserve banks. Plus, Snapchat's decision to turn down a $3 billion buyout offer from Facebook. The social media messaging service allows users to send photos and videos and texts that disappear seconds after they are opened.  It's still looking to make a profit, so did the founders make a mistake by letting billions vanish before its eyes, kind of like snapchat image?

This week, voters elected Bill de Blasio as New York City's new mayor by a decisive margin.  Now, can he deliver on his promises? De Blasio campaigned on raising the taxes of the wealthy to pay for prekindergarten classes, providing more affordable housing and rejecting how Mayor Bloomberg has run the city for the past 12 years. This week on Money Talking, Joe Nocera of the New York Times and Rana Foroohar of Time magazine consider how successful the new mayor might be in enacting his agenda. 

When Health and Human Services Secretary Kathleen Sebelius apologized about the rollout of the Obamacare website this week, she joined a growing number of leaders in business and government who have decided saying sorry was the smart choice in the face of some crisis or gaffe.  This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss some recent executive apologies like the ones following the BP oil spill, the LIBOR interest scandal and the JP Morgan's "London Whale" trading loss. 

In a visit to Brooklyn Friday, President Obama will honor the innovative new education model at the Pathways in Technology Early College High School, P-Tech for short.  Students at the school earn a high school diploma and an associate's degree over six years. The Obama administration says efforts like P-Tech will prepare the next generation of tech workers for jobs at companies like IBM, which sponsors the school.  This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss the promise of such schools, whether the president is right and what role business is playing in K-12 education.  Looking ahead, Nocera talks about crowdfunding for startup companies and Foroohar discusses JPMorgan's $13 billion settlement with the Justice Department.