Money Talking

Next week marks fifty years since Neil Armstrong took “one small step” on the moon’s surface. The Apollo 11 mission was an historic voyage, fulfilling President John F. Kennedy’s goal of reaching the moon by the end of the 1960s. More than half a billion people watched the astronauts live on television. But in the years that followed, America’s interest and commitment to space exploration largely disappeared. 

Yet the country’s ambitions in space are far from over. In March of this year, Vice President Mike Pence expressed a renewed sense of urgency.

“Make no mistake about it — we're in a space race today, just as we were in the 1960s, and the stakes are even higher,” he told attendees at a meeting of the National Space Council in Alabama.

At the same meeting, Pence presented a new timeline for landing humans on the moon again: Within the next five years, four years sooner than the administration's initial timeline of 2028, leaving some to wonder if a new space race could be on the horizon.  

This week on Money Talking, Charlie Herman talks to Tim Fernholz, a reporter at Quartz covering space and author of Rocket Billionaires: Elon Musk, Jeff Bezos and the New Psace Race, about the latest chapter of space exploration.

This weekend marks the 50th anniversary of the Stonewall Riots and the birth of the modern gay rights movement in this country. Over the intervening years as attitudes towards LGBTQ people have changed, corporate America has taken note. Whether it's McDonald's selling special-edition “Pride Fries” or Walmart’s (online) Pride Shop, companies have very publicly been displaying support for the community over the last few years.

It’s a dramatic shift from the days of Anita Bryant and Florida orange juice or companies like Wendy’s pulling their advertisements after Ellen came out on her sitcom. The greater acceptance of the LGBTQ community has presented an opportunity for businesses. While some take issue with companies commercializing this weekend's pride events, it’s hard to ignore how much mainstream businesses have embraced LGBTQ culture and consumers.

This week on Money Talking, Charlie Herman talks to Jim Ellis, assistant managing editor at Bloomberg Businessweek, about the business of pride past, present, and future.

How a little known group of business leaders is influencing the administration's policies on trade, business and the economy.

Since its opening in 1907, the story of the hotel has been the story of New York: a history littered with colorful guests, financial uncertainty, and a controversial transformation.

With just a few weeks left in the New York State legislative session, the future of rent regulations is still uncertain.

The president has effectively banned U.S. companies from doing business with the Chinese telecom giant. What it means for national security, trade, our phones, and more.

A three-foot tall, stainless steel rabbit by Jeff Koons set the art world abuzz after selling for a record $91.1 million at auction. What does it tell us about the economy?

President Donald Trump has stymied hopes of a trade deal by raising tariffs on Chinese goods. In retaliation, China put additional tariffs on U.S. goods, causing the stock market to plunge that day. The Trump administration responded to that by taking steps to implement tariffs on even more Chinese products.

So, who’s winning the trade war?

Trump’s approach could signal a historic shift in U.S. policy which has largely encouraged free trade around the globe. The casualties of this fight could include American farmers, the Chinese companies, and the U.S. economy and consumers. But it might also lead to changes in how U.S. companies conduct business in China.

This week on Money Talking, POLITICO Chief Economic Correspondent Ben White talks to host Charlie Herman about how much these escalating tensions should concern us.

Recent financial reports filed by the 2020 presidential candidates show vastly different amounts of money raised in varying amounts from many different sources. Some candidates are focusing on small donors, others are turning to high-dollar bundlers and some are dipping into their own bank accounts.

For example, Senator Elizabeth Warren raised raised $6 million in three months for her campaign, while Joe Biden and Beto O’Rourke each raised that much in just a day. Yet with more than a year to go until the 2020 election, how much will the money they raise today matter in the long run?

This week on WNYC’s Money Talking, host Charlie Herman talks to CNN national political writer Fredreka Schouten and The Washington Post national political reporter Michelle Lee about the candidates’ funds so far and their chances in the long run.

After months and months of speculation, former Vice President Joe Biden announced he’d be running for president in 2020. Already an early frontrunner, Biden joins a crowded field of potential Democratic nominees. There are now more than 20 candidates running, from policy wonk Elizabeth Warren to newcomer Pete Buttigieg to 2016 veteran Bernie Sanders.

The Iowa caucuses are nine months away and if everyone stays in the race, it could challenging for voters to keep track of where the candidates stand on critical policy issues like healthcare, taxes, and climate change.

This week on Money Talking, WNYC's Charlie Herman talks to Rick Newman, senior columnist for Yahoo Finance, about some of the fiscal policies being put forth by the Democratic contenders — and what they might mean for your pocketbook. 

"Avengers: Endgame" is officially opened at movie theaters across the country. It’s the most highly-anticipated movie event of the year and is expected to set a new box office record. Iron Man, Captain America, Black Widow, and the whole Avengers crew are back to do battle with super villain Thanos after he wiped away half of the universe’s population with a single snap of his fingers in last year’s "Avengers: Infinity War."

The movie is the culmination of a groundbreaking superhero movie franchise that’s pushed out 22 films in 11 years, starting with the blockbuster "Iron Man" in 2008. With this movie, the so-called Marvel Cinematic Universe is expected to easily bring in more than $20 billion in global box office earnings. Love it or hate it, this franchise has become one of the most ambitious commercial endeavors in the history of Hollywood.

This week on Money Talking, Charlie Herman talks to Adam B. Vary, senior film reporter at BuzzFeed News, and Hunter Harris, associate editor atNew York Magazine’s Vulture, about how the Marvel universe has changed the movie business.

Uber has taken its first steps to becoming a publicly traded company, following rival Lyft’s debut on the stock market last month. The initial filing from Uber reveals even more extensive details about the company's revenue, ridership and potential roadblocks.

The good? Ridership is up and Uber is expanding its food delivery service. The bad? The rid-hailing company is losing huge sums of money and faces steep competition.

This week on WNYC’s Money Talking, Charlie Herman talks to Aaron Elstein, Senior Reporter for Finance at Crain's New York Business and Maureen Farrell, IPO and markets reporter for the Wall Street Journal, about the latest information about Uber and what is says about the future of tech and driving.

Much of the way influential consulting firm McKinsey & Co. operates is shrouded in secrecy. But recent reporting by the New York Times has revealed some of the company’s secrets, including its involvement with controversial companies like Purdue Pharma, the maker of OxyContin, as well as foreign leaders and governments in Saudi Arabia and South Africa. Additional stories have focused on the firm’s hedge fund MIO and alleged failures to make required financial disclosures.

McKinsey has defended its work around the world. In a statement, the firm told the Times that “since 1926, McKinsey has sought to make a positive difference to the businesses and communities in which our people live and work.” 

This week on Money Talking, Charlie Herman talks with New York Timesinvestigative editor Walt Bogdanich and investigative reporter Mike Forsythe about their reporting on the often hidden world of McKinsey and why it matters.

New York City just became the first city in the country to implement congestion pricing. As part of the effort to ease traffic and raise money to fix public transportation, drivers entering Manhattan below 60th Street could pay between $10 and $15 per day for cars and possibly double for trucks. But how the system will work technologically, who might be exempted from paying the fees and how much they will actually raise are details that have yet to be decided. Cities like London and Stockholm have already implemented congestion pricing, but with mixed results. This week on Money Talking, Charlie Hermanand WNYC transportation reporter Stephen Nessen talk about the ways congestion pricing will cost you, and how it might pay off.

Advertising has become a big business for Big Tech—and it keeps getting bigger. Google now controls a whopping 91 percent of the search advertising market.

The tech giant’s monopoly means it’s almost impossible for businesses not to advertise with Google. That’s especially true if you’re a company that exists entirely online, like the ride-sharing app Lyft, or mattress brand Tuft & Needle. Lyft, for example, spent 92 million dollars on ads placed with Google last year. As a recent article in Bloomberg notes, that’s about 10 percent of Lyft’s 2018 net loss.

And if a business decides not to advertise on Google, a competing brand might buy its keywords and place an ad against them. It’s an advertising Catch-22.

This week on Money Talking, Ilya Marritz speaks with Jake Swearingen, a contributor for New York Magazine’s Intelligencer, about how Google came to dominate search advertising—and what it means for businesses and consumers alike.

It’s been nearly three years since a majority of people in the United Kingdom voted to leave the European Union. One of the arguments made by many Brexit supporters was to “take back control.” Lately, however, the opposite has been true as the process spirals out of control.

Britain was on track to leave the E.U. one week from today, but a last minute reprieve has given British Prime Minister Theresa May a new deadline of April 12, to come up with deal.

No matter when or exactly how Brexit occurs, analysts expect there will be financial and economic consequences for the country. Already, the uncertainty has hurt businesses and overall economic growth. 

This week on Money Talking, WNYC's Charlie Herman speaks with Eshe Nelson, economics and markets reporter at Quartzabout the effects of Brexit on that nation's economy and its people. 

Hudson Yards is officially open to the public. What was once the site of warehouses, tenements, and rail yards is now home to the largest development in New York City since Rockefeller Center. From the initial idea to the opening this week, it’s taken nearly 20 years— and $25 billion — to create the sprawling 28-acre megaproject on the west side of Manhattan.

The new neighborhood features supertall glass towers, luxury apartments, a high-end retail and restaurant hub, and a climbable honeycomb-like structure called the Vessel. And this is just phase one. Debuting in April, a new arts center called The Shedwill be home to art galleries, concerts, and theater performances. There are also plans to build more public space, housing, and and even a new school. It’s a carefully-curated new neighborhood built from scratch.

This week on WNYC's Money Talking, Charlie Herman talks to Greg David, columnist at Crain’s New York Business, about the long road to the new Hudson Yards.

It’s been about eight months since President Trump launched a trade war with China, and it looks like we might be approaching an agreement between the two nations.

Trump says that trade relationship with China has been unfair to the U.S. To force a change, he’s put in place punishing tariffs on Chinese goods to gain leverage. But that’s also punishing some in the U.S., like farmers, automakers manufacturers and even some consumers.

If the deal is made, the big question will be, was it all worth it? On this episode of Money Talking, Charlie Herman talks with Rick Newman, senior columnist for Yahoo Finance, about how the impact of the trade war and what, if anything, the deal will change.

If you're depending on a tax refund this year to pay loans, make a down payment on a car or take a vacation, you might be out of luck.

According to the IRS, average refunds have been lower compared last year. If the trend continues, many Americans will end up with a smaller refund or worse — they may owe the government. Residents in high-tax states, like New York and New Jersey could see a bigger swing because President Trump's tax code overhaul capped deductions for state and local taxes.

But it doesn't mean people paid more taxes overall. The amount the IRS withheld from each paycheck was lower, so many people had a little more money each time they got paid. But it's a big change for those Americans who've become accustomed to pocketing some extra cash during tax season.

On this episode of Money Talking, Charlie Herman talks to Heather Long, economics correspondent for The Washington Post, about why this is happening and the political consequences it might have.

This week, a report from the House Oversight Committeerevealed that officials in the Trump administration pursued a plan to export nuclear technology to Saudi Arabia in order to build nuclear power plants.

The report from House Democrats says the deal gained momentum during President Trump’s first days in office with help from then-national security adviser Michael Flynn. The efforts continued, despite warnings from ethics officials and staff at the National Security Council.

Behind the proposal was IP3, a company of former US generals that could benefit financially if the plan moved forward.

This week on Money Talking, Charlie Herman talks with Isaac Arnsdorf, a reporter at ProPublica, who's been following the story for more than a year about where the plan stands today and what it could mean for Saudi Arabia and the Middle East. 

5G is coming to a wireless network near you. But what exactly is it? And what has to happen before it completely replaces 4G?

The rise and fall of a retail giant. 

WeWork has big ambitions, but does anyone really know what it is? 

The battle over Brexit is getting more dire. What's holding everything up, and what are the implications?

SoftBank CEO Masayoshi Son has a bold vision for the future. Are we ready for it?

Can automated trading be blamed for Wall Street's wild swings?

The New York bank has been criminally charged by Malaysian prosecutors for its involvement in the disappearance of billions of dollars from an investment fund.

In his new book, technology law expert Tim Wu argues the biggest companies, like Facebook and Google, are dangerously large,  and that's bad for business and democracy.

A board member at the Whitney Museum and his ties to the recent clash at the U.S.-Mexico border raise questions about the role of money, donors and funding for the arts.

The president will meet with China's leader in Argentina this weekend. What will it mean for trade between the two countries?

The city and state have made up to $3 billion in tax credits, abatements and cash grants available to the online giant. 

Democrats will now have control over powerful committees in the House, which could challenge the Trump administration's approach to banking, spending and trade.

Will a month of turbulent markets and huge losses affect voters ahead of the midterm elections?

The American dollar has ruled the global economy as the top currency for decades. Could a change be coming? 

After the disappearance of Washington Post contributor Jamal Khashoggi, U.S. ties to Saudi Arabia have come under increased scrutiny, including those of the President.

The Seattle-based company has said it will decide on its second North American headquarters by year's end.

A new investigation by Forbes magazine finds the president's net worth has dropped significantly since he took office.

In a rare bipartisan move, the House and Senate unanimously pass the Music Modernization Act which will update copyright rules and create a new licensing system.

This election season, more Democrats are backing a single-payer health care bill. But how realistic is the plan?

Ten years after the start of the Great Recession, a new book looks at how American fracking is changing the global economy.

Facebook and Twitter executives testify on Capitol Hill as lawmakers consider ways to regulate the companies. What, exactly, might they do? 

C.E.O. Elon Musk may face serious consequences for a single tweet that sent investors and reporters scrambling.

Ahead of the midterm election, Republicans are hoping a strong economy will help them keep control of Congress. But will it be enough in November?

Ten years before the 2008 financial crisis, there was another one: Long-Term Capital Management. The lessons not learned and why it matters today (hint, it involves Russia).

Women and men enter the workforce in equal numbers, but only less than five percent of the top 500 companies in the U.S. are led by women.

Legal marijuana is already bringing in huge revenues, but hurdles exist as it's still illegal at the federal level. How the industry operates and who’s cashing in.

The Trump administration is expected to announce a dramatic rollback of fuel economy standards for vehicles. What does it mean for carbon emissions, and why are automakers anxious?

Jerome Powell has only been serving as Chairman of the Federal Reserve since February, but he's already having to contend with some unusual circumstances. This week, he appeared before Congress to speak about the state of the economy.

Lawmakers wanted to know what America’s top central banker thinks about President Trump's steadily escalating trade war. Since January, Trump has imposed or threatened to impose tariffs on 10,000 different products the U.S. imports from Mexico, Canada, Europe, and China. Those countries are retaliating with tariffs of their own.

Powell avoided commenting on Trump's tariffs, but did share the view of many economists on trade: "In general, countries that have remained open to trade that haven’t erected barriers including tariffs have grown faster, had higher incomes, had higher productivity and countries that have gone in more protectionist direction have done worse", said Powell. "I think that’s the empirical result."

This week on Money Talking, Ilya Marritz speaks to Neil Irwin of The New York Times on America’s growing protectionism, and how the Fed is preparing for it.

This week Trump announced his nominee for Supreme Court and people are scrambling to figure out where he stands on the most important issues. One of those is healthcare. On this episode of Money Talking, the ever-changing future for the Affordable Care Act. How might Supreme Court nominee Brett Kavanaugh rule, even as the Trump administration continues to take steps that are slowly chipping away at the law.

The status of the "yield curve" — a historically accurate predictor of upcoming recession — is starting to worry Wall Street. What is it? We get answers.

Amid the often confusing news about economic policies and trade, we break down how it's affecting prices, companies and American workers.

The Commerce Secretary is at the center of the Trump administration’s talks on trade and tariffs. A new report reveals ties between foreign businesses and his personal fortune.

App-controlled, dockless scooters have swept the West Coast and raked in millions of dollars from investors. Where do they go next?

At one time, the retail giant used to rule the toy market. Now, it's bankrupt, liquidating stores and laying off workers. What happened? 

A new book details how the Silicon Valley blood-testing company Theranos and its charismatic founder Elizabeth Holmes had an irresistible pitch, but no technology to back it up.

From small farms to car factories, the president's economic policies are having an effect. How will they influence voters during the primary season?

Following the Supreme Court's decision to strike down a federal ban on betting, how will the business of sports change — and expand?

Donald Trump once boasted he makes deals with other people's money. But a new report shows his company made a slew of all-cash deals in the run-up to the presidential election.

The Trump administration is allowing an investor protection rule from the Obama era to lapse. What's next?

Can new C.E.O Dara Khosrowshahi correct the course of the embattled ride-share company?

An investigation into sexual harassment cases handled by the body that oversees workplace misconduct of securities brokers found a troubling track record.

Elon Musk's SpaceX launched his red Tesla Roadster into space. But it was more than just a stunt. The big deal about the "new space race."

It owns nearly 200 local television stations and wants to buy even more. That could get complicated after the company mandated local anchors read a statement against "fake news."

The 'FAANGs" — Facebook, Amazon, Apple, Netflix and Google — have been investor darlings for years. But amid bad news, the sector has been taking a dive. Are new regulations next?

A new play at the Public Theater explores Adam Smith's "invisible hand" and the dark side of laissez-faire capitalism. Trust us, it's a comedy! An interview with the play's author, Bruce Norris.

The Department of Justice under President Trump is fighting the $85 billion deal with a lawsuit citing threats to competition and higher prices. The trial is set to begin next week.

Trade Wars: Return of the Tariffs

The company is growing and signing up more listeners, but Spotify is still losing money. Now, it's planning to go public. What does it mean for artists, the industry and listeners?

In some instances, corporate executives feel compelled to get involved in hot-button political issues. Could gun control be next?

Big changes are coming to the Consumer Financial Protection Bureau, under interim head Mick Mulvaney. He once called the agency a "sick, sad" joke. 

Where is the line between the Trump White House and the Trump presidency?

With an insider trading scandal behind him, Steven Cohen is looking to return to the hedge fund world and work with clients again. What does his return say about Wall Street today?

President Trump's appearance at the World Economic Forum in Davos, Switzerland will set the tone for an important year in global trade decisions for the U.S.

This year, some banks expect to pay an effective tax rate of less than 20 percent under the recently passed Republican tax plan, down from 35 percent.

With partisanship running high in Congress, will lawmakers pass a final budget before short-term funding expires on January 19? Or will they punt the issue to a later date? 

They're setting record prices and getting a lot of scrutiny. So is now the time you should start paying more attention? New York Times digital currency writer Nathanial Popper explains.

The Republican tax bill could make the recovery on the island even more challenging.

House and Senate Republicans have reached a deal on a major tax bill, and are expecting a final vote next week. What's at stake for taxpayers? 

After the 2008 recession, income inequality has only grown along with the obsession for money and status. "Generation Wealth" by Lauren Greenfield examines what it says our society.

As more men are getting accused of sexual harassment, companies are scrambling to find effective prevention strategies. 

The House passed the Republican tax reform bill and now it's up to the Senate to vote on its version. One industry that stands to benefit from both versions of tax reform: Wall Street.

Tech companies are under attack for their role in Russian political interference in the 2016 election. But it's bigger than that. Do these companies need more oversight?

In his play, "Junk," Pulitzer Prize-winner Ayad Ahktar shows how influential the decisions made on Wall Street in the 1980s have been on modern finance. 

The Sacklers are one of the richest families in America. A significant part of that wealth comes from the family business, Purdue Pharma, maker of the painkiller, OxyContin.

Thirty years ago, the Dow Jones fell more than 22%, the worst one-day percentage drop in history. What lessons can we learn about investing today? 

Today is the 30th anniversary of "Black Monday," the worst percentage drop in the history of the Dow Jones. What the response says about today’s financial system.

This week marks the 30th anniversary of "Black Monday," one of the worst days in Wall Street history. What caused the crash and could it happen again? 

This week marks the 30th anniversary of "Black Monday," one of the worst days in Wall Street history. What was it like on October 19, 1987, and what does it tell us about today?

Business leaders and government officials are tripping over themselves trying to convince Amazon to locate their newest headquarters in their cities.

Hurricane Maria left Puerto Ricans without water, power and food. But even before the storm, residents were struggling with more than $70 billion in debt. How will the recovery proceed? 

This week, federal prosecutors hit the world of college basketball with allegations of bribery, corruption and fraud. Is this just the tip of the iceberg?

Facebook is under fire for selling ads to entities connected to Russia. It's not the only issue confronting the company. How will users, politicians and Mark Zuckerberg react?

Mayor Bill de Blasio came to office pledging to fight the "Tale of Two Cities" inequality of New York City. Over the past four years, the economy is doing better. Can he take credit?

The President has been criticized by some for not fulfilling his agenda, but he has been busy, at least when it comes to reversing the actions of previous presidents.

Every time a restaurant closes, another one opens. Or so it might seem. So, is the industry thriving or struggling?

Since the spring, the Trump administration has made big promises to reform the tax code. As some of the proposals are disclosed, who will benefit and how will it be paid for?

President Trump has disbanded his CEO advisory councils, but many former execs are still part of an administration that's been mostly friendly to big business. 

More college students are taking on more debt, and paying it all off will impact their lives, and the U.S. economy, for years to come. What are the solutions? 

After the failure by Republicans to replace or repeal Obamacare, they're moving quickly to score a political win, and they're focusing on overhauling the nation's tax code by November. There's a lot do in a little amount of time, and even Trump's legislative director has admitted it's  an aggressive schedule.

But that is just one of many items on Congress' to do list that includes must several must-pass pieces of legislation like funding the government and raising the debt ceiling.

This week on Money Talking, host Charlie Herman reviews what's head and what's at stake with Catherine Rampell, opinion writer with the Washington Post, and Rick Newman, columnist with Yahoo Finance.