Money Talking

The largest fast-food company in the world -- with about 24,000 stores -- was once known for its rapid expansion mindset. Now, Subway is closing stores faster than ever and pushing out franchise owners in the process. In a recent report by the New York Times, franchisees across the country said that seemingly tiny violations, like cucumbers cut too thick and smudges on glass doors, have cost them their businesses. And when they try appeal to Subway's corporate leadership? They rarely get a response.   This week on Money Talking, guest host Ilya Marritz talks to Tiffany Hsu, a business reporter at the New York Times who co-reported the piece, about how Subway's efforts to scale back have impacted franchisees.

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.

Corporate influence is no stranger to politics, but many businesses have found more support for their priorities in the Trump administration. Up until now, one influential group has flown under the radar, the Trump Leadership Council. A recent report from Rolling Stone names members of the group.  The Council dates back to the summer before the 2016 election. Though it went unnoticed at the time, the group's members consist of powerful business leaders from many of the nation's biggest industries who have pushed for policies such as a tougher trade stance with China and a rollback of environmental protections at the EPA. This week on Money Talking, Charlie Herman talks to Andy Kroll, DC bureau chief for Rolling Stone, about his story "The Shadow Cabinet: How a Group of Powerful Business Leaders Drove Trump’s Agenda."

The Plaza Hotel is a New York City icon. The eighteen-story white marble building is the home of Eloise, the mischievous six-year-old who lived in the "room on the tippy-top floor" in the classic children's book series. Both the Beatles and the taxicab made their statewide debuts outside the Plaza. And it’s had a featured role in more movies and television shows than some actors in Hollywood, from Home Alone 2 to The Sopranos. Since it opened in 1907, the story of the Plaza has been the story of New York. Its history is littered with colorful guests, financial uncertainty, and a controversial transformation from hotel to a multimillion-dollar condominium. This week on Money Talking, Charlie Herman talks to journalist Julie Satow about the past and present of the Plaza Hotel. In her new book, The Plaza: The Secret Life of America's Most Famous Hotel, Satow shares never-before-told stories about the iconic hotel from its murderous origins to its bankruptcy under Donald Trump.

The New York State legislative session is wrapping up this month. With just a few days left, lawmakers are feeling the pressure to tie up several loose ends, including rent regulation — an issue that affects millions of residents across the state. The state’s rent control and stabilization laws expire on June 15th, and legislators are racing to renew them before that deadline. For months, they focused on other issues like bail reform and congestion pricing. Now, it’s down to the wire to figure out everything from ending the deregulation of vacant apartments to limiting landlords ability to raise rents through renovations to a building or an apartment. This week on Money Talking, Charlie Herman talks to Liz Kim, senior editor with Gothamist, and Jarrett Murphy, executive editor at City Limits, about the debate over rent regulations in the state legislature.

As the trade fight between the United States and China intensifies, one company has found itself in the center: Huawei. Despite its humble origins, the Chinese tech giant has become the second largest cellphone maker and largest provider of telecom equipment in the world. Only Samsung sells more smartphones than Huawei. But the company’s close ties to the Chinese government have concerned U.S. intelligence officials for years. This month, President Trump issued an executive order effectively banning U.S. companies from doing business with Huawei, citing potential threats to national security. This week on Money Talking, Charlie Herman talks with David Sanger, national security correspondent for The New York Times, about what the administration's actions against Huawei could mean for the U.S, from trade to our relationship with our allies to the future of 5G cellular technology. As the Chinese firm becomes a possible bargaining chip in the ongoing trade fight between the U.S. and China, Sanger says the big question is, “Is the end state some kind of American victory as President Trump frequently refers to, or is that we’ve divided the internet into an authoritarian side run by China and Chinese companies, and a free chaotic, sometimes abusive side, run by western companies?”

A three-foot tall, shiny, stainless steel rabbit has set the art world buzzing after it sold for $91.1 million at Christie's this month. "Rabbit" by Jeff Koons now holds the record for the highest price paid at auction for a living artist. (While the buyer was art dealer, former Goldman Sachs executive, and father of the current Treasury Secretary, Robert Mnuchin, it's since been reported that he purchased it on behalf of hedge fund billionaire Steve Cohen. Cohen is well-known for his art collection and for his previous firm S.A.C pleading guilty to insider trading.) Spending that much money on a big, metal bunny might sound like a risky investment. Is it worth it? And what does the record sales price tell us about what's going on in the economy and how it affects the rest of us? This week on Money Talking, economist and journalist Allison Schrager talks with Charlie Herman about what she learned writing her book, "An Economist Walks Into a Brothel” about the intersection of risk and economics. “Art reflects our culture” said Schrager. “What we’re getting now is this superstar effect.”

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 at New 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 Times investigative 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 Quartz about 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 Shed will 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 Committee revealed 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. 

Imagine sitting down to watch a movie and downloading the file not in minutes, but mere seconds. 5G, short for "new fifth generation cellular networks" promises lightning-fast wireless service. That kind of connectivity is expected to open the floodgates for innovations beyond the home and possibly lead to a new technological and economic boom. For instance, it could make self-driving cars an everyday reality in cities around the country.  The network has already been launched in several places, but a nationwide roll out hasn't gone entirely smoothly. Cities and the federal government have been fighting over how the expansion should happen, while others are raising national security concerns. This week on Money Talking, Charlie Herman talks to CNET reporter Maggie Reardon about what it will take to make 5G a reality, and what that could mean for your city and your smartphone.

Sears was once an iconic American retailer, selling everything from jewelry, to power tools, to ready-to-assemble houses. The 126-year-old company made its name through mail order catalogs eventually expanding to thousands of physical stores. In 2005, when Sears merged with department store Kmart, the combined retailer had over 300,000 employees and almost 3,500 stores.  But the company has proved unable to keep up in the 21st century and has been losing money for years. In October, the retailer filed for for Chapter 11 bankruptcy. Once the largest retail company in the world, the future of Sears is looking grim. This week on Money Talking, Charlie Herman talks to Michael Corkery, reporter at the New York Times, about what's in store for this former behemoth.

In just nine years, WeWork has gone from a company that offers shared office space for startups and freelancers to a global company valued at $47 billion that provides offices to the likes of IBM, GE and NASDAQ. Not only that, it has added to its core business a handful of other — sometimes puzzling — companies, including WeLive, WeGrow and Made by We. With over 300 locations around the world, WeWork has ambitions to be a lot more than a co-working space, but can it make good on its vision for the future of work and home? Then again, what exactly is that vision?  This week on Money Talking, Charlie Herman talks to Ellen Huet venture capital reporter at Bloomberg and Katrina Brooker, senior contributing writer to Fast Company about what WeWork is, and where it wants to go.

In a historic vote, the House of Commons in the United Kingdom decided decisively against a plan for exiting the European Union.  Members of Parliament voted 432 to 202 to reject Prime Minister Theresa May's Brexit deal, marking one of the largest margins of defeat in recent British history, with even many of her own Conservative party members voting against her plan. The following day, May faced, and survived, a challenge to her leadership in a no-confidence vote.  For more than two years, the British government has been negotiating how it will leave the European Union before a March 29, 2019 deadline. May has been working to craft a deal that both European Union officials and her own government will accept. But that is looking more and more impossible. Leaving the EU without any deal in place could have massively negative consequences for Great Britain, and possibly even Europe and the United States. This week on Money Talking, Charlie Herman speaks with Edward Luce, US National Editor for the Financial Times. 

Tech companies are rapidly shaping our lives — often in ways we do not even realize. Artificial intelligence and automation are transforming sectors from manufacturing to transportation to real estate. One of the people creating that future is Masayoshi Son, the founder and CEO of the Japanese conglomerate SoftBank. In 2016, through the company, Son launched the $100 billion Vision Fund. According to a report from Bloomberg, that was greater than the entire US venture capital industry in 2016. By directing huge investments into tech startups such as Uber, WeWork, Slack, and many others, Son hopes to accelerate technological advancements, whether the rest of the world is ready for it or not.  This week on Money Talking, Charlie Herman talks with Katrina Brooker, a senior contributing writer at Fast Company whose profile of Son and the company is the cover story for the magazine's February issue.

After reaching records highs last year, the stock market went south in the final months of 2018. In the end, it was the worst year for markets since the 2008 crisis and the worst December since 1931. And the tumult is carrying over into the first week of trading in 2019.   What exactly is causing the turmoil? The government shutdown, rising interest rates, and unresolved trade tensions are all contributing to the ups and downs, but one reason for the triple point drops might have to do with how the market itself operates.  This week on Money Talking, Charlie Herman speaks with Greg Zuckerman, special writer for the Wall Street Journal, about the increase in computerized trading, how it shapes the market's moves, and what it means for the average investor.

On the other side of the globe, a corruption scandal has been rocking Malaysia for years involving a multi-billion government fund from which billions of dollars have gone missing. The fund, known as 1Malaysia Development Berhad, or 1MDB, was supposed to fund government-backed infrastructure projects, but investigators say it was instead used for the personal benefits of individuals, including the country's previous prime minister, Najib Razak. The money was allegedly used to buy a number of lavish and unique items, including a $250 million yacht, backing for the film The Wolf of Wall Street, diamond studded tiaras and a see-through piano for the model Miranda Kerr. This week, authorities in Malaysia filed criminal charges against Goldman Sachs, alleging the bank made false and misleading statements connected to work it did for the fund. The bank has denied wrongdoing and says it is cooperating. To explain the complex story, Money Talking's Charlie Herman spoke with Ben Walsh, reporter for Barron's, and Peter Eavis of The New York Times about 1MBD and Goldman Sachs involvement. To hear the complete interview, click "Listen."

It's a been a tough couple of years for technology companies. Facebook, Google, Twitter and others have faced criticism on many fronts, from accusations of bias to privacy concerns. Leaders of these companies have been called before Congress to testify about their businesses, most recently this week, when Google's CEO Sundar Pichai answered questions from members of the House Judiciary Committee. Underlying those concerns is the realization that tech companies have become so big, powerful and necessary in our lives that many of us are troubled by that reality, but unsure what to do about it.  In his new book, "The Curse of Bigness: Antitrust in the New Gilded Age," technology law expert Tim Wu examines the history of antitrust actions in the 20th century and makes the argument that breaking up today's largest companies will not only be good for business, but for our democracy as well. This week on Money Talking, Charlie Herman speaks with Wu about his book and the state of monopolies in the U.S.

Last week's clash between U.S. law enforcement and Central American migrants along the border with Mexico took place thousands of miles from New York. But the controversy surrounding the conflict found its way to New York City through an unlikely place: the Whitney Museum. Two days after the event, the arts news site Hyperallergic reported that Warren B. Kanders, one of the museum’s top board members, owns Safariland, the company that made the tear gas used on the border. In response to the news, more than 100 staffers at the museum wrote a letter demanding answers about Kanders and his business, which prompted responses from both him and the museum's director, Adam Weinberg. The controversy has led to criticism of the Whitney and restarted a conversation about the role of money in the arts, especially when it comes from donors that people disagree with. This week on Money Talking, Charlie Herman discusses the issue with Robin Pogrebin, reporter for the Culture Desk at The New York Times, and Hrag Vartanian, editor-in-chief of Hyperallergic.

This weekend, President Trump will be in Argentina for a G20 summit which will include a dinner with Chinese President Xi Jinping. The meeting comes after months of escalating tariffs on Chinese goods imported to the U.S. But that simmering trade fight may come to a truce — or at least, a pause — as the president is reportedly feeling concerned about the long-term state of the U.S. economy. Though the American economy is generally strong, the stock market has had a rough few weeks and the Argentina meeting comes as one U.S. employer, General Motors, announced it plans to lay off  thousands of employees and close plants in Ohio, Maryland and Michigan. This week on Money Talking, Charlie Herman speaks to Rana Foroohar, global business columnist at the Financial Times, and Rick Newman, senior columnist for Yahoo Finance, about what Trump may say to Xi, and what it may mean for consumers and the economy.

It's the talk of the towns. After a 14-month search, Amazon says it will have two new East Coast headquarters: one in Arlington, Virginia and the other in New York City. In each city, the company says it expects to create 25,000 jobs. But the expansion comes with a hefty price tag. In New York, the company has options to receive up to $3 billion in tax credits, abatements and capital grants from the city and state in return for building a new complex in Long Island City, Queens. These incentives, along with the lack of transparency over how the deal was made and how the state plans to streamline approvals for the project has sparked a backlash from many local officials — and New Yorkers — who are asking: Is the deal worth the money? This week on Money Talking, Charlie Herman sorts through that question with two reporters paying close attention to the Amazon news: Shira Ovida, a columnist with Bloomberg Opinion, and Derek Thompson of The Atlantic.

This Tuesday's election didn't quite end with the big, blue wave Democrats might have hoped for. But the flip from red to blue in the House of Representatives will change the political landscape and could affect fiscal policies. From financial regulations to trade to consumer protections to infrastructure spending — they’re all issues Democrats have been wanting to tackle following changes put in place by the Trump administration over the past two years. For example, California representative Maxine Waters is expected to chair the House Financial Services Committee and that could mean more hearings featuring CEOs from the biggest banks, not to mention investigations into the finances of the president's family business. This week on Money Talking, Charlie Herman talks to Sheelah Kolhatkar, staff writer at The New Yorker, and Joe Nocera, columnist for Bloomberg, about what the change in the House means for Wall Street and Main Street.

Within a hectic news cycle ahead of the midterm elections, a big story has emerged from Wall Street: October has turned out to be one of the worst months for the U.S. markets since the financial crisis ten years ago. Stocks plummeted and most of the gains of 2018 have been erased in a few short weeks. That all happened in the immediate run-up to Election Day. Knowing that people tend to vote their pocketbooks, how will a turbulent time on Wall Street play out in the voting booth? And should people worry about what it all says about the health of the U.S. economy? This week on Money Talking, Charlie Herman speaks with Heather Long, economics correspondent for The Washington Post.   Loading...

For decades, the American dollar has been the international currency of choice for investors, for markets and even for other governments: Saudi oil, gold from China —it's all traded in dollars. But some recent developments indicate that the long-running supremacy of the dollar isn’t guaranteed. According to a new report from Bloomberg Businessweek, China is challenging the dollar with a crude oil futures contract denominated in yuan, Russia cut its holdings in U.S. currency and, most significantly, some European countries are talking about creating a payment system to work around U.S. sanctions in Iran. All of this doesn't mean the dollar is in imminent danger of toppling from its number-one spot, but it is a note of concern for the long-term health of the U.S. economy. This week on Money Talking, WNYC's Charlie Herman talks about the issue with Peter Coy, economics editor for Bloomberg Businessweek and the author of "The Tyranny of the U.S. Dollar."

The disappearance of Washington Post contributor Jamal Khashoggi after visiting an embassy of Saudi Arabia in Turkey has brought renewed attention to what’s been true for years: the United States — and its president — has an important, and extremely complicated, relationship with Saudi Arabia. In recent years, U.S. businesses have developed even deep connections to the Middle Eastern country. Now, in the aftermath of Khashoggi’s disappearance, CEOs of some of the largest financial firms have announced they’re walking away from a business summit known as "Davos in the Desert" planned for next week in Saudi Arabia. Leaders from Goldman Sachs, Google, Uber and the giant investment firms Blackrock and Blackstone are among those who have pulled out while the Khashoggi investigation continues. At the same time, President Trump's own history with the Saudis is coming under scrutiny. Trump has done business with the country for years, even bragging during his presidential campaign about the large amount of money Saudi buyers paid for his apartments. "Saudi Arabia, I get along with all of them. They buy apartments from me. They spend $40 million, $50 million," he said at a rally in Mobile, Alabama in August, 2015. "Am I supposed to dislike them? I like them very much." This week on Money Talking, Charlie Herman delves into all the ways Saudi Arabia is intertwined with U.S. business interests including those of the president himself, with David Fahrenthold, who reports on Trump's business interests for The Washington Post, and Joe Nocera, business columnist for Bloomberg Opinion.

By the end of this year, Amazon says it will choose the city where it will build the company's second North American headquarters. Since it announced the project, cities across the country have jumped at the chance to host the mega-office. Now, Amazon has whittled the list of contenders down to 20, including New York City and Newark, N.J. The campus, wherever it lands, will be a big prize. Amazon says it will bring 50,000 employees earning high median incomes in addition to $5 billion in investments for the city that is selected. As the final months of 2018 wind down, where do things stand with the hunt for the new headquarters, and will the winning city get a good deal considering the tax breaks and subsidies many are offering to lure the tech giant. This week on Money Talking, Charlie Herman talks with The Guardian’s business editor Dominic Rushe and Karen Weise, a Seattle-based technology reporter from The New York Times about the latest developments in the search for Amazon's HQ2.

Nearly 20 years ago, Donald Trump famously told Fortune magazine that he could run for president and make money doing it. "It’s very possible that I could be the first presidential candidate to run and make money on it," he said in the 2000 interview. But now that he's president, the story is looking a bit different. A report from Forbes magazine this week concluded that the presidency has not enriched Trump overall: Measuring Trump's net worth before he announced his run for the presidency in 2015 to the last two years, Trump’s fortune has dropped from $4.5 billion to $3.1 billion.  In a statement to the magazine, Eric Trump, who is co-managing the Trump Organization, said, “My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics. Everything he does is for the good" of the American people. This week on Money Talking, Charlie Herman talks with one of the Forbes reporters who looked into Trump's finances, Dan Alexander, and how Trump could have saved millions (and prevented a lot of headaches as well).

Amid an atmosphere of intense political partisanship, a rare and remarkable thing happened in Washington this week: Both parties came together to solve a problem — in this instance, in the music world. With music streaming on the rise, lawmakers hammered out legislation that will update copyright laws and create a new licensing system for streaming services in an effort to bring the music business into the 21st Century. The legislation, known as the Music Modernization Act, (renamed the Hatch-Goodlatte Music Modernization Act), passed both the House and Senate unanimously and will become law once the president signs it. This week on Money Talking, Charlie Herman speaks with John Schaefer, host of WNYC’s New Sounds, about how the new law will work and how it will affect music-listening consumers. Schaefer also discusses how artists and labels are trying to boost the number of plays on streaming services in order to score a number one hit on the Billboard charts.

This election season, many leading Democrats have come out in favor of "Medicare for All," the single-payer health care plan from Vermont Senator Bernie Sanders. The bill, which two years ago hardly had any support, is now popular with about a third of the Senate Democratic caucus, including many rumored 2020 presidential candidates. It also got a big boost from the most famous Democrat of all: former president Barack Obama, who said recently "Democrats aren’t just running on good, old ideas like a higher minimum wage, but they’re running on new ideas like Medicare for all." The idea — that the state provides health care coverage to all people, regardless of their employment status or ability to pay — is also very costly. One study estimates it would have a price tag of $32 trillion over 10 years. Are we ready for such a radical shift in how healthcare works, and who pays for it? This week on Money Talking, Charlie Herman dives into the issue with Yahoo Finance columnist Rick Newman.

This week marks the 10-year anniversary of the collapse of Lehman Brothers on Sept. 15, 2008. It was an event that set off a downward spiral in the American markets and ultimately led to a global recession. Leading up to the anniversary, there’s been a lot of reflecting about what happened and what, if anything, has changed. There's also been a lot of analysis about how the recession had many unexpected responses, like the rise of the Tea Party movement, Occupy Wall Street and the increase in income inequality. But another change in the past ten years is how the United States became a major oil and gas producer. There's been an historic energy boom in this country; in fact, the International Energy Agency estimated earlier this year that the U.S. could become a bigger oil producer than Saudi Arabia and Russia by 2023. It's a shift that's had major repercussions around the world. This week on Money Talking, Charlie Herman discusses the trend — and how it's intertwined with the 2008 financial crisis — with financial journalist Bethany McLean, author of new book, "Saudi America: The Truth About Fracking and How It’s Changing the World."

Silicon Valley is back in Washington, D.C. Executives from the two of nation's leading tech companies — CEO Jack Dorsey and Facebook’s COO Sheryl Sandberg — went to Congress this week to face questions from lawmakers about their efforts to prevent foreign influence in our elections and to respond to charges of bias against conservatives. It’s not the first time Congress has grilled tech executives in an attempt to untangle the effect of social media on democracy; Facebook founder Mark Zuckerberg famously appeared in front of both the House and Senate this spring. At this week’s hearing, lawmaker expressed a desire to do something to rein in the hugely influential companies. But it was unclear, exactly, what that should be. "The size and reach of your platforms demand that we as policymakers do our job to ensure proper oversight, transparency and protection for American users and our democratic institutions," Democratic Senator Mark Warner told the executives in his opening remarks at the committee on Wednesday. "The era of the Wild West in social media is coming to an end. Where we go from here though is an open question." This week on Money Talking, Charlie Herman speaks with Rana Foroohar, global business columnist for the Financial Times, about what, if anything, Congress can do to regulate Silicon Valley — and how it may affect the way technology companies do business.

Tesla’s CEO Elon Musk has had a rough year. His effort to get a relatively affordable electric car, the Model 3, to a mass market has been rocky. Profitability has been an ongoing issue. And his own sometimes bizarre behavior has gotten the attention of both gossip blogs and investors betting against the success of the company. Amid a tumultuous time for Tesla, Musk sent out a tweet that sent investors scrambling: He had a plan to take the company private, and funding to back it up. An uproar followed with investors, his board and financial journalists asking a lot of questions. Then, less than three weeks later, Musk reversed course and scrapped the going-private plan. So, what exactly is going on with Tesla’s famous leader, and what does it mean for the future of the electric car company? This week on Money Talking, Charlie Herman speaks with two reporters who cover Musk and his business: Linette Lopez, senior finance correspondent for Business Insider, and Dan Primack, business editor at Axios.

For a long time now, the economy has been doing quite well, thank you very much. Job growth is up, unemployment is near a 50-year low and the stock market has been on a bullish climb for more than 10 years — nearly the longest stretch in its history by some accounts. All that good economic news has the Trump administration pleased. The president’s economic advisor Larry Kudlow boasted that the White House’s policies — including protectionist tariffs, tax cuts and loosening of regulations — deserve the credit.  "Our economy, our investors, our workforce are crushing it right now.  We are crushing it," he told the president at a cabinet meeting on cabinet meeting last week. As the midterm elections move closer, Republicans are hoping the rosy economic picture will prevent a "blue wave" of Democrats from taking control of the House of Representatives, and perhaps even Congress. But will a steadily rising stock market, good job numbers and consistent economic growth be enough to make a difference for the G.O.P. in November? This week on Money Talking, Charlie Herman speaks with Ben White, chief economic correspondent for Politico and host of the podcast "Politico Money" about whether or not voters will be thinking about their pocketbook when they enter the voting booth.

Ten years ago, in September 2008, Lehman Brothers failed. It marked a decisive moment in the financial crisis, one where the U.S. economy plunged into what we now know as the Great Recession. With such a momentous anniversary approaching (September 15, if you want to mark your calendar), you can expect there'll be a slew of stories that look back at what happened and where things stand. But there’s another anniversary that’s not getting as much attention. Ten years before Lehman, in 1998, the country faced another possible crisis, and at its center was another financial firm, Long-Term Capital Management. LTCM, as it was known, was one of the world's largest hedge funds. But after Russia defaulted on its debt, LTCM faced a near collapse as a result of its investments along with too much leverage (a significant reason behind the financial crisis in 2008). The New York Federal Reserve Bank stepped in and organized a bailout of LTCM with the backing of the largest banks on Wall Street. This week on Money Talking, Rob Cox, Global Editor of Reuters Breakingviews, discusses what we did — and didn't — learn from the global financial crash that nearly was, and what the lasting impacts we can see today.

Indra Nooyi, the CEO of PepsiCo, announced this week that she is stepping down after leading that company for 12 years. With her departure, that leaves 24 female CEOs at companies in the S&P 500 index, less than five percent.  Earlier this year, during an interview with the podcast Freakonomics, Nooyi spoke about the challenges of getting and keeping women in top positions. "How are you going to attract women to the workforce, where we need them, but allow them to balance having a family…and still allow them to contribute productively to the workforce?" she said. "I don’t have an answer to that. It’s got to be a concerted effort on the part of governments, societies, families, companies — all of us coming together." Yet despite efforts to promote women to leadership roles in companies, the number of female CEO’s declined compared to last year, and for women of color, the situation is worse. According to statistics from Catalyst, a nonprofit research and consulting firm, women of color account for about four percent of senior level officers and managers at S&P 500 companies, while white women make up about 21 percent. This week on Money Talking, host Charlie Herman examines why so few women are leading companies with Sheelah Kolhatkar, staff writer for The New Yorker who wrote about Nooyi and the vanishing female CEO.

This week, a new policy from Manhattan’s District Attorney Cyrus Vance went into effect. His office will no longer prosecute people for using marijuana (unless it's deemed public safety threat) or for possessing small amounts. "I believe it is more proportionate to the offense to have someone given a ticket to go pay a summons than to be arrested or to have a criminal record," he told WNYC News' Richard Hake. Vance is not alone. Across the country, politicians and prosecutors in more and more states — including New York and New Jersey — have been pushing for legalization of marijuana. In the nine states where it’s already legal for recreational use, it’s becoming a big business. Despite the drug remaining illegal at the federal level, one estimate puts sales of legalized recreational and medicinal marijuana at just under $9 billion in 2017. Locked out of the traditional financial system, the industry faces many hurdles. How is this industry operating, and who is set to profit from further legalization? This week on Money Talking, Charlie Herman talks the ins and outs of the cannabis business with Julie Weed, who writes about marijuana for Forbes and the New York Times, and Alyson Martin, co-founder of Cannabis Wire and a reporting adjunct at Columbia Journalism School.

Since his inauguration, President Donald Trump has been talking about boosting America's automobile industry. Specifically, he wants to roll back the stricter standards for carbon dioxide emissions that were placed on cars by the Obama Administration in 2010.  The auto industry has been griping about the so-called CAFE standards ever since. Last year, the Alliance of Automobile Manufacturers, an industry group, wrote a letter to the Environmental Protection Agency which read “even under the EPA’s optimistic estimates, the automotive industry will have to spend a staggering $200 billion between 2012 and 2025 to comply.” Now, the Trump administration is preparing to take the first steps to undo the stricter efficiency rules. Bloomberg News says that if Trump's proposal takes hold, “it could be his biggest regulatory rollback yet." So why aren't carmakers celebrating, and what does this mean for drivers? This week on Money Talking, Ilya Marritz talks to two journalists covering the transportation and policy: Maxine Joselow, reporter at E&E News, and Ryan Beene, auto regulations and policy reporter at Bloomberg News. 

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.

If President Trump's nominee to the Supreme Court, Brett Kavanaugh, is approved, he will potentially be making decisions on some of the nation's most contentious issues. That includes topics like abortion, corporate regulation, and healthcare.  The Obama-era Affordable Care Act has been at the center of partisan debate since it went into law, and reports swirl of rising premiums and plans that offer few benefits. With yet another challenge to the ACA working its way through courts in Texas, critical aspects of the law could soon come before the Supreme Court. What does Kavanaugh's record reveal about his stance on the ACA? What challenges does the law face outside of the court system? And what steps has the Trump administration taken to undermine the law? This week on Money Talking, Charlie Herman talks to two reporters who follow the complicated world of healthcare, Tami Luhby, Senior Writer at CNN Money, and Jeffrey Young, Senior Reporter at HuffPost, to explore he ever-changing future for the Affordable Care Act.

By all accounts, the U.S. economy is doing well, and has been for a long time. Unemployment is at an 18-year low, businesses are growing and the stock market has been on a historic, bullish climb. But some on Wall Street are closely watching one economic indicator — the yield curve — that has a history of predicting an end to all of that: Recession. The yield curve — a somewhat obscure (if you aren't in finance) display of interest earned, or the yield, from treasuries — rises from low to high in a healthy economy. But when things are shaky, it can flatten and even inverts. And in every instance of a yield curve inversion since 1970, a recession has followed within a year. Currently, the curve is still bending the right way, but it's getting flatter, and that has some people concerned. But how much stock can we still put in this historic predictor? And really, what does it even mean? This week on Money Talking, Charlie Herman gets answers from two yield curve wonks (or at least one super fan), Cardiff Garcia and Stacey Vanek Smith, co-hosts of Planet Money’s "The Indicator" podcast from NPR.