35 Burst results for "Nancy Marshall Genzer"
Millions to receive relief payment via debit card
"I have needs. It has to be its consumption. And that's the thing want debit cards can also be cheaper than checks for people who don't have bank accounts cashing a cheque cost them money. But with a card says shantelle boyens with the urban institute there is a network of. Atm's where you have the car you can access your funds without any feeds but people can only make one withdrawal for free from an out of network atm after that. It costs two dollars boy in says the income people are more likely to pay those fees. They may be located in areas where they don't have as good of access to in network. Atm's the cards also come with terms of service. An ira rheingold. Executive director of the national association of consumer advocates says some of them put card users at a disadvantage. You consumer if you have a complaint you cannot go to court. You cannot be part of a collective action. A class action members of congress sent a letter to the treasury this week asking it to remove those clauses and reduce any fees. I'm justin ho for marketplace lawmakers tucked a provision banning surprise medical bills into this latest relief. Package those are the unexpected charges from out of network healthcare providers that can add up to tens of thousands of dollars. One thing. that's not yet. Clear is how this might affect insurance premiums marketplace's nancy marshall genzer explains. It's a nasty shock without realizing it. You retreated by a healthcare provider. Who was out of network surprise. You're stuck with a huge bill. Jen taylor with the consumer advocacy group families. Usa says some of the biggest unexpected medical bills. Come from air ambulances where people were getting a fifty thousand dollar bill and they were unconscious and put into an ambulance and had no say in the matter. Once this surprise medical bill legislation goes into effect in
A clear disconnect between the Treasury and the Fed
"Janet yellen in her first official remarks as treasury secretary nominee. Maybe giving congress low. Poke in the eye. Inaction will produce a self-reinforcing downturn causing more devastation. So that's the maybe there is help on the way news of the day. The oh no. There's not came to us from fed chair. Jay powell and treasury secretary steven mnuchin in congressional testimony this morning summing up their views on the state of this economy and as marketplace's nancy marshall genzer explains. There is a disconnect. If you watch. Chair powell and secretary mnuchin senate banking committee testimony today and i know you did. You'd think they were talking about two different economies. First mnuchin said the october jobs report showed that the economy has gained back. Twelve million jobs since april and powell followed up with although we welcome this progress we will not lose sight of the millions of americans who remain out of work. Powell looks at the big picture. Mnuchin is focused on the letter of the law and the cares act did specify that some pandemic aid stop at the end of the year as the economy recovered mnuchin acknowledges that some additional help is needed but he also points to the falling unemployment rate. Catherine judge is a law professor at columbia university. The look at where we are this quarter relative to last quarter and they look at the rate of improvement. The unemployment rate did fall to six point nine percent in october. But that's still almost double the jobless rate before the pandemic hit the us adam ozimek chief economist at the jobs would site. Upwork says powell sees the glass half empty wall. Mnuchin says it's half full and mnuchin could make it harder to convince wavering members of congress to vote for another relief package. You can't really rally the troops as long as you're describing glasses full if congress doesn't pass another relief bill. Williams college economists. Ken kutner says the fed will say. Look if you guys can't get your act together and pass some fiscal stimulus you know. It's going to fall for the fed to try to try to take that slack as best we can and kutner says the feds tools are not ideal for that fed chair. Powell has said repeatedly. The fed makes loans not the grants that struggling businesses and jobless workers need right now.
Can unemployment insurance be fixed?
"Thirty eight days a little bit more than a month gets you to the day. After christmas and the expiration of most of the federal unemployment programs that were passed last spring in the cares. Act that in and of itself is not good economic news. Neither to is the reality that there are no negotiations happening right now. In congress on more relief democrats and republicans aren't even talking and so according to research out today from the century foundation twelve million people who are out of work in this economy are thirty eight days from losing their benefits. Marketplace's nancy marshall genzer explains what that's gonna mean for them and for us without a deal. December twenty six will be a grim day for unemployed workers and a us economy andrew stenner with a century foundation. Says it's like twelve million workers and their spending power will fall off a cliff. Even if you thought you had ten eleven twelve nine weeks left. You won't get those weeks. You get cut off that exact week. Benefits for gig. Workers and the self-employed are ending as is federal. Help for most people who've exhausted their state benefits stettler says black workers in the service sector will be hit especially hard since so many of those businesses have closed. Kimberly austin is a black artist. Who lost her job. As a face painter at legoland near san diego she wants federal action now. The should not eat a political joke to anybody. This makes no sense. Austin has been getting by on two hundred eighty five dollars a week in unemployment. she's uninsured and the inhalers she needs for her. Asthma cost. Two hundred dollars jason. ye doesn't have health insurance either. He's an accountant in los angeles. Who was laid off last june. He's been living on four hundred fifty dollars a week plus his savings. The cliff will be bad because eventually with no benefits. Then you know it'll be a hundred percent savings. He says savings will run out in february. He could tap into a retirement account but he's only fifty five. That means an early withdrawal penalty at penalty waiver in the cares act also expires at the end of the year.
The GDP report isnt the whole story
"Come on repeat after me, you have been hearing or reading it all day I know the US economy. The US economy con grew at an annual rates GRUDEN annual rate of demain fill in the blank. You know it right thirty, three percent in the third quarter. Again, that is annualized or just from July to September compared to a quarter earlier growth rate was seven point four percent which sounds great. It does and Kinda is, but it doesn't get us back to where we were or. Where we might have been without this pandemic marketplace's Nancy Marshall Genzer gets his going with the output gap. We've all been there. Sometimes, we just don't live up to our potential former Fed economist Claudia Psalm says it's kind of like what happened in her house this morning when her fifth grade son had to retake virtual math test the teacher knew what his potential was but and because he wanted to get done with school and play on his IPAD, he didn't put in the time and do his best work. Some says it's the same with the economy. The output gap is the difference between what the economy is actually doing versus what it could do before cove it in recent years. GDP has been growing at two percent or more, but it just means that we know what we could be, and if we're not there yet will then we've gotta do gotTa do better even with today's strong GDP number we've only made up about sixty percent of the economic ground we lost in the first half of this year according to nationwide senior economist Benares. He says, that's partly because consumers are still avoiding risk. Your consumers are still down about a third from what they normally spend overall. Certainly, most of that's focused on the service sector with people not eating out as much. Music concerts anything that would involve large groups. Dissolution Solution here is pretty simple, less virus and more economic relief from Congress. Another Relief Bill Greg Dako chief economist at Oxford Economics says a lot of consumers relied on extra federal unemployment payments that ended over the summer as these transfers slowly faded out consumer spending activity has. Called Dako says it'll be at least another year before we get back to a normal rate of economic growth without another relief package he says, it'll take even longer I'm Nancy Marshall Genzer for marketplace.
What happened to the Postal Service?
"If you had the United States postal service as a partisan political proxy on your Twenty Twenty Election Bingo card. You. Win. I guess the politics of it we will assume you're mostly familiar with speaker. Nancy Pelosi is calling the house back into session legislation likely postmaster general and CEO Louis Joy has said he will testify. But as all of that plays out a detour here if we might to the postal services business model reality yes. The digital age has brought its challenges to the USPS but as Congress tries to figure out how to repair the damage. Might do well to look in the mirror for a little bit. Here's marketplace's Nancy Marshall Genzer. The Postal Service is supposed to be self funded not getting any government money, but the post office is still tightly regulated by Congress and in two thousand and six Congress passed a law requiring the postal service to prepay health benefits for retirees. Jim Campbell is a lawyer and consultant on the Postal Service resorted the postal service to pay for ten years about five and. A half billion dollars a year into this prepayment fund that thinking was paid forward. Make sure the money is there when retirees need it. But Campbell, says federal agencies don't have to make these prepayments and the post office couldn't do it. Campbell says it missed more than half of the payments to make matters worse congress capped postal office price increases for letters circulars at the rate of inflation. So the postal services kind of caught in this squeeze. Cornell University public. Policy Professor, Getty's says Congress, also still requires the post office to deliver to every mailbox in the country six days a week. So this is a recipe for fiscal problems serious fiscal problems and serious debt frank disco has been tracking that he's chief actuary at the US Government Accountability Office. He says the postal services more than one hundred, sixty, billion dollars in debt over the past decade, the dead and unfunded liabilities like pensions and healthcare have outpaced the revenues the. Postal Service takes in. So it's doubled from a little more than one times annual revenue to over double annual revenue to disco says the Postal Service has been losing money for a decade, not a sustainable business model, but the post office can't change that model without Congressional
US consumer spending sinks by record 13.6% in face of virus
"Aniela let me start with you and With the caveat that we're GONNA have Nancy Marshall Genzer here in a minute talking about personal income. I want to get your take as the trained economist in the room on the on the thirteen point something percent drop in consumer spending in the past month and I want you to frame it in terms of well. Consumers are basically this entire economy. Now what do we do right? The consumers are the engine of growth for the economy but the consumer has been staying at home. Many of us are under lockdown orders. That are just now starting to ease and so what we've seen. Is this phased in transition from a near lockdown of the national economy in April to a phase reopening That's happening in stages in so consumer spending is under the weight of that lockdown in terms of. Well there's nothing to spend our money on besides basic goods But also Some fear about re reengaging with the economy without social distancing protection and so the key to the recovery will be that consumers feel healthy both physically and financially to get back to spending at their normal levels. And we're GONNA talk about that a little bit with with Marshall Genzer Minute Gina As sort of along those same lines Fisher J. Paul did a thing today with Ellen blinder at Princeton Sort of a Q. And a. It was. It was a very nice little chat with those guys who've obviously known each other forever. But one of the things Alan blinder said. He's a professor of economics at Princeton. He said look. You guys are crossing some red lines in this crisis and Powell came back and said. Yeah you know what? I'm okay with that because this is different. I thought that was a remarkable thing for the guy running the American economy to say remarkable. You know basically said emergency unlike anything we've ever seen before if we didn't cross the red lines we'd have to explain ourselves to the American people and say why. Why didn't you do everything you possibly could do to save. The enemy was a remarkable statement. I think it's it's really interesting coming from pal too because he has historically been particularly concerned about crossing. Some of the red lines at the Fed has crossed one of them for example is fine municipal debt. You know. That's that's something Derek opt to start doing. It's something that he's been asked about four in asked he was always very quick to say. That's a lie. Don't Cross picking winners and losers This crisis Bonilla's so Senate Majority Leader Mitch. Mcconnell said today just sort of on those along those lines of this being you know an unprecedented crisis senator. Mcconnell said today you know the next relief bill whenever it comes Is probably going to be the last one you buy that now. Not at all because we're still in the early transition of the of the economy. The second quarter is supposed to bear the brunt of the economic toll of covid nineteen remember. We've already seen a five percent decline and US GDP just on basis of two weeks of a shutdown in late March. So imagine what the second quarter is going to look like and you know. Much of the stimulus has come at a time when people can't spend because they're at stale they're staying at home so I expect that there will be more stimulus. We may see some some green shoots of recovery in the second half and it's likely that we will but that's going to be in the midst of an uptick in bankruptcy says firms struggle to make this transition and some longer term effects in terms of the forty million people who are now seeking or have Unemployment benefit so. There's a long red to recovery and I don't think we get it. We get out of a relief effort from the from the government that quickly so junior. You did a piece of honestly and I apologize. I don't remember if it was today or yesterday about the shape of this recovery in the line stuck with me is v stands for very unlikely which I kinda love. Let's riff on that. Green shoots thing What do you see out there that gives you hope if anything right so I think if there's one hopeful take away from that road it's that we're not in for an out so it's very unlikely the growth just fell off a cliff and it's just gonNa stay low forever and that's it because what we're seeing is that activity is picking up in an starting at certain improve as we kind of get used to living in this world at a one thing that's important to note? Is that activities picking up in places that have reopened not really markedly different way than it is in places that have reopened more fully at While to sign of green shoots. I think it's also reason to be modest in our expectations. What's going to happen? As we reopen doesn't seem like he blurts pouring back into their lives with unbounded doozy Azam. Here nearly you by that. And what green shoot do you like it if any well I? I think it's the preconditions that we were. In prior to the pandemic. It's important to remember. This is a a biologically triggered downturn that the economy wasn't broken Going into the outbreak in the pandemic and so there are several things that were already in place like a healthy banking system that can support some pretty intense and aggressive fed action through the banking system. That wasn't the case in during the financial crisis the banks were the problem. We've also seen consumers have relatively healthier balance-sheets than they did during the financial crisis in terms of them out of debt relative to their income. So some of those conditions will help with the economic toll. But right it's going to be. I think a slower road than a V. shape And it's going to be based on biological and medical advancements not just reopening alone
How to read those unemployment numbers
"Los Angeles. I'm Kai Ryssdal. It is the twenty first of May today as always to have you along everybody and we begin on Thursday. I think. Actually this is the eighth or ninth Thursday in a row with yet another staggering report on people filing for unemployment benefits in this economy. Two point four million people this week down yes from a week ago but still basically the entire population of Houston Texas. Now which need to know though. Is that those weekly unemployment claims. Come in two varieties marketplace's Nancy Marshall Genzer gets us going with the difference between the two and why that difference matters initial jobless claims are how many new people file for unemployment benefits in a week. Continuing claims measured the total number of workers on unemployment. Erica gration the former head of the Bureau of Labor. Statistics says think of it like a bathtub. The initial claims is how much water is flowing into the bathtub and the continuing claims is how much water is in the bathtub. Each numbers important Chris. Rupp key chief. Financial economist at the Global Financial Group G follows both well. That's why God gave us to do. Is You have to watch both that. Rookie says when he wants to tease out underlying trends that continuing claims numbers more important. Because the minute the total number of people receiving unemployment starts to come down. That's the key signal that the labor markets improving the continuing jobless claims numbers will play a key role in whether the post corona virus recovery. Looks like the or you. Meaning the economy improves quickly. Or is flatter like an L. Dartmouth College Economists Patricia Anderson will be watching that if the continuing claim start falling. Fairly rapidly than. That's good signs that we might be more. U shaped than l-shaped Anderson says if the continuing jobless claims just keep plodding along at about the same rate. That's not a sign that we're really turning the corner. I'm Nancy Marshall Genzer for marketplace
Congress isn't going to let Facebook's cryptocurrency happen without a fight
"Week. We're talking to marketplace reporters about what to expect from tech in the year ahead regulation is a big part of that conversation Shen and today we're going to chat about cryptocurrencies specifically libra the digital payments system in cryptocurrency proposed by facebook earlier this year. It seemed like it might be dead on arrival considering all the backlash but lawmakers have not forgotten about it. There are a few bills being considered by Congress that could have an an impact on Lebron's future including who might regulate it. Nancy Marshall Genzer reports on policy from marketplace's Washington DC bureau. I asked her to tell me about the bills that have been proposed. Here's one molly see if you can figure out what this bill would do. It's called keep big tack out of Finance. It's very very subtle would prohibit large platforms like facebook from becoming charter licensed or registered as a US financial institution There's there's another bill called. Stable coins are securities act. And this bill says that stable coins which are coins like libra pegged to a basket. Ask It of something that is considered stable so these coins are not supposed to fluctuate so securities being stocks and bonds. This bill says hey libra All the laws that apply to stocks and bonds are going to apply to you right so then just to clarify that that would put like the SEC in charge of regulating regulating something like libra. And take it away from being a fanatic purely financial product Sherwood the SE and possibly other government regulators. And of course the Fed has already said. Hey we're going to be regulating you libra and then the last one is on Privacy trying to Hit the executives of facebook because it says the issuers of stable coins would not be able to raise money on. US capital markets if they were paid with stable coin or if they worked with someone who is affiliated when the stable going so that would also be a blow to facebook. It wouldn't be able to raise money me in. US Capital Markets Sort of broadly. Around these regulatory efforts and others you know just returning to the idea of keeping being big tech out of finance that ship has sailed. It seems like we're really seeing a big tech companies already. Attempting to become financial institutions and digital currencies are just part of that. I wonder how you see regulation in two thousand twenty kind of scrambling to catch up with text ambitions around finance and banking and payments and cryptocurrencies. I think you're absolutely right. I mean the Horse already left that barn and I think that libra is such a bold. Step that that's kind of where they're planting their flag and saying look. You really have to slow down here facebook so there are three the bills on the table. Maybe more coming. Do you think any of those existing Measures are likely to pass. They'll probably pass the house The big question is whether they would pass the Senate. Of course. The House controlled by Democrats which attend to be a little bit. More leery of these types of things The Senate a little more interest industry-friendly three friendly controlled by Republicans So right now there are no cosponsors in the Senate for any of those house bills that I just listed it. That seems very interesting. That Republicans might be well. One argument that Mark Zuckerberg has made to and I wonder what you just think about. This in general is on On Capitol Hill. He's fond of saying things like if we don't do some version of libra China will do you like. Do you have the sense that that's an argument. That's working on the Senate it could be the you know both Republicans and Democrats are wanting to regulate facebook A little bit more but I think you know. Generally Democrats are more pro regulation than Republicans I think it would be more a matter of Republicans kind of shying away from regulation
Inequality is at a 50-year high
"A new report from the Census Bureau today the American Community Survey. It's called. ACS Vernacular shows that the gap between rich and poor in this country is the biggest. It's been since the Census Bureau started keeping track of it more than fifty years ago the wait. What part comes when I remind you that the American economy is in the longest expansion it's ever had and that unemployment is near record lows marketplace's. Nancy Marshall Genzer gets is going with the WHAT GIVES CBS. There's not just one thing pushing the wealth gap wider and wider. It's a mix of taxes the stock market even demographics but start with taxes the two thousand seventeen tax overhaul had big cuts for top earners and business owners it lowered corporate taxes to University of Florida economist missed Hector Sandovol says companies passed on the money. They saved to shareholders. This is who's benefiting a lot of people are really wealthy the middle class I got a tax break to but not as big wages are rising but not as much as they normally do during an economic expansion and Senegal says about eighty percent send if US households get most of their income from paycheck only about half of American households own stock an are like Sherman at the center on budget and policy priorities. He's says the return on investments can be higher than wage growth so you can make more money if you're an investor than if you're an ordinary working person and here's the demographic part those investments like stocks but also houses are concentrated among baby boomers. Donna Ginther an economist at the University of Kansas says the boomers kids the millennials aren't so lucky are millennials have debt. They haven't reached peak earnings potential so that would again generate more inequality ginther size that should start to change over the next decade and might help shrink the wealth gap a bit but will need more fundamental change I to close it in Washington. I'm Nancy Marshall Genzer for marketplace.
U.S. gas prices rise after Saudi oil attack
"We have been covering the historic spike in oil prices. After that attack on Saudi Arabia's oil production the weekend attack took away an estimated five percent of global oil supplies marketplace's Nancy Marshall Genzer is here with a Tuesday morning morning update Nancy. I'm seeing crude prices in Europe and the US down slightly today. Yeah Brent crude futures shot up to almost seventy two dollars a barrel yesterday and increase of almost twenty percent but by the end of the day Brent had fallen back to about sixty seven dollars a barrel. That's because traders realize realize there's a lot of oil in storage the US has its Strategic Petroleum Reserve President Trump has authorized a release of those reserves if necessary in Saudi Arabia says it has enough reserves to keep exports for the next month but most of that dramatic up word has stuck for now sixty two dollars. There's a barrel at the moment but we don't put crude in our tanks exactly we put gas at our tanks and we will definitely feel some pain at the pump David. I'm one analyst I spoke with expects us to pay ten to fifteen cents more a gallon over the next week. Other analysts are saying gas prices could rise ten to twenty five cents a gallon all right so an extra three dollars and seventy five cents per fill up with a fifteen gallon tank but what other prices could rise because of airline ticket prices because Airlines Airlines have a problem they have to absorb the oil price hike but they won't be able to raise ticket prices right away. They used to hedge on fuel but they don't do that anymore anymore. Exxon Mobil stock rose one and a half percent yesterday. Chevron went up two point two percent. BP up one point one percent some stock indices footsie see in London up two tenths percent here. The Dow future is down two tenths percent the S&P futures down a tenth percent
Nancy Marshall Genzer, Microsoft Research And Ellen Ameris discussed on Marketplace Morning Report with David Brancaccio
"It says the hat will cost it one hundred to one hundred fifty million dollars dollars this year and it's unlikely the stolen information was actually shared by the Hacker Nancy Marshall Genzer. Thank you now do peer reviewed research research that finds that Internet sellers and big tech companies are logging when people visit pornographic websites Google facebook and other firms may not use that data but it's often. They're the researchers say the way the Internet knows if you've been shopping for new shoes Ellen Ameris of Microsoft research is one of the authors of a paper in the journal New Media The and society titled Tracking Sex. Thank you for joining us at really thanks for having me so you found that when a person goes to a pornographic
Another Sign of Economic Worry: Tumbling Oil Prices
"The bear that attacked the oil market. I'm David Brancaccio in New York as you've been hearing talks will continue between the US and Mexico, head of the start of the Trump administration's new, import tax on Mexican goods after no deal yesterday. And today, President Trump threaten new tariffs on another three hundred billion dollars worth of stuff from China. Marketplace's Nancy Marshall genzer is in Washington. Nancy, what's what the crude oil market now? Well, oil prices are falling because traders are worried that demand will weaken as the global economy, slows and part of that slowdown, east due to the trade wars. US oil prices closed at less than fifty two dollars a barrel yesterday. That's twenty percent lower than just a few months ago, putting oil in what's called a bear market, but it's not just trade. What else is causing prices to fall bloated oil inventories for one, I this is started the summer driving season. So reserve. Are usually down right now but the US energy information administration says by the end of last month, there were almost seven million more barrels of crude oil in inventories compared to just the week before inventory levels are about six percent higher than the five year. Average for this time of year.
"nancy marshall genzer" Discussed on KCRW
"Fidelity brokerage services LLC. I'm David Brancaccio. The Justice department and Federal Trade Commission reportedly giving a up divvying up who will investigate big tech companies like Google Amazon Facebook and apple and there's confirmation that congress has its own antitrust questions yesterday. A house subcommittee announced it starting a bipartisan investigation. Marketplace's Nancy Marshall genzer is on the line. What's the congressional piece here? Well, the subcommittee wants to be sure that there's enough competition among tech companies, it says it's going to look into whether existing laws are adequate to tackle, what it calls abusive conduct from some tech giants or whether we need. New legislation to quote respond to this challenge. The subcommittee also says it'll investigate what it calls competition problems in digital markets. Specifically, what could congress do it couldn't say break-up Facebook, that's up to federal regulators? But congress does make the laws and current antitrust laws focus on whether companies are colluding to raise prices, but companies like Facebook. Don't charge their users. So the law might need to be changed, and as you mentioned, David, this is a bipartisan investigation. The sub committee is led by democrat, but the ranking Republican members on board, pow cooperative have tech companies when it comes to legislative investigations like this Nancy. Well, Mark Zuckerberg has testified before congress and the CEOs of Google and some other big tech companies have also testified, but lawmakers and other countries say they've been ignored. There was a big international meeting of legislator. In Canada, which Zuckerberg not attend. He did send representatives. But members of the Canadian parliament parliament are so annoyed. They could hold him in contempt of parliament, Nancy Marshall genzer in Washington. Thanks. Let's do the numbers with this antitrust talk Google stock fell six percent, Amazon, down four point six percent yesterday. But both stocks are up in three market trading. Now of eight tenths percent for Amazon. The NASDAQ down one point six percent. Monday is up eight tenths percent and futures trading the S and P future is up seven tenths percent. One of the titans of flower deliveries filed for bankruptcy and says will look to sell off its company in pieces,.
Five more U.S. states sue OxyContin maker Purdue Pharma over opioid epidemic
"Of Oxycontin. It's now more than forty states suing, they say Purdue help fuel the opioid epidemic by misleading doctors and patients. Here's marketplace's Nancy Marshall genzer attorneys general for West Virginia Iowa Kansas, Maryland. Wisconsin filed the suit yesterday, they say Purdue used false, claims and deceptive practices, but lawsuit says sales reps for the drug company claimed patients could take as much Oxycontin as they wanted without any problems. In his statement produce the lawsuits are part of an effort to quote try these cases, in the court of public opinion, rather than the Justice system. Nancy Marshall genzer. Live from Washington. Thank you.
Alphabet shares down on disappointing earnings
"Down three tenths percent. The NASDAQ is down nine tenths percent shares of Google's parent company, alphabet, eight and a half percent now. That's because yesterday the company released a disappointing earnings report for January through March. Marketplace's Nancy Marshall genzer has more alphabet reported revenues of about thirty six billion dollars for the first quarter three percent lower than analysts like Brent fill of Jeffries expected. Phil was on the earnings. Call one of many analysts asking questions, alphabet executives never answered this definitely troubling to investors that they're not really owning up to exactly what happened till has some theories, though, alphabet is spending money on new screeners to control objectionable content on YouTube. There are also new hires in. Google's cloud storage unit which is struggling to compete, Google's not number one. Or number two. Their
"nancy marshall genzer" Discussed on 90.3 KAZU
"With the caveat that the government of the United States is not and should not be run like a business. There is a parallel to corporate life that the Trump administration is highlighting. There is a well documented tendency on the president's part toward putting acting or temporary occupants into some of the most senior jobs in Washington less well-documented, though, the thriving temp culture at the top of the corporate ladder. Marketplace's Nancy Marshall genzer has that one at last count. There were acting heads at the defense department homeland security the small business administration and the office of management and budget. There may be more by the time. I finished this story. And that's just how President Trump likes it. As he told CBS is face the nation in February I like acting because I can move so quickly gives you more flexible flexibility kind of flexibility that's increasingly on display in the private sector to the board has appointed. Bob swan as into. Terim CEO and it happened at Intel last June and less money to hammer dropped at wells. At least the firm's general counsel c Allen Parker will become interim CEO and president. As crew comes score and herbalife have also brought on interim CEO's this year. This is hit the C suite Robert Jordan heads placement agency for interim exacts Jordan former interim himself started the company eleven years ago when he noticed to manned with soaring for people willing to parachute in at a moment's notice to stabilize company in crisis or fill in empty seat at the top. When there's no obvious successor from two thousand eight to roughly two thousand fourteen the use of the phrase interim on Lincoln rose tenfold that was by the way during the financial crisis, and especially tumultuous period for corporate America today Jordan's agency represents more than three hundred interim execs most are former chief executives. Or chief financial officers their their super temps Jordan says the typically earn what a permanent CEO makes in salary sometimes more. But no bonuses. No stock options debut, ten coaches interim executives she says, it's a tough job. You've got the title almost you've got the responsibility almost, but when it comes to long term strategy and planning and action in vision and mission. You don't have that nod ten says most interim CEO's are brought into a company in some sort of crisis to calm things down and give valuable workers reason to stick around if that interim CEO's doing a good job, he or she is is making people feel that they have gotten a gift somebody who is mentoring them in the extreme that takes a certain kind of somebody a person who can put their ego to the side and gain people's trust Howard broad. Brownstein has been executive worker for more than twenty five years. He says when he starts an interim job, I spend long hours at the company, and I hope people come up to me. And if they don't I go over to them and just say, how's it going show me what you're doing brownstein says trust is key. If you want to understand what's going on. He says he was brought in wants to help drugstore supplier, which was mysteriously losing money. No one wanted to talk about why? So he turned to another temp. She was a a deputy assistant. Temporary bookkeeper or something sitting in some sub basement office with no windows, and I asked her if she knows about this. She said, oh, I wondered when someone would ask me most interim exects are in and out of a company in a year. If you're looking for something more permanent. It looks great on a resume and may help level the playing field. Robert Jordan says twelve percent of the interim leaders he represents are women and one of them just landed the top job at a big state agency.
"nancy marshall genzer" Discussed on KQED Radio
"Learn more at kronoScom. Kronos, workforce innovation that works in New York. I'm revenge short in for David Brancaccio. President Trump has declared a state of disaster in Nebraska, which allows federal assistance to flow to that state has a recovers from devastating flooding floodwaters caused an estimated one point four billion dollars in damage to the state more than half a billion dollars worth of damage. What's infrastructure to the state's highways levies water treatment facilities. Marketplace's Erica embarrass reports that the floods effects will be with the state for a long time. Even if Nebraska gets every penny it needs. It will never look the same. According to Mike white with the state's emergency management agency. Because there are bridges that recall on there are dams that are gone. There are letters that are on the floodwaters have literally redrawn. On the map of the state, according to Jenny campaign within a Brassica department of transportation, the rivers have changed the course of where they flowed before in some case widened or just change directions altogether. When it comes to rebuilding infrastructure after a disaster. Like this the process isn't just expensive. It takes a long time Erwin bride liner with Columbia University center for emergency management has looked at the long term effects of disasters. He says even when the money is made available. There are decisions to be made like whether to build levees and what kind so even before we get to the actual building. There will be the political discussions and priority setting that'll be lots of wrangling about. Meanwhile, Nebraska officials are expecting more flooding. I'm Eric embarrassed for marketplace. The president is once again attacking Federal Reserve chair Jerome Powell on FOX business interview airing this morning. President Trump blamed Powell for the slowing US economy by by hiking interest rates four times last year. Marketplace's Nancy Marshall genzer has more. President Trump told FOX that US economic growth would have been a percentage point higher last year. If quote, we didn't have somebody that would raise interest rates, but former fed economist Bill English says actually last year's rate hikes didn't slow down the economy right away. I think the effects on growth and unemployment inflation would be cell or this year than last raised rates last year to prevent the economy from overheating and sparking inflation, but a slowing global economy might have done the same thing says UBS chief economist Seth carpenter. I think the factors outside of the control of the fed outside of their forecasting. From the beginning of the year really would have contributed to a slow down towards the end of the year, regardless of what they had chosen to do carpenter still agrees with most of last year's rate hikes, considering the data the fed had at the time. But he says the feds shouldn't have raised rates last December when it was clear the global economy was slowing down in Washington. I'm Nancy Marshall genzer for marketplace. Let's do the numbers..
"nancy marshall genzer" Discussed on Bloomberg Radio New York
"Nancy Marshall genzer with marketplace. Just a quick follow up on Brexit. You mentioned that you're making sure that US financial institutions are ready for whatever outcome. I'm wondering can you be a little more specific about that? And also, how are you preparing for any pressures that a hard? Brexit would put on the US dollar. Well. As I mentioned with the with the stress tests that we that the largest financial institutions, and those are the ones that tend to be active internationally that they undergo every year. We we put them through very large financial shocks with large losses and big changes in markets every year, and we very that every year. So that's a pretty good. You know, having done that for a number of years now, that's and having them be required to have adequate capital and liquidity even after all that happened. So that's that's a good thing to have done knowing that you're going into something, that's quite unknown. And which may prove stressful, and it may not prove stressful depending on what the outcome is. So I think all that has probably prepared our institutions well that said. Nothing like this has happened in in recent years. And so it's really hard to be confident. So we're we're very watchful about about what's going on. We did. So we don't you know, we the dollar is really the business of the treasury department. It's certainly a financial condition unto itself that that plays into our models, but we don't seek or model or attempt to affect the dollar dollar directly with our with our policies..
"nancy marshall genzer" Discussed on WNYC 93.9 FM
"The car factory just shut down and Lordstown Ohio. Marketplace's Nancy Marshall genzer following this. Nancy? What did the president have to say about the plant? Well, in one of his tweets, the president said he spoke with GNC you Mary Barra about the plant. He said he asked her to quote, sell it or do something quickly. And he said, she blamed the union. Trump also tweeted that the head of the UAW local that represents the Lordstown workers should quote, get his act together GM hasn't commented directly on bars, call with Trump, but it said last night that the factories fate will be decided during union negotiations which are scheduled to start this summer. I don't remember GM blaming the union when these closures were first announced, right? That's right, GM said the factories are closing because sales of this Dan's, they make are down and the union actually sued GM for stopping production at three US plans, including Lordstown saying that violates the current union contract, which expires later this year and looking ahead to negotiations with GM and other car makers the union recently increased strike pay. All right, Nancy Marshall genzer in Washington. Thank you. Now, we watch financial markets every morning, and I find the footsie in London right now is up six tenths of a percent. The S and P future. Here is up by less than a tenth percent. But the Dow future down two tenths percent way down in part by Boeing stock down two point three percent in pre-market trading now amid new questions over how it's popular seven thirty-seven was certified to fly. The stock is down more than ten percent. Since the second of the crashes involving the max eight. Eight. Some technology security experts are watching the calendar for nineteen days from now when the navigation system GPS could hit a glitch in its programming. Marketplace's Jack Stewart reports on April sixth and its implications for geo location global positioning system signals beamed down from a constellation of satellites orbiting twelve thousand miles above us. And according to William Mallika, Trend Micro, one of the components inside, the satellite is a counter the ticks off the weeks every one thousand.
Flavored vapes draw FDA ire, with some exceptions
"The FDA is turning up the pressure on e cigarette makers it's issued proposed rules yesterday that would further restrict sales of certain flavored e cigarettes the rules wouldn't apply to mint or menthol flavors. Marketplace's Nancy Marshall genzer has more on the rules. And what they would mean for e cigarette makers and sellers. It's already illegal to sell e cigarettes to anyone under eighteen. The proposed rule tackles cigarettes with flavours that appeal to kids like cotton candy. There would be stricter age verifications for online sales and convenience stores would have to build a separate room for these flavored e cigarettes, according to Spencer, Perlman fada partners, essentially, any retail location would have to have a physical barrier that would prevent anybody under the age of eighteen for entering the space where these flavored e cigarettes are being sold. The national association of convenience stores says it's considering a lawsuit against the FDA, but it may not need to sue FDA. Commissioners, Scott Gottlieb said on CNBC today that his agency may just outlaw these flavored e cigarettes at some point they youth use of those products become so intolerable that they have no redeeming public health valley, and we'll just have to sweep the market of those products. And that includes jewel Gottlieb says last year vaping by highschoolers shot up. Seventy eight percent Gottlieb is leaving the FDA sometime in the next month. But he says his plan has the full backing of the
"nancy marshall genzer" Discussed on KQED Radio
"The footsie in London is down less than ten percent espionage Dak up about a tenth for percent. The Dow future is down tenth of a percent, sixteen points ten year. Treasury yield is two point six two percent. Back in two thousand sixteen. Wells Fargo was fine for opening millions of accounts without consumers permission and the fallout from that scandal is not over CEO. Tim Sloan testified before the House Financial Services committee yesterday. Marketplace's Nancy Marshall genzer is in Washington. Nancy, what was the reaction from regulators? It wasn't good. The office of the comptroller of the currency or OCC issued a statement saying wells still didn't have good corporate governance also said it was quote disappointed in how the Bank has been trying to clean up its behavior. Wells Fargo is also Inder pressure from the Federal Reserve, which has limited the bank's growth and just remind us again have been got into all this trouble in the first place. There were those millions of accounts wells opened without customers permission wells charged other customers for auto insurance, they didn't need. Well, CEO Sloan told the committee yesterday that wells is a better Bank than it was three years ago. Still the chair of the House Financial Services committee democrat, Maxine Waters said yesterday, maybe the banks should be downsized. And the Wall Street Journal is reporting the OCC is thinking about forcing out more, top Wells Fargo executives and might also charge wells and. Extra fee because of all the time it's spending dealing with the Bank. All right. Marketplace's Nancy Marshall genzer. Thank you. You're welcome..
ECB slashes eurozone growth forecasts, interest rates to remain unchanged in 2019
"With the caveat that foreign exchange. Trading can involve significant risk of loss a word as we get going here about the dollar euro trade day, should you be planning a trip over there. The macro economic gods are smiling on you a euro can be had at the moment for just a dollar twelve cheapest. The single currency has been since two thousand seventeen what gives Kawhi I hear you ask. Well, first of all, thanks for asking. But the European Central Bank is what gives the did a completely unexpected about face. This morning promising not to raise interest rates at least through the end of this year and saying it is going to make more loans to European banks. Marketplace's Nancy Marshall genzer explains. What's going on the European Central Bank said today that the economy's at the euro zone. Nineteen countries that use the euro will grow by just around one percent this year, partly due to the trade. Tensions between the US and China. Mark austral is chief economist at ADM investor services. He says if the Chinese economy slows further as the trade talks with the US drag on that's bad news because Europe exports so much to China. Everything from calls down to simple consumer goods as well. As exporting a loss of machinery to China says China will buy less from Europe, if it's a Konomi seizes up President Trump's threat to slap a tariff up to twenty five percent on cars from Europe is also weighing on the euro zone economy. And then there are zombie loans. Loans euro-zone bags made to failing companies that are still on their books. Danielle de Martino booth is a former Dallas fed adviser because they haven't been written off. You're not freeing up the ability the bandwidth in order to make fresh loans that therefore spur fresh economic growth. The European Central Bank is trying to change. Change that by making cheap long-term loans to banks.
"nancy marshall genzer" Discussed on KCRW
"The Dow Jones industrial average is up one hundred and sixty three points that seven tenths of a percent. The S and P five hundred is up three tenths of a percent. The NASDAQ is up one tenth the ten year. Treasury yield is a two point six eight percent. The White House is trying to drive down the prices consumers pay at the pharmacy. One way to do that is to go after the middleman the people who negotiate prices between drug makers and insurance companies. Marketplace's Nancy Marshall genzer reports. The middlemen are called pharmacy benefit managers. They negotiate drug prices for Medicare and some Medicaid plans. They range ensure rebates for expensive drugs from the pharmaceutical companies, but these middlemen they may be pocketing the rebates themselves hunter Hammond is an analyst at height capital markets. The administration is concerned that those rebates aren't having affect to lower drug prices for the average consumer now there are statutes that prohibit kickbacks in federal programs. But right now, these middlemen are exempt from kickback laws, the department of health and human services or HHS is proposing a rule that we take away those protections making the rebates to intermediaries illegal the rule would allow rebates directly to consume. Boomers the hope here is that would lead to lower drug prices for patients on Medicare and Medicaid HHS says that should outweigh possible increases in premiums and out of pocket costs, Vivian. How is a health economist at Rice University and thinks this will save consumers money it's been an obfuscation game so far and anytime that happens one worries that.
"nancy marshall genzer" Discussed on KQED Radio
"Moment is down forty two points. Two-tenths percent the s&p five hundred down three tenths percent. The NASDAQ composite down one percent apple stock down nearly seven percent after its profits for the summer were strong. But it gently suggested that holiday sales may not be super duper. Great. A benchmark for interest rates is up at three point one eight percent earlier today stock index futures had reacted positively after Bloomberg news citing unnamed sources reported that President Trump has directed his team to get working on specific demands to get talks going with China on trade yesterday. The president tweeted that he'd had a long and very good conversation with Chinese president. She so is this progress. Marketplace's Nancy Marshall genzer takes a look Bloomberg says the president wants to reach some kind of trade agreement with China before an international summit in Argentina later this month where he set to meet with. Chinese president she but the timing on this is very suspicious Henrietta trays Veda partners says President Trump is just trying to spark a stock market rally ahead of the midterms when you are heading into the election. You want all of the possible metrics that you can be in your favor and any deal that Trump administration and China were able to cobble together this month would be very limited. Seth carpenter is chief economist for UBS. He says there's no way the US in China will agree to roll back all tariffs in that time. But if it's a deal to prevent the next round of escalation, that's a different question that seems possible carpenter says that would just involve President Trump backing off on threats to Levy tariffs against almost all Chinese imports to the US and agreeing not to ratchet up others that are already.
"nancy marshall genzer" Discussed on WNYC 93.9 FM
"I'm Sabrina short in for David Brancaccio. When Donald Trump was running for president. He said on day one his treasury department would label China occurrences manipulator, well, we're almost two years in and the treasury department said yesterday that China has not been manipulating it's currency. Marketplace's Nancy Marshall genzer is in Washington. Nancy? How does the treasury department decide who is manipulating their currency? And who is not treasury looks. At a few things, including whether a country has a quote significant trade surplus with the US and intervenes repeatedly to drive down the value of its currency. Traders says China did not meet all those criteria. It even says China has worked recently disloge appreciation. But the US is still unhappy with China, right? Absolutely Treasury Secretary Steven Mnuchin said yesterday he's concerned about quote, China's lack of currency transparency. The treasury port says China's currency the UN has fallen by more than seven percent against the dollar just since last June. And the reason this is so important is when the value of a country's currency falls. It's imports get cheaper. So the fall of China's currency has taken the bite out of the Trump administration's tariffs on Chinese products. Marketplace's Nancy Marshall genzer. Let's do the numbers. China had a rough day in the stock market. The Shanghai composite closed down two point nine percent. Its lowest points in four years. Investors. Unloaded energy. Stocks reportedly worried about growth prospects, China here in the US Dow and NASDAQ futures are down in the four to five tenths percent range with the Dow future.
No current moves on Viacom-CBS merger
"There's new CBS chairman and CEO, les Moonves is leaving NPR's. Steve inskeep. Talks to the New Yorker magazine. Reporter this morning about the newest allegations against moma's CBS says there's no severance package worked out from this pending the results of the investigation, and for CBS the departure has bearing on an ownership battle for the corporate structure of CBS. Marketplace. Nancy Marshall genzer who was Moonves fighting with on the CBS board. He was in a battle with Sherry Redstone over a possible sale of CBS Redstone heads a company called national amusements. She's the daughter of Sumner Redstone Sumner Redstone had controlled CBS. And Viacom they were under one roof. But he split them up Sherri Redstone wanted to reunite them. But Moonves thought that was a bad idea, and why was Moonves against that? Well, Viacom is struggling it owns some cable TV channels that aren't doing well comedy central and MTV moon. Moonves didn't want Viacom to drag down CBS, which has been doing been doing. Well, CBS actually sued the red stones and national amusements national amusements filed a countersuit and on that score. What happens now both sides have dropped their lawsuits. The CBS board has been we shaped with six members stepping down and being quickly replaced share Sherry Redstone in national amusements have promised to wait at least two years before proposing. Merger between CBS and
Trump doesn't expect much from China trade talks this week
"Involves significant risk of loss from marketplace in New York I'm Sabrina short in for David. Brancaccio President Trump had. Fresh criticism for Federal Reserve chair Jerome Powell this time it was in an interview with Reuters in which the president also bash China. A, few, days before trade talks are resuming in Washington. Marketplace's Nancy Marshall genzer joins me. Now live from Washington let's start with the Jerome Powell what exactly did Trump. Have to, say about the chair of the Federal, Reserve Well the president told Reuters he's quote not thrilled with the fed. For raising interest rates he said
"nancy marshall genzer" Discussed on KQED Radio
"Tuesday. July, seventeenth. Good to have you with us and we are. Going to start off the show by going to Washington and the president's meeting at the. White House which despite his remarks on Russia was nominally, about the tax. Overhaul if you were called the new tax law limits deductions of state and local taxes. Today four states sued the federal government over this saying those limits are unconstitutional New York Connecticut Maryland and New. Jersey marketplace's Nancy Marshall genzer has our story before the tax overhaul you could. Deduct the full cost of state and local taxes, from your federal tax Bill. But now those deductions are capped. At ten thousand dollars new York Attorney General Barbara Underwood says that will cost, New Yorkers more than fourteen billion dollars this year we will not stand by and let congress pick the pockets of New. Yorkers and it's not just New Yorkers, the cap on deductions affects other high tax States and cities I'm gonna get whacked under. This tax Bill, Janis with, the libertarian nonprofit freedom works he, lives in Washington DC and has considered moving Virginia which has lower taxes he's not alone there's going to be some, people leaving to avoid a big tax increase on those who live. On the coast a cap on deductions could also, make it harder for high tax states, to raise taxes Steve Rosenthal of the tax policy center says that'll hurt, considering these, states, are, facing pension liabilities. And, infrastructure. Needs and the like states that are suing say. The cap under deductions is unconstitutional going beyond the limits of federal power but Joe Bishop. Henchman head of the tax foundation says the federal government, does have power. To change the tax laws and to change them in this way and by the way. The cap on deductions is temporary said to expire in twenty twenty six in Washington I'm Nancy Marshall genzer for. Marketplace we're going to take a closer look Look now, at a story we mentioned yesterday trade deals that don't include the US today in. Tokyo the European Union and Japan signed a pact that, will eliminate most of. The tariffs between. Them the EU also has a new deal with Canada Mexico plus it's in talks with Australia and New Zealand. So what's going on while the US is on the sidelines marketplace's Tracey Samuelson explains trade. Deals are sort of like these international clubs number countries. Get benefits like lower tariffs they agree to common rules. And regulations which can make it lots, easier, for companies to operate across borders so it's a big problem that the. US isn't joining more trade clubs says Susan Aaronson at George Washington University US companies will be less competitive and they will be less able to give the. Best price for you, deals and jobs could be lost trade agreements can also influence where companies choose to. Invest says, Mary lovely professor at. Syracuse so if you can think about Being a company. That has the option of putting a plant in you know a whole. Bunch of different countries where do you make your investment you would pick the country where you. Can export duty free so this makes trade agreements, magical. And perfect they're not near are a lot of. Legitimate questions about how to pursue trade deals Edward Alden with the council on foreign relations and Trump administration acting is rightly identified some. Of the problems with some of the. Trade deals in the United States is done but it shouldn't be an all or nothing choice the United. States should be doing better trade deals but Alton says other countries are hesitant to start negotiations with the US given the Trump administration's aggressive stance, on trade so even just by standing still as other countries are moving. Forward the US is left behind. I'm Tracey Samuelson for marketplace what do washing machines have, to, do with trade well if..
"nancy marshall genzer" Discussed on Marketplace All-in-One
"In new york i'm lizzie o leary in for kyra salt it is tuesday july seventeenth good to have you with us and we are going to start off the show by going to washington and the president's meeting at the white house which despite his remarks on russia was nominally about the tax overhaul if you were call the new tax law limits deductions of state and local taxes today four states sued the federal government over this saying those limits are unconstitutional new york connecticut maryland and new jersey marketplace's nancy marshall genzer has our story before the tax overhaul you could deduct the full cost of state and local taxes from your federal tax bill but now those deductions are capped at ten thousand dollars new york attorney general barbara underwood says that will cost new yorkers more than fourteen billion dollars this year we will not stand by and let congress pick the puckett's of new yorkers and it's not just new yorkers the cap on deductions pecs other high tax states and cities i'm gonna get wacked under this tax bill john tam is with the libertarian nonprofit freedomworks he lives in washington dc and has considered moving to virginia which has lower taxes he's not alone there's going to be some people leaving to avoid a big tax increase on those who live on the coasts a cap on deductions could also make it harder for high tax states to raise taxes steve rosenthal of the tax policy center says that'll hurt considering these states are facing angela abilities and infrastructure needs and the like states that are suing say the cap on deductions is unconstitutional going beyond the limits of federal power but joe bishop henchman head of the tax foundation says the federal government does have power to change the tax laws and to change them in this way and by the way the cap on deductions is temporary said to expire in twenty twenty six in washington nancy marshall genzer for marketplace we're going to take a closer look now at a story we mentioned yesterday trade deals that don't include the us today in tokyo the european union and japan signed a pact that will eliminate most of the tariffs between them the eu also has a new deal with canada with mexico plus it in talks with australia and new zealand so what's going on while the us on the sidelines marketplace's tracey samuelson explains trade deals are sort of like these international clubs number countries get benefits like lower tariffs they agree to common rules and regulations which can make it lots for companies to operate across borders so it's a big problem that the us isn't joining more trade clubs says susan aronson at george washington university us companies will be less competitive and they will be less able to give the best price for you to deals and jobs could be lost trade agreements can also influence where companies choose to invest says mary lovely at professor at syracuse so if you can think about being a company that has the option of putting a plant in you know a whole bunch of different countries where do you make your investment you would pick the country where you can export duty free so if this makes trade agreements see magical and perfect they're not there are a lot of legitimate questions about how to pursue trade deals edward alden with the council on foreign relations and the trump administration i think is rightly identified some of the problems with some of the trade deals the united states is done but it shouldn't be an all or nothing choice the united states should be doing better trade deals but alton says other countries are hesitant to start negotiations with the us given the trump administration's aggressive stance on trade so even just by standing still as other countries are moving forward the us is left behind i'm tracey samuelson for marketplace what a washing machines have to do with trade well if you've gotten.
"nancy marshall genzer" Discussed on KBNP AM 1410
"Nancy marshall genzer with marketplace companies are buying back their shares at a record read corporate dead is up consumer debt is rising arena credit bubble said something that you worried about so if you look at households you do not see excess credit growth you don't see high levels of credit going out so it not so much households and that really was where the problems were before the financial crisis was particularly in among among household barring particularly around mortgages with if you take thanks dan of course their their leverage is significantly lower or say differently their capitals sticking higher if you ask about financial corporates that's really where leverage is at at levels that are high relative to history but defaults are low interest rates are low you know so that's something we're watching very carefully but again i don't think we see it as i think there are a range of us on on that but we we are watching nonfinancial corporates households are in good shape though and that is that is so important because that's that's where that's where we got into trouble before and that's all it's often around property and particularly housing where you see real problems emerge we don't really see that now so we take some solace from that finance chair paul you reference a minute ago this idea of cushion or the the fed doesn't have as much when rates are low inflation is low and i'm wondering if you were the committee has thought about your move to raise interest rates as partly responding to the economy but partly giving yourselves room to navigate and the inevitable future recession whenever that was the common do you think that that is played any part in get your outlook for policy or recent politics policy decisions or is it just a purely based on what the economy's doing.
"nancy marshall genzer" Discussed on WNYC 93.9 FM
"Lest you think global trade on which we have been spending so much time the past couple of weeks lest you think it's just an economic story allow us to introduce you to the committee on foreign investment in the united states syphilis in the there's some congressional hearings do possibly next week on legislation that would be up that committee which screens would be foreign investments in this country for national security risks the balancing act here's marketplace's nancy marshall genzer reports is between that protection and businesses that want the investment to help them grow sylvia's is not a congressional committee it's headed by the treasury secretary the members are the heads of government agencies the departments of justice commerce and defense it already has a lot of power to stop trade deals in the interest of national security now some members of congress want to give it more china has become a global economic powerhouse that will stop at nothing that's congressman andy barr a kentucky republican speaking at a house subcommittee here airing last month congress might give serious more oversight say of deals that don't involve a complete foreign takeover of a us company josh kalmar with the information technology industry council also testified at the hearing he's worried that syfy is could impede the routine transactions of us companies putting them in a position of perpetual uncertainty over whether they are obliged to file with syphilis simply to go about their daily work syfy has already stepped up enforcement under the trump administration washington trade lawyer john cabello says yes he is should be strengthened but carefully because he knows a foreign trade deals that fell apart under its microscope a couple of been blocked in many more have been abandoned by the party's don johnson former us trade embassador during the clinton administration says congress shouldn't give syphilis too much power when we start using it purely as a protectionist tool i think we need to slow down some johnson says if congress isn't careful the us will fall behind other countries that don't have such strict trade barriers in washington i'm nancy marshall genzer for marketplace a year ago yesterday the republican controlled house of representatives voted along party lines to repeal the affordable care act the celebration of the white house followed which was itself followed by the senate not voting to repeal the.
"nancy marshall genzer" Discussed on KCRW
"About the labor market by the way we get the april unemployment report on friday morning there is one more thing though to say about inflation and where it and this academy go from here and it kind of turns on what kind of inflation were getting marketplace's nancy marshall genzer has that one the federal reserve is doing it tricky dance you might call it at two step the fed is trying to keep inflation at two percent excluding volatile food and energy prices but it's kind of a squishy target lindsey pa gza is chief economist at stephan she says the fed would tolerate inflation up to say two and a half percent for the next six to twelve months she says that's because inflation from strong economic growth can be a good thing domestic inflation caused by an accelerating konami absolutely could be initially viewed as a very positive indicator but inflation that's not caused by growing economy that's not good says robin anderson senior economist at principal global investors she says bad inflation is inflation that goes up without seeing increases in people's income and wages that would be inflation caused by things like trade wars if prices tick up not because of a humming economy but because of tariffs or quotas that make products scarce and more expensive tate lacey's with the cato institute if we got into a trade war and that caused massive price distortions i i would classify that as something that would definitely be a bad thing and we we'd have to watch to see how the central bank responded that bad inflation could cause the fed to get a bit more aggressive with bigger faster interest rate hikes good or bad taste says the fed won't let inflation get too far away from its two percent target in washington i'm nancy marshall genzer for marketplace so about those tariffs treasury secretary steven mnuchin and the gang that'd be larry cudlow from the national economic council robert lighthizer the trade rep and peter navarro the director of the national trade council are on the ground in beijing today resting up before their big tariff meetings tomorrow and one of the things keep in mind as these talks get going is the most american companies doing business in china are making some money so they might want different things out of the talks than the negotiators do marketplace jennifer pack has more on that from shanghai around her office here there's at least one mcdonald's and nike shop and eight.
"nancy marshall genzer" Discussed on Marketplace All-in-One
"Places nancy marshall genzer has that one the federal reserve is doing it tricky dance you might call it to step the fed is trying to keep inflation at two percent excluding volatile food and energy prices but is kind of a squishy target wins epa gza is chief economist at st field she says the fed would tolerate inflation up to say two and a half percent for the next six to twelve months she says that's because inflation from strong economic growth can be a good thing domestic inflation caused by an accelerating connie absolutely could be initially viewed as a very positive indicator but inflation that's not caused by growing economy that's not good says robin anderson senior economist at principal global investors she says bad inflation is than flation that goes up without seeing increases in people's income in wages that would be inflation caused by things like trade wars if prices tick up not because of a humming economy but because of tariffs or quotas that make products scarce and more expensive tate lacey's with the cato institute if we got into a trade war and that caused massive price distortions i i would classify that as something that would definitely be bad thing and we we'd have to watch to see how the central bank responded that bad inflation could cause the fed to get a bit more aggressive with bigger faster interest rate hikes good or bad tate says the fed won't let inflation get too far away from its two percent target in washington i'm nancy marshall genzer for marketplace so about those tariffs treasury secretary steven mnuchin and the gang that it'd be larry cudlow from the national economic council robert lighthizer the trade rip and peter navarro the director of the national trade council are on the ground in beijing today resting up before their big tariff meetings tomorrow and one of the things to keep in mind as these talks get going is that most american companies doing business in china are making some money so they might want different things out of the talks.
"nancy marshall genzer" Discussed on Marketplace All-in-One
"Or you remember last week when the economic press president company included got a bit spun up by those reports president trump wanted to get the united states back into the transpacific partnership right maybe not quite spun up but definitely not cynical enough about how mr trump feels about the multilateral trade deal the obama administration negotiated because sure as twitter only let you use two hundred and eighty characters last night he let us know he still doesn't like the tpp and that he thinks bilateral trade deals are more efficient and profitable those are his words efficient and profitable our word is really here's marketplace's nancy marshall genzer in trade agreements there is strength in numbers if countries band together and multilateral trade pact they can set high standards for membership countries that want in hampton jump through some hoops phil is with the chicago council on global affairs if you make enough club others wanna come on in and join and they're willing to undergo the initiation rituals we're not talking hey raising it's just here's what you have to do if you want to be one of us for example china had to comply with a lot of rules to join the world trade organization it had to accept limits on the tariffs or duties it could charge on imports matt gold is a former us trade negotiator now at fordham university china agree to a ceiling on every duty for every one of eight thousand types of products entering china gold says beijing also greet to allow foreign companies to offer services like banking and insurance in china all because it wanted to be one of the cool kids in the wto wendy cutler another former trade negotiator is now vice president at the asia society policy institute she says everybody in a multilateral agreement place by the same rules and that's an advantage for businesses that want to export and they know it certain that they can expect the same rule in country a as in country they isn't country's sake cutler says bilateral agreements between the us and just one other country.
"nancy marshall genzer" Discussed on Bloomberg Radio New York
"You know your your second question sorry was was china united states in the event that the us and china end up in a titfortat trade war or any other retaliatory actions that are that are imposed elsewhere against the united states what that means for the global economic outlook and whether that was something that was discussed in are you worried about it's not something that came up in particular and let's say you know we don't we don't do trade policy here at the fed and and you know i would be reluctant to comment on any particular situation with any particular country nancy virginia nancy marshall genzer with marketplace does the interest rate hike today suggests that americans are being paid enough are you satisfied with the rate of wage growth right now as i mentioned we've had unemployment declined sharply since two thousand ten when it peaked at ten percent and down to four point one percent now we've seen only modest increases in wages so on the one hand wages should in theory represent is inflation plus plus productivity increases you should you should get paid for you for your productivity plus inflation and productivity has been very low inflation has been low so these low wage increases in a sense they do make sense in that from that perspective on the other hand as the market has tightened as labor markets have tightened and we hear reports of labor shortages and we see that know groups of unemployed or diminishing and the unemployment rate is going down we d we haven't seen you know a higher wages which is going up more and i i think i've been surprised by that and i think others have as well in terms of what's the right level i don't think i have a view on what the what the right level of wages is but i think we will we will know that that the labor market is getting tight when we do see a more meaningful upwardmoving wages.