3 Burst results for "Stacey Mac Smith"
"stacey mac smith" Discussed on The Indicator from Planet Money
"Stacey. You've got a new book out this week. Yes i do. It is called machiavelli for women. I love this item. Thank you. It was very fun to right. It's all about women and work and a lot of it's sort of based on some of the economic data that's kind of frustrated me for a long time. That's right one of the big ones has to do with company leadership. So deary nearly. Eighty percent of ceos are male. Nearly ninety percent are white and these numbers haven't really budged in a decade and it could never understand quite what was going on especially since some of the other numbers in the economy were so promising and exciting. Things just seem stuck in this area. And as i was doing research for my book this article caught my eye. It was written by alana samuels. She is the senior economics correspondent for time magazine and apparently she had been noticing. These numbers as well. I was just feeling very frustrated and thinking. What can i do about this. And the only thing i can think of is to stop giving my money to all these businesses that are run by men and giving them. Instead to businesses run by women alana decided to buy only products from companies that will owned or run by women. This is the indicator from planet. Money i'm stacey mac smith. I'm jerry woods today on the show. We follow alana on a journey to buy female and we what that reveals about women and the us economy. That does not sound that hard a week right. I don't think it would be that hard famous. Last words what could possibly go. This message comes from. Npr sponsor capital one capital. One auto navigator can help you find a car get prequalified instantly and see your real monthly payment without impacting your credit score capital one. What's in your wallet. Terms and conditions apply more at capital. One dot com slash auto navigator. Alana samuel started out her week long journey to buy only products from female owned companies and female run companies. Feeling really optimistic. After all about forty percent of small businesses in the us are owned by women. That should mean a lot of options. The main things you needed was food groceries for the week most immediately for monday to now. She's got a new baby and didn't want anything to elaborate. Yep so monday. Dinner was spaghetti with turkey. Ragu very simple. She headed to her neighborhood safeway. So just kinda start going up and down the aisles. And i would see you know. There's a pasta. Sauce has a woman on the cover. I google and then it'd be like nope can't getting so frustrated. Every single company is either run by a man or owned by some giant conglomerate like johnson and johnson or png. That's run by a man. So you're like in front of in the pasta alec in front of all the pastas like googling companies right so finally a lot decided to bail on safeway and she went across town to a call up grocery store and she figured they focus on local products and smaller brands. Maybe some hope there but still was no pasta so i found a one on on the end of aisle and it turned out the woman but this pasta was like thirteen dollars for a box of penny. Which would usually cost like three dollars. That is some pricey penny for sure for your pretty pity. It's very pricey pivot back to the story a lot of relief. She could find anything at all and she also scored with tomato sauce too. I found some pasta sauce that had a woman's face on it and the business a female celebrity chef but ground turkey. That was a bust. She couldn't find any women owned companies. Selling meat is it surprising to you that she had so much trouble. No it's not surprising. This is julia pollock. She is a labor economist. And the chief economist at ziprecruiter she says most of the businesses in the us are not in fact started by white men. Women start fully forty percent of the businesses in the us. Black women right now are starting businesses at record pace but most of these businesses are tiny. Many have no employees. They're like oetzi stores and ebay stores and the reason that they are so tiny. Says julia is money. If you look at some of the figures there really quite dramatic women led startups received. Just two point three percent of venture capital funding in twenty thousand twenty. That's according to punch base figures and black women just zero point three four percents so it's pretty staggering belts zero three four percent so like not even a half a percent like a third of one percent like a rounding error. Yes and it's not just venture capital. Women are about half as likely to receive a small business loan and if they do get alone that loan tends to be a fraction of what marlborough is good. And it's not for lack of entrepreneurs right now. In fact the number of women going into business is rising really fast. In fact around seventeen percent of black women are starting a business or running a new business right now that outpaces white women and white men the thing is says julian most of these businesses will probably fail and the reason julia says that comes back down to that lack of money. What happens to people like when their access to money in an economy is restricted. It means that whenever there's you know rapid dramatic growth and the stock market is hitting new. Highs they are missing out on those games and it means that whenever a crisis hits they are the hardest hit we saw this at the start of the covert pandemic women and minority owned businesses closed at far higher rates than businesses owned by white man. These businesses have much smaller financial cushions when there is a recession and they aren't able to draw down on savings or to borrow many women owned and minority of businesses that did not have that ability and enforced business and when women and minorities do get. Funding says julia. It often comes with a lot of strings. like higher. interest rates or stricter terms alana. Samuels are women only shopper. Fanned this when she started examining some of the products that she did find. Remember the fancy thirteen dollar penny. It came from this company called semolina artisanal pasta based in pasadena california. I mean it was amazing pasta. It was it was extremely delicious. A lot of track down. The pasta maker leah ferret sanni and alana says that leah told her at one point thinks started taking off and whole foods. Were interested in carrying pasta. That would take a company into the big time. If she wanted to get into these national grocery stores she was going to have to get investors and just make her company a lot bigger. But for lia getting those investors was going to mean basically handing over control of her business. Giving them the rains. I did find a lot of companies that have been founded by women but then when they had to scale and grow bigger they were either acquired by companies run by men or a male ceo took over or they had to take on a bunch of male investors who are basically calling the shots. Many women that alana spoke to sold their businesses off or just chose not to grow. That's what ferrets on. He decided she said no to whole foods and she kept control of pasta company and one of her friends was like. Why don't you just stay small. And that's what she did. But i think a lot of women owned businesses. Have that choice to either. Stay small and keep control or go big and get investors and kind of seed control. Julia pollack says that this is long. Been the situation but she thinks things are now changing like a lot of women in minorities started businesses during the pandemic and that led to a lot of demand for venture capital and loans. And now there's a bunch of startups catering to that. Demand for loans with names like linda fund box on deck and cabbage.
"stacey mac smith" Discussed on The Indicator from Planet Money
"Hey, everybody it is. Stacey Vanik Smith and all this week. We have been running some of our favorite indicators from the year. So far today in episode that originally aired in April, but which originally happened more than one hundred years ago still timely. So, okay. Describing years. Like cou stick. Your voice gets really powerful. Just looks like the kind of place where you might have to whisper, you know does I'm of course Shia and I'm Stacey. MAC Smith described, we are. We're standing in the entrance rotunda of Pierpont Morgan's library. That would be John Pierpont Morgan j. p. Morgan, the banker. He built this library next door, his house in midtown Manhattan back in nineteen. Oh six. He built it to house his collection of rare books manuscripts and art works. Jennifer Tonka vich. One of the curator's at the library showed us around this room for us please. Well, I think you walk into this room and. You're kind of overwhelmed by the richness of these beautiful walnut. Bookshelves that go up three tiers with their rich brass railings and a giant tapestry hanging above the fireplace, which is rather spectacular. It really is rather spectacular. It's pretty sweet. And for two days in one thousand nine hundred seven, this room was basically the central Bank of the United States show the panic of nineteen o seven. What happened in this room and why it's especially relevant even now. Support for this podcast and the following message come from swell investing and impact investing platform, invest in high growth companies of the future, innovating and clean water, renewable energy and medical breakthroughs claim a fifty dollar bonus through swell investing dot com. Slash indicator back in nineteen o seven. The US was in kind of in awkward phase. The economy was growing and expanding. It was a really dynamic time we'll roads were opening up the whole country to commerce. The financial system was trying to keep up with all of this, but it was unstable and there was no central Bank, no authority overseeing everything. Meanwhile, these things called trusts had gotten really big, not trust operated a lot like banks could loan out money. They took deposits, but banks were subject to a bunch of regulations. They had to keep a certain amount of cash on hand. And banks also couldn't lend out money for risky things like speculating in the stock market. But trust on the other hand, they were like the. Wild west of finance back when the wild west was actually still thing in one thousand nine, seven gene Strauss's the altar of Morgan American financier. She says, trust had a lot of money tied up in lucrative risky ventures. Things like railroads and mining, and one of them had loaned money to this copper company that failed. And suddenly there was a run on this trust company called the Knickerbocker trust in mid October of nineteen. O seven depositors started pulling their cash out of the Knickerbocker trust. And it was really like a scene out of the movies with depositors lining up to get their money out. The Knickerbocker trust suspended operations, and people could not get their money out investors and other trust our panic, and then they started pulling their money out. The whole financial system started looking shaky and suddenly everybody's looking to one person. JP Morgan GP Morgan was a banker ped- of j. p. Morgan and company. But he was also this kind of self appointed backstop of the US economy. Jean said, he just had this gift for understanding the US financial system. He could read the pressure in financial markets. The way a doctor reads, the pressure in a patient's arteries. So trust were really small part of the economy, but JP Morgan knew that they had become very interconnected with the whole system banks, the stock market all had a lot of money wrapped up in trust and GP Morgan knew that if the trust failed, it could rattle the whole economy. That's right. And remember at the time nineteen seven, there was no central Bank to step in and inject those trust with cash and liquidity to stabilize them and thereby also stabilizing the rest of the economy. There was no mechanism for that Morgan was the mechanism. Morgan was the mechanism in this became increasingly obvious as the crisis world on in late October of nineteen. Oh seven. So for example, j. p. Morgan called up his banker friends and got them to put up their banks assets to help save a couple of trusts. But the crisis just kept going at one point. New York City couldn't meet its payroll. JP Morgan helped get the money and one another trust company was about to go bus. Just yet again, JP Morgan stepped in, saved it, and the stock market was low on cash and couldn't make its trades. Morgan again found a solution. So yeah, Morgan was the mechanism, but a couple of weeks after the initial run on the Knickerbocker trust, the mechanism wasn't feeling so hot, his terrible cold by this time. So one of the headlines reads
"stacey mac smith" Discussed on Planet Money
"This message comes from planet money sponsor, United Airlines, whether it's a corner market or corporation with a big market, cornered United makes travel easier for companies of all sizes, visit United business products dot com. Slash NPR to explore a special offers, hey, Stacy manic Smith here. And today we are replaying an episode. I originally reported back in two thousand fifteen about recycling. A lot has changed in the world of recycling since then. So please stay tuned. We will have an update for you at the end of the show. A little while back engineers at MIT built these really small electronic tracking devices. The newly looks like he's almost like little tag. Imagine the just the one inch by half an inch and very, very thin. This is Carlo rati who ran the project. They wanted to track something that is all around us, but that is otherwise pretty invisible, trash? Yes, trash garbage. They did this incidental, and they asked residents to bring in a piece of trash and people did anything from from an all cell phone to raisins lives to banana peels. He put a tracker on a banana peel. Of course, people brought all kinds of stuff. Somebody came to us with a teddy. Bear on Endor in in. She told us that it was a teddy bear. She's been having all of her life, but actually now she had to throw it away for boyfriend was telling her so, but she wanted to know where teddy bear would end up. So she she came in, we put a little tag on the on the air. I think you throw the boyfriend, not the teddy bear in that situation. But anyway, I am a thousand percent with you. They through all this devout and they watched where it went. A lot of the trash ended up getting recycled, and it made these surprisingly long trips like across the country. Sometimes you could see an item, go debt that that that that to a port in that that that that that out to see, you know, it was amazing to see how how many thousands of miles something's travel. I've been looking into the recycling business and it's amazing. A lot of our plastic gets shipped to China where it gets turned into toothbrushes and carpet and fleece jackets to get. So back to us. And a lot of our shredded documents get sent to Mexico where they're turned into paper towels and tissue papers and toilet paper. I love that are shredded documents get turned into toilet paper. So some of the stuff this MIT project tracked got recycled, but other stuff got thrown out. Those items didn't go so far. A lot of them ended up with the short trip to a landfill. What is recyclable in what is trash turns out? There is an economic line between the two. It's a line that can move around a lot one day. It's profitable. Recycle a bottle and the next day, some global economic number changes, and that same bottle is trash alot and welcome to planet money. I'm Stacey, MAC Smith, and I'm David Kessler inbound that line between trash and recycling is moving around a lot these days for bunch of totally crazy reasons. It's a really tough time to be a recycler. Support for planet money and the following message come from TD Ameritrade like the economy investing can seem complicated until it's explained in simpler terms. That's how TD Ameritrade approaches investing by learning more about you and your goals before crafting a plan. It's that simple to schedule a complimentary goal planning session today. Visit TD, Ameritrade dot com slash podcast. Hey, this is strong. The hosts of what's good. We're back with a brand new season. We've got Erica, do Lenny Kravitz black thought and more. You'll hear a b side stories from A-List guests subscribe. Now. Every Thursday I do what a lot of people probably do. I hall a blue bin of my recycling out to the street to be taken away. What's in your been, oh, newspapers and yogurt, containers and soda bottles, things like that, like new York, Daily News and full fat yogurt. More like Wall Street Journal ends the no fat yogurt. So vista where you got to see where it actually went. I followed my yogurt container and Wall Street Journal to see who picks it up, where it goes and the business behind it. It goes to another part of Brooklyn. So a producer here via Ben, and I went to check it out and we had to go under a very shady looking highway overpass. And through this abandoned warehouse district area, it's a cold day. We're walking up to a guard booth kind of intense security through was totally frozen. You can see Kia. Oh my gosh, cranes bales of garbage were definitely here. This kind of looks like where you dump a body. Stacy, what's your plan. A man comes toward us. He's tall. He has red hair, sort of looks like he just walked out of an l.l bean catalog. His name is Tom outer bridge. Hi. Are you Tom. Is this your dog? Stacey, you love dogs. It's true. I do. I do have a soft spot, Tom runs this place and it's one of many operated by a company called SIMS recycling solutions and every hour. This one place processes, fourteen thousand pounds of yogurt, containers and Pepsi cans in Wall Street Journal's. And I found this weirdly exciting. My garbage comes here or my my recycling. Sorry, you're is that bad to call a garbage. Well, we don't call it garbage because we're not really in the garbage business. I mean, it's that people make that mistake all the time. Sorry. Okay. So awkward. I know it was Tom, you can kind of tell David is sort of a quiet guy. He kept turning away from my microphone and he got into recycling because he wanted to do something to help the environment. But he's the first person to tell me that recycling is a business. It's actually a huge business. What did you say? It's like hundreds of billions or something? Yeah, it's one hundred billion dollars. Yeah. So you have to think about this as a business to understand the problems. Recycling business is having right for it to make sense for him to recycle something he has to be able to make a profit at it. If he can, then that thing is recyclable. If he can't, then it's trash, trash, recycling, those are really economic ideas. Yeah, I mean, this place, it costs a lot to run. Tom shows me around. He takes me to this enormous machine called the liberator because it liberates the various valuable pieces. Of recycling exactly. They're just conveyor belts everywhere, going in every direction. The going is out of these electronic sorting machines. It's sort of like Willie Wonka and the chocolate factory except for garbage garbage, recycling a right? Yes. Just the beginning of the sorting system here we use magnets allow medal, reuse ballistic separators does decorate Babe Ruth plastic bags from bottle. Tom tells me what is trash and what's recycling has been changing a lot lately. He shows me this one thing that's right on the border between trash and recyclables, it's plastic bags. There's a conveyor belt right in front of us. Full prospects is just a river of them. And then we've got like bubble wrap and target bag in Dunkin donuts bag. Plastic bags can be a valuable commodity. Tom could sell them to clients in Asia, and they would use them to make toothbrushes and carpet, and coffee makers and things like that. But recently, plastic bags have not been selling very well. Tom. Can't get a good price for them. Plowed through prices are off almost fifty percent of the past six months go. That's a lot. No, it's huge. The reason for this, Stacey, I would not have guessed it in the plastics business. It is primarily, I would say due to drop in oil prices oil. So oil seems like something maybe totally unrelated. But of course, plastic bags are a petroleum product. They're made from oil. So if gets cheap, that means it's cheap to make fresh plastic. So if you're in the business of making toothbrushes, it's cheaper to buy freshly made plastic than it is to buy recycled plastic, at least recycled plastic from plastic bags. Yeah, this is especially true for plastic bags because they need a lot of processing before you can use the plastic in them. They have to be washed sometimes many times, and they also tend to get stuck in machine gears and gum up the works. So it costs a lot of money to recycle a plastic bag. The largest recycler in the country. A company called waste management recently gave up on recycling plastic bags altogether. They just couldn't make money at it. Tom in Brooklyn says he is still trying to make it work, but it's tough. This is really sort of the bottom of the barrel in terms of the plastics market, the value of it is relatively low, which means we can't afford to put a lot of time and money into trying to recycle it. And so then what happens to the plastic bags, if you can't sell them, you can get to the point where the these are going to landfill. I mean, either sort of borderline Thomas, he's not having any trouble selling higher quality, plastic things like detergent bottles and soda bottles, but the price for those has dropped in half to all right. So that's the misery on the plastic side of things. There's also great unhappiness in this other part of the recycling business. That is actually a huge part of the market accounts for something like ninety percent of our recycled exports paper. Tom takes me to another part of the processing plant, and there are pizza boxes and office paper and cereal boxes here. This is your milk carton. Oh yeah, and milk and. Juice cartons. Is this high quality or low quality? This is actually very high quality. Surprisingly, you wouldn't know necessarily, but this we sell to paper mills where the Saudi Arabia of recovered paper. That is Bill more. He runs a consulting firm that advises recycling companies and to understand the paper problem. You need to know one key thing. Most of our used paper gets sold to one place. One very big place. China's the eight hundred pound gorilla when it comes to using recovered paper there, they don't have many trees software trees. So they all their capacity to make boxes and newspapers. All hundred percent recycled fiber, enormous times. This is a very happy relationship newspaper that you read. If you still read a hardcopy newspaper, which I do you do if you put that in your recycling bin six weeks later, someone in China could read their newspaper on the same fiber. The problem is that recently China has not been buying as much of our paper. They've been getting a lot of it from Europe instead. And the reason is the most boring thing you can imagine, international currency, fluctuations. Basically, the dollar has been getting stronger. The euro has been getting weaker. Which means u. s. recycled paper is more expensive than European recycled paper. If you're China, looking out there deciding where to buy from Tom outer bridge in Brooklyn told me he's been on the phone a lot lately with clients in China, cutting all these deals that he does not want to cut in good days. A ton of paper sells for about one hundred and fifty dollars. And these days Tom says it's selling for less than half that like fifty or sixty dollars for a ton and buyers are literally nickel and diming him on this. Like can you sell it for ten cents less? Can you sell it for five cents? Less five? Ten cents can make a difference. Your negotiating around a penny or half penny a pound. That's really where you're negotiating to make things worse for Tom China has also recently started recycling a lot of its own trash. So that means they don't need as much American office paper and milk cartons so much anymore at all this up. And it's a hard time to be a recycler. David Steiner is the CEO of waste management. It's the largest recycling company in the country. I don't think crisis is too strong of a word to say that you're seeing a crisis and the recycling industry throughout the United States. So you're seeing recycling company, small recycling companies out of business left and right. You really are recycling exports have actually started to drop a little bit, but Steiner thinks this could continue as prices drop and private companies stop being able to make money recycling. Some states like California have policies that mandate recycling Steiner says, in those cases, the extra costs are gonna fall in tax payers. Other places are just recycling less stuff. Lots of places have given up on plastic bags. Waste management is shutting down some of its less profitable plants, Tom outer bridge, the guy who recycles your yogurt. Containers newspapers says, the recycling business has always had its good years in it's bad years. This just feels like a particularly bad stretch is profit. Margins are getting thinner thinner, and he doesn't want to send stuff landfills. Has that ever happened before? Oh, sure. Minutes, our worst case scenario, two. From environmentally and also for the business. Tom does not want to give up not even plastic bags. He's hired someone called a picker to stand at the plastic bag conveyor belt and pull out contaminants and bad plastic bags. So only the good ones get through so he can sell them for a higher price. The hope is that he can use this to move the line a little bit between trash and recycling, be so much easier. If the price of oil just went up a bit, I don't know if that's an easier way, but as you know, I'm has no control over global prices. Stacey wanted to the public service announcement. Oh yes. You can't recycle bowling ball's in Brooklyn. A lot of people try, Tom has to pick them out. He keeps them in his office has a full collection of them. Support