Paddy Hirsch is a Contributing Editor at Marketplace. He is the creator and host of Marketplace Whiteboard, a video explainer of financial and economic terms, and he is the author of the book Man vs Markets, Economics Explained, Pure and Simple.

Hirsch joined Marketplace in 2007, just as the credit crunch that preceded the 2008 financial crisis began to take hold.  As editor of the New York Bureau and the entrepreneurship desk, he spearheaded Marketplace’s financial markets coverage throughout the crisis and as the economy fell into recession. He was awarded a Knight Fellowship at Stanford University in 2010, and he returned to Marketplace in July of 2011, when he was appointed Senior Producer of Marketplace Money. He published his first book, Man vs Markets, in August 2012.

Hirsch got his start in journalism with an internship at the BBC in Glasgow, Scotland. He became a field producer for CNBC in Hong Kong and later was a consultant to the Open Broadcast Network in Bosnia. He has been an editor for Direct Capital Markets, Institutional Investor Newsletters, Standard & Poor’s, and the Vietnam Economic Times. Prior to becoming a journalist, he served as an officer in the Royal Marines.

Hirsch attended Campbell College in Belfast and received a bachelor’s degree in French and International Studies from the University of Warwick. He is a Knight Fellow and was a Webby honoree in 2009.



Features by Paddy Hirsch

Investors desperate for yield make risky bets

Investors are agreeing to all sorts of crazy terms in order to put money to work in the bond and loan markets. They're baking risk into the system, and that could be a problem for all of us.
Posted In: investors, Investing, risk, whiteboard

Breaking the covenant

28 percent of leveraged loans are now covenant-lite. Why does that matter to you? Sr. Producer Paddy Hirsch explains.
Posted In: loans, whiteboard

Explaining the FHA with help from Uncle Charlie

What is the Federal Housing Administration and how does it work? Uncle Charlie and Sr. Producer Paddy Hirsch explain.
Posted In: Federal Housing Administration, Housing, loans, whiteboard

Were you born on an Inauguration Day?

Marketplace and the Annenberg School at USC are looking for everyday citizens to share their stories of how life has changed since the day they were born -- and a president was sworn in.
Posted In: inauguration

Shadow Banking - still dangerous

A report by the Financial Stability Board found that shadow banking has grown even larger, to a record high of $67 trillion last year. Many people have blamed shadow banking for aggravating the financial crisis. So, what's shadow banking? We've got a Whiteboard for that!

How to prepare for the fiscal cliff

Corporate CEOs, labor leaders and politicians have all weighed in on the fiscal cliff. But what will the budget and tax negotiations mean to you and your wallet?
Posted In: fiscal cliff, Taxes, Economy, whiteboard

Stocks: A safe bet for investors?

Despite the impending fiscal cliff, slowing global economy, and a weak domestic jobs market, the stock market is still going strong -- outperforming U.S treasuries, corporate bonds, and commodities.
Posted In: Money Matters, stock market, 2012 election

Is running the government like running a business?

Running the U.S. economy is just like running a business, right? Not necessarily. Sr. Producer Paddy Hirsch explains the differences between a president and CEO.
Posted In: president, ceo, business, government, elections, whiteboard

Explaining dividend recapitalization

Dividend recapitalization: private equity shenanigans or sound common sense? Sr. Producer Paddy Hirsch explains how it works.
Posted In: private equity, dividends, loans, whiteboard

Are today's jobs numbers real?

Correction: The original version of this story incorrectly identified which portion of the Labor Department’s monthly jobs report is revised. The establishment survey is revised, the household survey (which contains the unemployment rate) is not. The text below has been corrected.

Are today's jobs numbers real? In a word: no.

The news that the jobless rate has dropped to 7.8 percent has set off a firestorm of protest from Republicans. Right-wing pundits, Representatives and gadflies are insisting that Obama or his cronies in the Bureau of Labor Statisitics and the Federal Reserve have cooked the books, to cut the unemployment rate to match Obama's promise to get it down below 8 percent.

But here's the news: We have no clear idea how many Americans are really unemployed.

The BLS announcement today incorporates two pieces of news. First, that non-farming companies reported that they added 114,000 people onto their payrolls in September. Second that a household survey conducted by the BLS indicates that the number of jobless in the US dropped to 7.8 percent.

The BLS household survey is a one-shot thing. So that 7.8 percent number is a snapshot of what the 60,000 households interviewed by the Census Bureau say. The report from companies, on the other hand, is checked more than once. And it almost certainly will change. We won't get a more accurate count until the revised number comes out in a few weeks. As you can see from the animated GIF below, it may be higher; it may be lower. But it won't be the same.

It never is.




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