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Marketplace Morning Report for Tuesday, July 31, 2012

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Episode Description 
The economy hasn't been performing up to expectations recently in almost every category, except, for some reason, car sales have been doing okay. That's not so much because of what's happening at the dealerships, it's more about what's happening at the banks. And yesterday on the show, as part of our coverage of Wealth and Poverty issues, we spoke with President Obama's former top economic advisor Larry Summers. We talked about inequality, which is an issue that's become central to the presidential race this year. He gave us one view on the subject, and today we have another from Arthur Brooks, the president of the American Enterprise Institute, a conservative think-tank in Washington.

Complaints about NBC's Olympics coverage

We're now several days into the 2012 Olympic games, and one controversy has emerged above others: Not a doping scandal, not a fight between two opposing nations' teams. It's the coverage of the games itself.
Posted In: NBC, Olympics 2012, Twitter, mid-day extra

PODCAST: Up on household incomes, down on NBC

Some earnings news: BP reported a sharp fall in profits while Pfizer's quarterly earnings are higher than expected. The government said household income jumped a half percent, but consumer spending fell by a tenth of a percent. American Enterprise Institute President Arthur Brooks talks inequality. India is dealing with a major blackout. And an Olympic round-up: NBC spoiled Missy Franklin's gold medal win before her race aired in primetime last night, some Olympic athletes are headed for Wall Street, and we talk with Clyde Drexler from 1992's Dream Team on how basketball has changed.

Pfizer profits jump despite loss of Lipitor patent

Pfizer seems to be weathering the loss of its patent for Lipitor just fine. The drug company says its second quarter profit jumped 25 percent. That's despite lower revenue, and competition from generics for its cholesterol-fighting blockbuster.
Posted In: Pfizer, Earnings, pharmaceuticals

'The Hobbit' to be turned into three films

Peter Jackson wrote and directed the "Lord of the Rings" trilogy. And he had been preparing the world for his two movies based on their prequel -- "The Hobbit." And suddenly, a third movie has emerged. Jackson says you just can't do it in two.
Posted In: The Hobbit, movies

Power problems persist across India

In India, 600 million people lost power this morning. It's the second major blackout there in just two days.
Posted In: India

'Twas Five Minutes to Race-Time

If you’ve so far missed the furor, NBC last night played right into its critics’ hands by airing this Today Show promo in primetime, just moments before it finally allowed viewers to see the race it celebrate.
Posted In: Olympics 2012, NBC

BP oil earnings report shows signs of weakness

The British oil company BP is reporting a sharp drop in profits. The company made just $238 million last quarter, compared with more than $5 billion a year ago.
Posted In: BP, Oil, Earnings

India experiences massive power outages

Today blackouts in northern India spread to the eastern states, affecting half of the country's 1.2 billion people. Many office buildings are running on generators; More than a hundred trains were stranded in the summertime heat.
Posted In: India, power

Olympic gold can be golden on Wall Street

Endorsements aren’t the only financial payoff for successful Olympic athletes. There’s a well-worn path from the podium to Wall Street jobs.
Posted In: Olympics, Wall Street

Car loans becoming easier to get

The lending market for vehicle loans has softened, helping to drive car sales. Some lenders are even courting subprime borrowers.
Posted In: auto loans, Auto

Clyde Drexler on the Dream Team, then and now

Clyde Drexler was part of the 1992 U.S.A. men's basketball Olympic team, dubbed the "Dream Team." He talks about how the atmosphere then differs from this year's.
Posted In: NBA, Olympics, London Olympics, basketball

Can the free market provide opportunity for all?

Arthur Brooks, the president of the American Enterprise Institute, argues that raising taxes won't help the poor and that the free market is the way to bring people out of poverty.
Posted In: Arthur Brooke, income inequality, mobility, upward mobility

Music from this show

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It's Simple
Visioneers
Pap Smear (Album Version)
Crystal Castles
Four n Twenty
Cookin' on 3 Burners