Marketplace Morning Report for Tuesday, July 31, 2012
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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.
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Posted In: NBC, Olympics 2012, Twitter, mid-day extra
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.
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.
Posted In: Pfizer, Earnings, pharmaceuticals
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: The Hobbit, movies
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: Arthur Brooke, income inequality, mobility, upward mobility
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.