Week of March 10th, 2008

My latest musing on the economy….

The air here in Dubai this morning was thick. Some strange combination of sand blowing off the desert, dirt from the construction sites, and fog…

Just like teacher said, we use a lot of math in our everyday lives, especially when it comes to finance. Tess asks Jean Chatzky how people can cope with math anxiety.

Life is hard enough without having to decipher everything. This week, learn how online scammers are surfing their way onto your cell phone.

Ticketmaster has angered fans and musicians with their strict terms and bevy of fees. Ann Dornfeld reports on how some groups are fighting back to drive down ticket costs.

On this week's "A Day in the Work Life," in honor of St. Patrick's Day, we check in with an Irish woodworker in California.

The best solution is often the easiest one, so Tess asks Lesley Alderman of Real Simple magazine for some simple fixes for common financial problems.

Egypt is adding more than a million people a year, which is putting huge strains on its natural resources. Strains that are evident every time some people turn on the tap. Amy Scott reports.

The war in Iraq has brought a building boom to the capital of Jordan, Amman. But the men hanging out on street corners every morning looking for work aren't locals, which has turned a labor shortage into a regional problem. Alisa Roth reports.

In his most recent book, "The War of the World," Harvard historian Niall Ferguson says economic instability leads to conflict but viable market economies can end it — especially in the Middle East. He spoke with Kai Ryssdal.

Usually when the U.S. economy slides, so slides the rest of the world. Commentator Robert Reich says that's not going to happen this time, thanks to China and the Middle East.

The port of Dubai offers a snapshot of the Middle East's place in the global economy. Goods and capital flowing between countries, with the U.S. rarely in sight. Kai Ryssdal and Scott Tong report from Dubai and the Chinese port city of Qingdao.

We tend to get attached to our cars, but in an economic climate like this, we all have to make sacrifices. Jeff Tyler learns when it makes financial sense to kiss that old car goodbye.

Everyone's finally starting to agree that we're in a recession. Economics editor Chris Farrell's sets the story straight on how you (and your portfolio) should be reacting.

Consumer goods are cheaper than ever as health care and education costs soar. Tess asks Peter Hong how prices now compare to prices in the past and what to make of it.

The Fed has its eye on core inflation, but some are more concerned about costs that figure doesn't include, like energy and food. Alisa Roth explains what all the indicators really mean.

Question: I have some money in 401K but it's all vanishing because of the stock market drop. Is it a good idea to ride it out,or transfer the money…

Trent Reznor bypassed the record company and took Nine Inch Nail's new release straight to the Internet. Doug Krizner talks to Billboard Magazine's Bill Werde about artists' trend of cutting out the label.

Oil is up, the dollar is down and economists are saying there's no more denying a recession. But Nancy Marshall Genzer reports despite trouble in the market, there's a silver lining to the weakened economy.

The slowdown in the economy has made takeover attempts more common amidst tech companies. Sam Eaton reports why this is a relatively new tactic in Silicon Valley and how these moves could potentially backfire.

Congress is concerned about an imminent crisis in the student loan industry. Jeremey Hobson looks into the subprime crunch's spillover into educational funding and why some lenders are closing up shop.

I will have to learn how to ski one day. Just to know if I could have lied when the woman at the ski Dubai counter asked me if I knew how to ski. I…

Government economists use the Consumer Price Index measure inflation based on our needs — from food and housing to clothes and transportation. But some think the CPI isn't very accurate. Alisa Roth reports.

Four dollar per gallon is slowly becoming a reality in many parts of the country. Lisa Napoli talks to Garrett Nishida, front desk manager of the Sheraton in Maui, about his feelings on the new gas prices in Hawaii.

Seventy-two percent of Chicago Cubs season ticket holders said they would boycott games if Wrigley Field changed its name. Lisa Napoli talks to sports commentator Diana Nyad about the potential side effects of corporate sponsorship.

We took a few hours off to go to the beach today. Jumeirah Beach Park costs just 5 dirhams to get in (less than $1.50), and it's beautiful. The…

Marketplace Morning Report for Friday, March 14, 2008

Marketplace Money for March 15-16, 2008

When you see a woman in Dubai covered in black from top to bottom, including her face, but sporting hot-pink stilletto heels, you might assume some kind of disconnect between Islam and the present day. Commentator Samer Shehata says that's not the case at all.

Thursday night is the start of the weekend in Dubai, so Kai Ryssdal and the Marketplace crew checked out the scene at Jumeirah Beach Park.

Dubai's Healthcare City is shelling out half a billion dollars to build Harvard Medical School Dubai. Sean Cole grew up hanging around Harvard Square, so we figured he was the guy for this one.

Abu Dhabi is about to launch an English-language newspaper that it plans to make into the Gulf's paper of record. Kai Ryssdal talked with its Deputy Editor Hassan Fattah, formerly of The New York Times.

On his trip to Dubai, Kai Ryssdal flew on Emirates Airlines, one of the top 10 airlines in the world measured by passengers carried and miles flown. But it's not operated like other airlines. Here's his report.

Can economic cooperation with olive growers aid efforts at peaceful co-existence between Palestinians and Israelis? Sam Eaton reports.

The troubled mortgage bond fund of the Carlyle Group is near collapse. As Stephen Beard reports, it may be sign the Fed's plan to stabilize the credit markets isn't working.

U.S. Treasury Secretary Henry Paulson is in Washington today to discuss his plan for avoiding another credit crunch. But Nancy Marshall Genzer reports the crisis is likely to last over the next couple of months.

An eco-friendly coffin producer in the U.K. has given some funeral advocates sticker shock over its expensive biodegradable caskets. And April Dembosky reports environmental advocates also question the company's commitment to green.

A wan retail sales report may be looming, but goods like discount food and prescription drugs can weather an economic downturn pretty well. Ashley Milne-Tyte looks at the bright side, but reports no one is recession-proof.

A coalition of community organizations wants the federal government to buy up troubled mortgages from banks at a discounted rate to take pressure off of homeowners. Sam Eaton reports on how this could affect the bottom line.

The Environmental Protection Agency is expected to announce new rules requiring cleaner engines on trains. But some say trains have a while to go before they're a pollutant-avoiding alternative. Sarah Gardner reports.

Some Middle Eastern countries are reconsidering their ties to the U.S. dollar after it hit record lows against the euro. But Jill Barshay reports why bigger Gulf states will likely stick to the currency.

Marketplace Morning Report for Thursday, March 13, 2008

Falcons hold a special place in the United Arab Emirates, so it's probably no surprise that they have a hospital especially for their care. Kai Ryssdal has more.

The United Arab Emirates is an Islamic country, but sometimes it's hard to tell — especially in Dubai. Which is a surprise for some Muslims who move there. Amy Scott reports.

The Middle East Broadcasting Company runs the Al Arabiya news channel, a competitor to Al Jazeera. It's run by a member of the Saudi royal family, Sheikh Waleed bin Ibrahim. Kai Ryssdal spoke with him at his office in Dubai's Media City.

Sharia, or Islamic, law shows up in a lot of different businesses in the Middle East, including the hospitality trade. Somewhat less-strict but still Islamic-friendly hotels are popping up all over the Middle East, including Dubai. Sean Cole checked them out.

Islam frowns on wasting natural resources. It's a nod to tribal days when survival depended on it. Today some Middle Eastern businesses are reaching back to those green Islamic roots to get an edge on the global competition. Sam Eaton reports.

Under Islamic law in Saudi Arabia, unrelated men and women can't mix in public. Courtship and marriages are traditionally arranged. But young Saudis are starting to resist — and technology's helping them bend the rules. Kelly McEvers reports from Riyadh.

Question: My husband and I both put the maximum into our 401ks, which we now see dwindling (9% loss this year already). Money is tight; our…

The Pay By Touch system is true to the name — it works by allowing customers to pay for things with a touch of their finger. Diantha Parker found out how it work when she tested out the system at a Shell station in Chicago.

Microsoft's Bill Gates is on Capitol Hill today campaigning for the government to issue more H-1B visas. Nancy Marshall Genzer reports he wants more foreign workers because he can't find enough qualified Americans.

The National Federation of Independent Business was against Hillary Clinton's health care reform plan 15 years ago. John Dimsdale reports the group is calling for reform today — but they still don't support Clinton's plan.

NBC and Fox's Hulu.com will allow viewers to download over 200 TV shows and movies for free. While it may seem to be a new and scary venture for profits, Lisa Napoli reports the business model is a familiar one.

Oil may be high in the U.S., but U.K. citizens might have to face paying more than twice what Americans pay per gallon. Doug Krizner talks to MF Global senior energy broker Rob Laughlin in London about how long prices may stay high.

The Federal Reserve's plan unveiled yesterday lets big financial firms borrow from the Fed using mortgage-backed securities as collateral. But as Alisa Roth reports, there's at least one major risk.

For a year, I've been trying to convince Minnesota's affordable home builders concerned about a slowing market what Greg Pinn, a San Jose home…

The weakness of the dollar is one reason oil prices are flirting with $110 a barrel, but some say there's more to the story. Scott Jagow talks to Stephen Beard about the financial market versus supply and demand.

The government is considering whether the current Gross Domestic Product accurately measures U.S. economic progress. Some analysts feel the way GDP is defined can cause some big problems. Sam Eaton reports.

Money might not buy happiness, but having a little more of it can make us feel better. Commentator Will Wilkinson says while wealth might not be the direct route to happiness, it doesn't mean it's irrelevant.

Marketplace Morning Report for Wednesday, March 12, 2008

One of the ironies of Dubai is that all the cab drivers live in Deira, and yet it's impossible to find a cab there. At least for a white guy who…

Price: 150 dirhams (about $40) for two hours…

Along Dubai Creek are the souks, or markets, where you can buy everything from spices and textiles to gold. Kai Ryssdal visited them and got a sense of their gold standard.

When the millionaires aren't there for the big events, Dubai's Nad al Sheba racetrack is a great place for a family night out. But there's no booze and no betting . . . well, not exactly. Kai Ryssdal has more.

While workers from around the world are striving to get to jobs in the Middle East, human capital is a big export for some countries in the region as well. Commentator Mona Eltahawy says the decision to leave comes with mixed emotions.

Real estate in Dubai has been open to foreigners since 2002. Speculators and would-be Dubai transplants have been coming ever since. And developers are having trouble keeping up. Sean Cole reports.

While Dubai is booming, the Gulf region's overall unemployment is near 15%. Kai Ryssdal spoke with labor consultant Kito de Boer about what leaders can do to address disparities between the local population and visiting workers.

Dubai's workforce is almost entirely made up of laborers from other countries. They're nothing less than crucial to the city. Stephen Beard reports on the supply of cheap labor that makes Dubai go.

For every Indian or Pakistani who decides to leave Dubai, for every Bangladeshi who figures their opportunites will be better at home, there are dozens or hundreds of others who'll gladly replace them. Scott Tong met one of them in Manila.

Question: How does a 529 plan affect a person in terms of financial aid eligibility? Samir….

New York Governor Eliot Spitzer's scandal with a prostitution ring now has some on Wall Street cheering. Nancy Marshall Genzer reports it could also hurt his current efforts to stabilize the shaky municipal bond business.

Zimbabwean President Robert Mugabe has signed a new law that gives blacks the right to a majority share in all companies owned by whites, Asians and foreigners. Gretchen Wilson reports on the move to stimulate the economy.

This room has fluorescent lights, white and blue tiles on the walls. This room doesn't have a whole lot of light. If I had to guess I'd say I am in…

Israel's tech sector is teeming with start-ups and helping the national economy thrive. Scott Jagow talks about the boom and the country's economic concerns with Manuel Trajtenberg, head of Israel's National Economic Council.

The National Institute of Health has been flat for the last five years. Today, a group of researchers is warning of the potential losses a weak NIH budget can cause for the future of biomedical research. Jeremy Hobson reports.

Reeling from the loss of a $35 billion contract with the Air Force to a group including rival Airbus, Boeing is filing an appeal with the Government Accountability Office. Stephen Beard reports the GAO review could take three months.

With oil prices reaching the $108 a barrel mark and factors like auto sales and consumer confidence down, recession could be on the way. Jill Barshay reports why oil speculators are happy, but analysts are worried.

Marketplace Morning Report for Tuesday, March 11, 2008

Ambition might be Dubai's most obvious attribute, but there is a deep environmental cost of its building frenzy. There aren't enough natural resources to back it up. Sam Eaton reports.

Six Flags, Busch Gardens and Sea World are planning to build amusement parks in Dubai. If all that reminds you of a certain American city also built in the desert, well, join the club, says commentator and Arab media producer Jamal Dajani.

There's a women's only, ex-pat book club that gets together in Dubai the first Wednesday of every month. Its members are from Turkey, Yemen, Spain, Venezuela and Afghanistan. They say they'd like to get to know more locals. But that, and other things in Dubai, are hard.

Question: I'm 44, working at a university. My position is not secure nor stable. I have $40,000 in CD. How do I make my money grow? I would like to…

To go from Cairo to Dubai is to go from the horizontal to the vertical. The Arab sky replaces the Arab street. Skyscrapers go up like flags on a…

Dubai is one of the most successful cities on the planet: brave, ambitious experimental, safe, tolerant, peace-loving and prosperous. I hated it….

The FBI and Justice Department are investigating Countrywide to see if it misrepresented its financial position and the quality of the loans it made. But Nancy Marshall Genzer reports Bank of America is still planning to take over.

After 1,500 years, the Vatican has just updated the seven deadly sins by adding seven new ones. And many of them have something to do with money. Stephen Beard reports.

Up at 6:40 or so, couldn't bare the cheese/processed meat/grapefruit breakfast again so…

Strangely, a Dubai DJ will play Sean Paul and The Proclaimers right next to each other. I don't know where in the city we were but the club was…

After a few days I finally made it down to Dubai Creek. Most of the Dubai I'd seen thus far was still under construction and almost wholly…

I landed in Dubai on a Saturday, which is the new Sunday. That is, the work week here begins on Sunday, which makes it the new Monday. Thursday is…

Two new studies challenge notions that foreign-born highly-skilled workers displace ones born in the U.S. Dan Grech reports the U.S. isn't producing enough people in skilled fields to fill American companies' demands.

Spanish voters narrowly re-elected Prime Minister Jose Luis Rodriguez Zapatero to his second term, with economy their number one issue. Doug Krizner talks to John Peet of The Economist magazine about a slowdown in Spain's economy.

A movement through Africa is hoping to deregulate agriculture and let markets determine prices. Terry FitzPatrick reports a new exchange in Ethiopia may help end farmers' uncertainty.