Week of March 17th, 2008

Tax time is here and so are the scammers. Lisa asks Victor Olmeczencho of the IRS how you can protect yourself from the most common tax scams.

Financial planners and investment planners: who's who? Sally Herships learns the answer to this and more as she finds help getting a financial plan together.

On this week's a Day in the Work Life, we follow pro wrestler Kurt Angle from the Olympics to prime time.

In this edition of Getting Personal, Chris and Lisa talk about gift and loan confusion, Health Savings Acccounts, microfinance funds and paying off a mortgage early.

Some universities are offering students ID cards that do double duty as debit cards. Lisa asks Kathy Chu about the controversial move.

With the dollar dropping fast, it's not surprising that it's falling out of favor overseas. As Rico Gagliano discovered during a trip to India, greenbacks aren't what they used to be.

The good news: the commercial real estate market is in better shape than the residential one. The bad news: it's a rough road ahead. Lisa talks to Susan Smith about what's to come.

Economics editor Chris Farrell reminds us to put safety ahead of high returns as he sets the story straight on ways to protect your money during the current economic skittishness.

Lisa Napoli looks back at the erratic and nerve-wracking week that was on Wall Street through the eyes of Marketplace reporters and financial experts.

The bridal business is a $69-billion industry, one that a new Spanish-language magazine is hoping to cash in on. Caitlan Carroll reports on the launch of Bodas USA, the first American bridal magazine written entirely in Spanish.

Sen. Charles Schumer (D-NY) recently attacked President Bush by equating him with Herbert Hoover. Economic historian Amity Shlaes explains why comparing any politician to Hoover is so insulting — and how, in these confusing economic times, there's plenty of blame to go around.

Stockbroker and business analyst David Johnson chats with host Kai Ryssdal about what happened on Wall Street this week and what may lie ahead.

Taiwan goes to the polls to choose the next president of the island nation, and for most voters the deciding factor is a candidate's stance on relations with mainland China. But as Scott Tong reports, Taiwan and China are economically intertwined even if they are politically at odds.

FEC disclosures reveal a large percentage of donations to the two Democratic presidential nominees have come through small contributions via the Web. Does this mean the end of dependence on big donors for political campaigns? Steve Henn reports.

Between bank bailouts, a lower number of housing starts and a credit crunch, there doesn't seem to be much to be optimism about in the U.S. economy. But Bob Moon reports that with a slight dollar upswing and a rise in exports, we may be soon seeing sunnier days.

This is an intriguing comment/proposal by a listener, Matthew in Los Angeles. My own sense is that there is growing resentment, maybe even anger,…

Starbucks baristas in California have won $100 million in back tips from a class-action lawsuit forbidding supervisors to share lower-level employee gratuity. Dan Grech reports where baristas draw the rank lines.

A new online earmark tracking system shut down the day requests were due because of an overload of traffic. John Dimsdale reports this could be an indicator of the House's inability to track and prioritize these projects.

It's too early to say we're at a turning point in the banking and Wall Street financial crisis. One week does not make a trend. Still, it's…

Getting across the Taiwan strait these days is a major hassle, even though there's plenty of business back and forth. Scott Tong recreates the journey of one American businessman who travels almost all day to get to his destination.

Off-price retailers are set to release earnings reports next week, and they may be starting to feel the pinch of recession. Sally Herships reports analysts have high hopes, but even discount retail might suffer.

The Drake Bulldogs are a potential Cinderella story in the NCAA tournament this year, which could mean big money for their school. Dan Grech reports on the possible increases in merchandise sales and out-of-state applicants.

The New York Auto Show opens today, and there will be a lot of talk about cars of the future. Janet Babin reports playing with the balance sheet is might be all U.S. automakers can do to weather an economic storm.

While getting his PhD in economics, Yoram Bauman discovered how to approach the subject from a humorous side. Scott Jagow talks to him about his career as the world's premiere stand-up economist.

Question: My husband and I recently attended a workshop on optimizing real estate assets. The program presented information on how to create a debt…

Marketplace Money for March 22-23, 2008

Marketplace Morning Report for Friday, March 21, 2008

California Gov. Arnold Schwarzenegger is working on a "cap-and-trade" plan to cut the state's greenhouse gases, compelling companies to buy and sell credits regulating potentially harmful emissions. But some environmentalists are skeptical of a market-based approach. Sarah Gardner reports.

The U.S. currently imports two-thirds of its oil needs — even President Bush believes the nation is "addicted to oil." But commentator Jerry Taylor says that since importing oil is cheaper than producing it domestically, energy independence isn't a good idea, or even practical.

Bonds called sukuks, designed to conform to Islamic rules forbidding interest on loans, have been popular investments the past few years. But now a leading scholar has cast doubt on whether the bonds are truly Islamic, prompting fears of a subprime-like meltdown. Stephen Beard reports.

The Chinese crackdown on Tibet has been a major news story leading up to Beijing's 2008 Olympics. Now corporate sponsors who have contributed hundreds of millions are worried about the implications of the political unrest. Kai Ryssdal talks to Scott Tong in Shanghai, China.

Some Wall Street investors actually profited from the dramatic fall of Bear Stearns, gambling the investment bank's stock would plummet in value. Now there's an investigation into possible insider trading among some options traders. Ashley Milne-Tyte reports.

In the wake of the Bear Stearns fire sale, Rep. Barney Frank, chairman of the powerful House Financial Services Committee, says the government should monitor and regulate risk in the financial sector — an idea that makes Wall Street cringe. Jeremy Hobson reports.

There was a big boost in commodities markets when stocks took a beating earlier this week, but now commodities are starting to cool off. Those Fed rate cuts shored up the dollar, making commodities produced in the U.S. more expensive for foreign buyers. Alisa Roth reports.

Competition from online retailers like Amazon have hurt Borders profits enough for the book chain to consider going up for sale. Janet Babin reports a hedge fund supporting the store might end up buying it later.

The EPA is considering changing the law that requires farmers to track the emissions of animal waste. But environmentalists say reporting these gases is necessary to keep them accountable. Nancy Marshall Genzer reports.

To stay ahead in a $60 billion industry, eco-conscious companies are employing marketing tactics everywhere from parks to ski resorts. But Sam Eaton reports some warn the move risks crossing a line.

Markets don't go up forever. We saw that with dot.com stocks and residential real estate. Today the speculative excesses are in commodities….

The Treasury Department released complaints from Americans shut out of financial deals because their names are similar to ones on a terrorism watchlist. Rachel Dornhelm reports how lenders can resolve the problem.

Rumors that U.K. mortgage company HBOS was out of money nearly toppled the bank, but the rumors turned out to be false. Stephen Beard reports stock manipulation is suspected, but the perpetrators will be tough to catch.

There are several ways to look at the Fed's recent actions, either as a positive meltdown prevention or free-market interference. Scott Jagow talks to Chris Farrell, who says we're eventually going to reregulate the industry.

With 96-gallon tanks to fill, some Winnebago owners are driving a lot less lately. But Alisa Roth reports despite the various Winnie costs and RV sales beginning to slump in 2006, there's still hope for the industry.

Question: Chris, could you elaborate on your comment made on 3/14 about the undesirability of buying bank stocks. Do you mean all bank stocks? We…

After the trouble with Bear Stearns, there's concern about mid-sized banks like Washington Mutual that are heavily exposed to mortgages. But Dan Grech the Federal Reserve's aggressive moves are calming nerves.

Marketplace Morning Report for Thursday, March 20, 2008

More than one-third of nurses born during the baby boom plan to retire or change jobs sometime in the next three years. Add in the chronic shortage of nurses already, and hospitals could be left in critical condition. Ashley Milne Tyte reports.

Just like today, the early 1970s were also a time of accelerated inflation and rising commodities prices. Commentator David Frum says the Fed is now repeating the mistakes it made in the early '70s — mistakes which ultimately led to a recession.

Many states are struggling with lean budgets this year. Now Vermont's governor wants to make ends meet by selling or leasing the state's lottery to a private company. But some lawmakers worry about the long-term effect of giving up control of a state money-making asset. John Dillon reports.

After five years in the war in Iraq, estimates of the monetary costs range from several hundred billion dollars to trillions of dollars. Kai Ryssdal talks to University of Chicago economics professor Steven Davis about how to truly assess the cost of the war.

Though the Fed cut interest rates dramatically, the average 30-year fixed mortgage rate has gone up since the beginning of January. Jeremy Hobson reports why banks aren't interested in dropping rates for long-term loans.

The federal government already raised the limit on loans mortgage lenders Fannie Mae and Freddie Mac can underwrite. Today's move to relax capital requirements on loans is designed to quickly free up $200 billion in more financing. John Dimsdale reports.

The JPMorgan buyout of Bear Stearns seems to have appeased the markets, but it also angered many Stearns shareholders. Now some are suing, claiming Stearns execs hid the firm's true financial condition and failed to properly manage risk. Bob Moon reports.

What if, instead of paying per song, your iPod came with every song on iTunes? There are reports of such a subscription service in the works, but Janet Babin reports that might be exactly the opposite of what the music industry needs.

Mortgage refinancing has been at its lowest level since December, and policymakers have been hoping refinancing could help end the crisis in the financial markets. Jeremy Hobson reports.

Did you ever hear that joke — that the quickest way to significantly reduce your environmental footprint is to die?…

Israeli high-tech expert Avshalom Neumann was inspired to set up a business after he saw a religious pilgrim call home from Jerusalem's Wailing Wall. Orly Halpern has more on his call-in prayer service.

Since other fast food companies have started offering coffee drinks, Starbucks has been seeing their profits drop. Lisa Napoli reports how the coffee giant plans to rebound from recent competition.

With the Bear Stearns deal encouraging JP Morgan to buy the bank for just $2 a share, some shareholders stand to lose a lot of money. Stephen Beard reports one large investor is attempting to turn around the low-ball offer.

Booms and busts are inevitable in a capitalist system. Right now, the Federal Reserve and, belatedly, the U.S. Treasury, are out to avoid facing…

We've been hearing a lot about the economy lately from analysts and administrators alike. But what are they saying on Wall Street? We went down there to talk to a few people — investors or not — and find out.

Question: I'm 35 and already maxing out my 401K and IRA options. My only debt is my mortgage. Half my paycheck automatically goes to a money market…

Marketplace Morning Report for Wednesday, March 19, 2008

Between phasing out nuclear power and a pledge to cut carbon dioxide by 40 percent, Europe's industrial leader could be headed towards an energy crisis. Brett Neely reports how Germany is hoping new technology could clean up its dirty coal plants.

Nearly three-quarters of Americans believe the economy is in recession, according to a new USA Today-Gallup poll. Commentator and economist Tyler Cowen says it might make us feel better, but it's best to leave the real definitions to the economists.

The mailbox is bursting with your comments. This week: your thoughts on our special series "The Middle East at Work," including your personal observations from living and working in Dubai.

As the price of copper is goes up, so does the value of old pennies — those coins minted before 1982 that still have actual copper in them. Now some people are banking on pennies to pay off big. Mary Rose Abraham reports on the new craze of penny hoarding.

The U.S. Supreme Court will hear arguments on whether California employers can spend state money on anti-union activities. It's a battle between free speech and taxpayer rights, but with a twist. John Dimsdale reports.

From mom and pop investors to day traders, everyone is affected by the chaotic market. Kai Ryssdal speaks to Daniel Scotto's of Whitehall Investment Advisors about what an individual investor can do while the market normalizes.

Though the stock market has been deeply troubled by the subprime mortgage crisis, it has yet to crash. Many attribute the relative health of the markets to actions made by the Fed to keep the cash flowing. Ashley Milne-Tyte reports on what the Fed may do next.

Between bailing out investment banks and making loans to securities dealers, Fed Chief Ben Bernanke and company have been busy lately. The big cut in short-term interest rates boosted the markets, but inflation still looms. Kai Ryssdal has the story.

Question: As much as anything is "safe" these days, is it safe to open online savings/CD accounts with such companies as "ING Direct"? Sarah,…

Whether you call it a bailout or not, the Fed is aggressively intervening in Wall Street's business. Commentator Robert Reich has no problem with the Fed stepping in — as long as it demands something in return.

Consumer Reports used to wait for readers to come to it for advice. Now, the magazine is publicizing its findings through advertising. Dan Grech reports how the publisher's new move might attract new readers.

To this point, the Bush Administration has stayed away from the word "recession." But they are slowly starting to admit the problem. Janet Babin reports backing away from cheerleading could put more options on the table.

A Federal rate cut is expected, but the rate's magnitude is up for debate. Doug Krizner talks to economist Peter Morici about why the Fed should act decisively to rescue the system, and not necessarily because it deserves it.

This morning, we'll find out how many new homes were built last month, and investors are hoping housing starts have finally bottomed out. But Jeremy Hobson reports we might see a weak number that won't rebound until summer.

A Paris court granted bail today to rogue trader Jerome Kerviel, who lost more than $7 billion of French bank Societe Generale's money. But Stephen Beard reports why his release will likely be popular with the French public.

Many in the financial markets expect to see the Fed cut rates by a full percentage point — the biggest rate cut in a generation. John Dimsdale reports one thing seems certain: lower rates will cheapen the value of the dollar.

How can we avoid $4 per gallon gas without choice? Commentator Gal Luft says in order to protect ourselves against the uncertainties associated with oil, we need to focus on cars that can run on fuel other than gas.

The U.S. dollar is under a lot of pressure on the expectation that the Fed will cut their key Fed funds interest rate. Scott Jagow talks to Stephen Beard in London on the dollar's fall versus the euro — and gain on the pound.

Some analysts say the banking sector will be fine in the long run, but that earnings reports are going to be lousy for now. Alisa Roth reports what to expect of profit reports from the likes of Lehman Brothers and Goldman Sachs.

Business traveler Nicolas Ranco was willing to try anything to relax and fall asleep. He found it on a trip to Japan and decided to bring the idea of accessible midday naps to the sleepless in New York City. Jaime Bedrin has more.

Marketplace Morning Report for Tuesday, March 18, 2008

Question: My wife and I are very cautious with our money–we have only one loan (our mortgage), we pay off credit cards every month, and we have…

We know that the Federal Reserve will cut its benchmark interest rate this week, perhaps by as much as percentage point. That would bring its rate…

India's movie industry cranks out hundreds of films every year. Some filmmakers seem to be cutting corners by borrowing ideas — and sometimes more — from foreign films. Rico Gagliano reports on the state of the silver screen in Mumbai.

Senior executives from Yahoo! and Microsoft have met, signaling Microsoft's takeover deal may soon be worked out. Thousands of Yahoo! employees are left to wonder what will happen to their work environment after a takeover. Krissy Clark reports.

Commentator and former Microsoft employee Scott Berkun says when you look past the stodgy corporate environment of Microsoft and the freewheeling Yahoo! culture, the two companies are more similar than they might like to admit.

The collapse of Bear Stearns prompted the Fed to once again cut interest rates. Commentator and economist Andrew Samwick says whether you call it a bailout or a rescue, all Americans have a stake in the outcome.

The Federal Reserve committed $30 billion in taxpayer money to guarantee the riskiest part of Bear's portfolio in the JP Morgan sale. Kai Ryssdal speaks to Bob Moon about whether the move could ultimately benefit taxpayers.

Once one of the top investment banks on Wall Street, Bear Stearns was offered a mere $2 a share in a bailout deal offered by JP Morgan. Janet Babin reports on how the subprime crisis may have triggered the bank's dramatic fall.

Bear Stearns' employees were told Monday morning that they had become employees of JP Morgan, and that their company stock was now only worth $2 a share. Janet Babin reports their other prospects may not be promising either.

Asian markets are reacting to the financial market news in the U.S., and the markets are down sharply. Doug Krizner talks to Lindsay Whipp of The Financial Times in Tokyo about some of the main concerns in Japan and Hong Kong.