Week of December 5th, 2011

If you follow celebrity gossip, you know about actor Alec Baldwin being removed from a recent flight because he refused to get off his electronic device. This behavior, of course, violates Federal Aviation Administration rules, but those rules may violate common sense. Is a state-of-the-art jumbo jet really affected by a little gizmo?

In a major step toward ending Europe's two-year-long debt crisis, leaders from around the continent met today in Brussels to hammer out a new debt-reduction pledge. The result is something of a pledge that goes like this: [raise your right hand.] "I promise to keep my country's budget deficit under control. I also promise to let the European Court of Justice scrutenize laws in my country that may allow too much wiggle room on deficit spending." We spoke with Jennifer McKeown, a senior European economist at Capital Economics in London, about the long-term impact of the deal.

European leaders meet in Brussels for yet another summit to determine the fate of the EU, and Britain has announced it won’t sign off on any fiscal union. Another summit wraps up in South Africa today, as the UN concludes its climate talks. Richard Cordray was blocked by Senate Republicans from an appointment as head of the Consumer Financial Protection Bureau. And wheat prices are falling, but that doesn’t mean your cereal will be any less expensive.

European leaders have agreed on a new deal to help its economies, but it won’t save everything. The electric car is getting some racing stripes — we look into a growing group of people getting excited about gas-to-electric converted cars. Poland has high hopes of becoming major exporter of gas. Meanwhile, the U.N. climate talks are wrapping up in South Africa. And we have the weekly wrap, letters and small talk from Dinner Party.

L.A. Times columnist Tom Petruno has been writing about the economy for more than 30 years. He shares what he’s learned about economic cycles, human nature and investing. And with Christmas around the corner, we offer tips on how to explain to kids why Santa didn’t get them everything on their wish lists. There is a cheap, but significant gift you can give your child: a digital trust fund. Domain names, social media and e-mail accounts. And when’s the last time you visited a bank branch? More branches are closing down, but some communities are fighting to get them back. Plus, an Irish family discusses what it’s like to experience more belt-tightening.

Drinking the Apple-flavored Kool-Aid.

European leaders met for yet another time, this time striking a deal that would allow the European Commission to oversee budgets and fine countries for getting into too much debt. But it won't solve the major eurozone issues.

Sure! Maybe! I guess!

With more people banking online, banks are closing branches. But some community leaders say banks that provide face-to-face interactions are still important.

The EU plan still has to be ratified, and if the deal collapses, it could hit everything from the stock markets to the job outlook for Americans.

How to use social media to wreck your career

As news from Europe points to greater fiscal scrutiny for countries in the EU, questions are raised as to whether a balanced budget amendment here at home could finally pass.

The crisis in Europe has hurt worldwide demand for goods, and workers in China are protesting against the lost wages that come with decreased output

With a low bar set, there is hope that attendees of the summit can at least agree to make a plan to stop climate change

How important is it to turn off gizmos on a plane?

A deal was reached among the majority of countries in the European Union at today's summit, but a few countries are sticking on the sidelines.

The Polish government wants to become a leader of shale gas extraction for the EU, but opponents are raising environmental concerns.

Isn't this what ruined MySpace?

Reviewing the week's headlines on Wall Street. This week: The latest plan from the European Union leaders on how to save its economies.

We talk to one of our Washington reporters about what happened in the news this week.

Look out, Pandora

U.S. Senate Republicans blocked former Ohio attorney general Richard Cordray's appointment as director of the CFPB. The new bureau is a centerpiece in the Dodd-Frank financial reform law.

Banks' reputations have taken a beating since the financial crisis. But one bank CEO says the banking industry can help turn the economy around — just not all by itself.

Developing and island states are on board for an agreement, but the U.S. and other countries are still undecided.

Delegates are expected to stay up late into the night at the UN climate summit, and rumors are swirling that baby steps are being taken towards a legally-binding climate change deal by 2015.

Some economists say today's summit will be remembered as a successful moment — when eurozone countries met and got their act together. Katharina Gnath is an associate fellow at the German Council on Foreign Relations and has studied G8 and G20 summits.

Britain and three other countries are out of the picture, but those remaining believe the new treaty will mean much more balanced budgets on the continent in the future.

Tess Vigeland and Kathy Kristoff of Kiplinger's magazine answer listeners' personal finance questions.

Farmers are hurting as wheat prices drop, but it doesn't necessarily mean the price of bread and cereal for consumers will also fall.

An agreement among almost all of the European Union members was made in Brussels today, but Britain has decided to stay out of the plan, and insists that official EU institutions do as well.

A new fiscal pact leaves the U.K. and three other nations out in the cold, as European leaders scramble to convince investors that they have diffused the debt bomb at the European summit in Brussels

European countries agree to a deal on balanced budgets and debt reduction. A unanimous vote wasn't reached, but the BBC's Andrew Walker says investors already had limited expectations.

In Canada, anyway

I hope that's good news for your Fantasy Lawyer league

Facebook stays Facebooky

At The Freedom Online Conference yesterday in the Netherlands, Hilary Clinton told an audience that Internet freedom a “human right.“ CNN reports: “The right to religious freedom, assembly or political activism, she said, should extend to all human beings ‘whether they choose to exercise them in a city square or an Internet chat room.’” That […]

Because the noise had been missing

The biggest anti-Kremlin demonstration in recent Russian history is planned for tomorrow. It follows smaller protests all this week, after Russian elections delivered a victory to Russian Prime Minister Vladimir Putin's ruling political party

Raise your right hand: European leaders hammer out a new European pledge to get the continent's budget deficit under control

Going over listeners' responses to past broadcasts. This week: The idea of private funding for public enterprise and whether Americans care about narrowing the income gap.

From July to September, American families purchased more, even as their net worth shrank faster than it has at any time since the worst of the financial crisis.

A convention of electric vehicle pioneers puts power, in every sense, at the center. Let's just hope they don't catch fire.

The news that didn't quite make the headlines. This week: It's all about class. Air New Zealand has a cuddle class, NYU offers an Occupy Wall Street Class, and why classes in Virginia don't start until after Labor Day.

My current car is getting up there both in years and in miles, and I'd like to replace it before anything major goes horribly wrong. If I sell some of the stock I've accumulated in my Employee Stock Purchase Plan, I should be able to pay for the car in full in cash. The other option is to finance the other half of the purchase. Which route would you recommend? Thank you! Arcadiy, Atlanta, GA

Jon Corzine heads to Congress today to answer for the collapse of brokerage firm MF Global. The European Union is looking to the International Monetary Fund for bailout help, and that could have ripple effects in the U.S. Reporter Sally Herships looks at what other businesses can gain from big-box storse like Costco and Walmart. And the countdown to a big European summit is nearing its end.

As public education funding continues to get cut, we look at the role of philanthropy in education and hear about philanthrophist Eli Broad’s ideas. Congressman Barney Frank talks about the future of the Consumer Financial Protection Bureau, which was a key part of his Dodd-Frank financial reform act. Experience will be an important quality in the 2012 presidential election. European leaders are meeting in Brussels to try and save the euro once again. And baseball player Albert Pujols just signed a major deal with the Los Angeles Angels that could be big for marketing too.

Markets today were like a huffy kid who stomps off because Santa only brought him two out of the three of the gifts on his list. Santa is the European Central Bank. Ahead of the latest crisis summit tomorrow, the ECB offered two nice presents: a quarter-percent cut in interest rates and an offer to lend cheaply to the banking system for as long as three years.

Amazon has a free smartphone app called Price Check and they’re offering an interesting deal with it starting Saturday. You go into a store — an actual physical bricks-and-mortar store — find an item, scan it and the app will show you the price on Amazon.com. Then, Amazon will knock an additional 5 percent off that price if you buy it using the app. So the idea, from Amazon’s perspective, is to have you go into a store somewhere else, but buy from Amazon.

I recently "moved my money" and I'd like to get rid of my old credit cards linked to the old bank accounts. Assuming there are no fees for keeping the old cards, should I save one and not use it, or occasionally use it in case it needs to remain active? Or can I simplify my life, cut loose the dormant accounts and just move on to my new cards? Any advice appreciated. Charlie, San Francisco, CA

The catchphrase of the hour seems to be "Work 'til you drop." You know the refrain: Work is a social place. It provides a paycheck. An older worker with a job can delay drawing down savings and filing for Social Security. Yet working longer isn't for everyone — far from it.

The heavy-hitter strikes a $254 million deal. Here's how the Angels plan to profit.

The consumer bureau was supposed to be a key part of Congressman Frank's financial reform law, the Dodd-Frank act. He talks about his frustration with Republicans who voted to block the confirmation of a director.

Voters in Iowa will head to the Republican caucus in a few weeks. On the ballot could be a trend that might define the election.

Now you can always play fancy video games.

Where do you know that actor from?

apologies to Tom Petty

Location-specific tunes

European leaders gather in Brussels to discuss closer fiscal union and try to save the euro, but EU lawmakers are divided on the way forward.

We asked Gallup's editor-in-chief Frank Newport about whether Americans are pessimistic about the future, and how that compares to Americans of decades past.

Philanthropists are funneling big money into public education. Are they too powerful?

Amazon.com has a new app that could save you money and hurt small businesses.

A new anti-piracy bill is being introduced in congress today as an alternative to the Stop Online Piracy Act, says CNET’s Declan McCulloch. SOPA has received a lot of criticism since it was first introduced a few weeks ago. Free speech advocates didn’t like how the anti-piracy bill would lead to the take down of […]

Coffee consumption continues to grow globally, and some predict that the price of raw coffee will continue to dip in the coming years.

That didn't take long.

Europe and the U.S. are both exploring new options for judging the value of debt after increasing threats of downgrade from agencies like S&P and Moody's.

Jon Corzine will have to explain how the bank lost $1 billion of customer money.

The budget ax is swinging

A family pack for your data plan

Wear comfortable shoes for this walk in the park

The JPMorgan Chase CEO really does not understand.

Economist Adolfo Laurenti discusses the rate cut and the role of the European Central Bank in Europe's future.

Hybrid cars win, coal loses as the world's largest energy company looks to 2040.

Philanthropist Eli Broad discusses the problems with education and his ideas on how to fix it.

Markets today were like a huffy kid who stomps off because Santa only brought him two out of the three of the gifts on his list. Santa is the European Central Bank.

Critics have been complaining that Germany has grown too dominant in the EU, a sharp turn from previous complaints that the country wasn't doing enough to solve the problem.

As economic turmoil continues in Europe, leaders there — and here in the U.S. — are weary of the blind reliance on ratings agencies to value debt.

Verizon's new idea

The Europeans are starting to turn to the IMF for help with bailouts. Some in Congress are resisting. But withdrawing our help could have consequences.

Major retailers like Costco and Walmart often act as indicators of the overall economy, because they can reveal trends for what — and if — people are buying.

We launched our new series with the Gallup poll called Attitude Check, weekly conversations about what the American people think about everything from the latest news to their own economic security. We continued our series on philanthropy, with stories on daily deal websites joining with charities and on micro-giving. Martha Stewart has a new retail collaboration. Credit card agreements are going to get easier to understand. The EU is set to meet in Brussels on Friday. Climate change is having a big impact on transit. And we look at who benefits from payroll tax cuts and jobless benefits.

President Obama continues his quest to extend payroll tax cuts, and delivered a big speech on the economy yesterday in Kansas. Republican Presidential Candidate Newt Gingrich is ahead in the polls, but far behind in raising funds for his campaign. The fate of the Consumer Financial Protection Bureau remains unknown, and today the FDA decides whether one drug should be sold over-the-counter.

Sen. Al Franken is looking into the Carrier IQ scandal. The Minnesota Democrat is giving several wireless carriers and phone manufacturers until next Wednesday to answer questions about exactly how they’re using software from Carrier IQ and what they’re doing with the information it collects.

German Chancellor Angela Merkel and French President Nicolas Sarkozy — “Merkozy” for short — laid out their plan in an open letter to European Council President Herman Van Rompuy today. The plan calls for stricter budget controls for eurozone nations and comes before the regions leaders meet again tomorrow evening and Friday. We spoke with Matthias Matthijs, a professor of political economy at both the Johns Hopkins and American Universities.

Mommy, what's this button do?

There is growing disparity between the "haves" and the "have nots," but most Americans say they don't think the government should focus on closing the gap

The troubles in Europe go back much farther than the birth of the euro, all the way to the days of Adolf Hitler.

The Consumer Financial Protection Bureau wants customers to understand their credit cards better. So, they've unveiled a new and shorter prototype of a credit card agreement.

While the rest of Europe is ready to re-write treaties in the hopes of healing the debt crisis, British Prime Minister David Cameron is not ready to give up the interests of his own country.

Citigroup is just the latest is a long line of big banks announcing layoffs in recent months.