Week of October 15th, 2012

Economist John Maynard Keynes predicted long ago that new technologies would by now allow people to work only 15-hour work weeks. But are we closer to that than we think? Meanwhile, we look into whether bookshelf makers have been hurt by the shrinking publishing industry. In an effort to affect climate change, a California businessman dumped 100 tons of iron dust into the Pacific Ocean. On the 25th anniversary of Black Monday, we explore the chances of it happening again. And China bureau chief Rob Schmitz looks back into history of the trade relationship between the U.S. and China.

There's a California proposition that could change packaging requirements for some foods. If it passes, it'll require labels on some foods made with genetically engineered ingredients. What's at stake for the food business and consumers?

The markets tumbled Friday, but the declines were nothing compared to the Black Monday crash of Oct. 19, 1987. The Dow Jones shed 22 percent — the equivalent of a 3,000-point drop today.

John Quiggin takes a look at why the 15-hour work week predicted by economist John Maynard Keynes hasn't come to pass — yet.

The long decline of the physical book is affecting how bookcases are marketed and used in homes.

In this latest installment of a monthly series about the people who make their living along Changle Road in Shanghai, Qiu Huanxi remembers the week President Richard Nixon came to the Street of Eternal Happiness to change history.

An entrepreneur under contract with a native village in Canada dumped tons of iron in the Pacific to spark a plankton bloom that would capture carbon dioxide. That violated ocean treaties, and angered scientists who are studying that kind of geo-engineering.

'Citizen Awareness Project' based in Colorado

Time for the Weekly Wrap. This week: The Dow suffers a 200-point drop, tech companies see lower-than-expected earnings reports.

Appearing to look better than others in your age group could be seen as a blessing or a very expensive curse.

Target broke ground on a new Chicago location this week at the site of the city's former Cabrini-Green housing project. The very wealthy have access to lots of things most of us don't, but what about when it's a matter or life or death?

Yesterday Google accidentally fired off its earnings announcement three hours ahead of schedule and profits fell quite short of expectations.

Ahead of its much anticipated Windows 8 release, Microsoft is reporting a 22 percent decline in profit for the third-quarter.

The retail giant is accused by some Indian politicians of giving $100 million to an Indian supermarket chain.

Twitter blocks its first account officially, Google has a bad quarter and a new Chromebook, the emergency room has a virus.

The state-controlled Russian oil firm Rosneft is reported ready to enter a multi-billion dollar joint venture with the British oil giant BP to create the world’s biggest listed oil company.

The very wealthy have access to lots of things most of us don't — that's just the way it goes. But what about when it's a matter or life or death?

Target broke ground on a new Chicago location this week, at the site of the former Cabrini-Green housing project.

The department store looks back — to icons including Marilyn Monroe and Madonna — to attract shoppers in their teens and 20's.

Twitter flipped a switch this week and bam: Users in Germany could no longer see the tweets of a banned neo-Nazi group. German cops wrote Twitter trying to get the account shut off completely; Instead the company confined the blackout to Germany. How did they do that? The microblogging social network had already engineered its own system to block content country by country. 

Minnesota officials have told online learning companies they're not allowed to teach state residents unless they get a license.

Macy’s looks back to icons including Marilyn Monroe and Madonna to attract shoppers in their teens and 20’s. Illinois Governor Pat Quinn will board an Amtrak train heading from Joliet to Bloomington, Illinois, today. The trip is meant to showcase part of the state’s new high-speed rail line which will eventually run all the way to St. Louis. Just one week away from the release of Windows 8, Microsoft reported a 22 percent decline in third-quarter earnings.

The digital wizardry unveiled at the annual Finovate trade show is great, but it won't help solve the decades-long assault on our personal finances.

How important are appearances to you? This week we’re focusing on how we present ourselves in the eyes of others and behave accordingly — from figuring out an algorithm for how bras fit to free haircuts for the unemployed, how to behave when you’re standing in line to how seniors present themselves. Plus, how are tattoos viewed in the workplace these days? And when it comes to appearances, who appears more capable, competent and savvy than a superhero? They fly through the air and leap buildings. But how do they handle their money?

A group in San Francisco has found a way to report informal lending circles popular among some immigrant groups to credit bureaus — as a way to boost the credit scores of participants.

Women spend a lot of money on bras, but is it better to find the best bra through a personal shopper or a website's algorithm?

Telling someone to cut their hair and get a job is an old cliche. But a Portland barbershop is doing just that for those who are down on their luck.

One teen's neck tattoo offers protection — and may hurt his chances of getting ahead at work.

Digital media advocate Jeff Jarvis talks about the announcement that Newsweek will cancel its print issue and go digital-only.

Google accidentally reported their dismal quarterly earnings early today and their stock price came tumbling down. Journalist Jeff Jarvis talks about Newsweek’s announcement that it will go online only after this year. New York Mayor Michael Bloomberg is investing millions of his own money into a new super PAC in hopes of helping some congressional candidates. Online review site Yelp will now post online alerts outing businesses suspected of soliciting paid recommendations. And we continue our collaboration with Frontline with an investigation into why some Americans have a problem with secret campaign donations.

Google's quarterly earnings report was mistakenly released while markets were open, instead of after. A 20 percent drop in profits, as prices of online and mobile ads decline, sent shares down immediately.

A primer on the Supreme Court case that changed the way money could be spent in elections.

Nonprofit social welfare organizations may become more potent political donors than super PACs. And they don't have to disclose who gave money.

Why it's so tough to expose super PAC mystery donors.

Florida tomato farmers are pushing the Obama administration to end a 16-year-old tomato import agreement with Mexico. Critics smell election-year pandering and worry about Mexican retaliation against other U.S. industries.

The New York mayor's new super PAC isn't the first time he's tried to change things nationally and around the world.

In the bankrupt city of San Bernardino, Calif., one entrepreneur isn't waiting for help from City Hall to achieve what he calls his destiny — to launch a global fast food chain from the city.

The popular review site will now post online alerts outing businesses suspected of soliciting paid recommendations.

No more Newsweek on the newsstand. Is China is deliberately slowing its own economy. U.S. students are carrying record student loan debt, and the risks and promises of Nissan routing your cars steering wheel through its computer.

Ads target swing states of Ohio and Virginia.

Michael Isikoff, who reported for Newsweek from 1994 until 2010 shares his thoughts on the end of Newsweek in print and what the magazine meant to staffers and readers over the years.

Seasonally adjusted claims for unemployment insurance rose by 46,000 last week, or about 13 percent. Is this a blip or the start of a new trend?

A report out this morning says college students are leaving school ever deeper in debt. Students graduated last year owing more than $26,000 on average — up five percent from the year before.

China's third-quarter GDP data shows the country grew at its weakest pace in three and a half years and is on track for its slowest annual growth since 1999.

For months now, Spain has been bracing itself for a bailout. While the country waits, the government has already made many of the deep budget cuts that typically come with bailouts.

Within a year, Nissan hopes to replace the mechanical method of controlling steering with one that uses electronics.

Teacher's fantasy: Press a button and your students suddenly have new textbooks in their hands. Amazon thinks it can do this using its Kindle electronic reader.

Getting the Kindle into the hands of students offers Amazon a golden opportunity to bite into Apple's iPad market.

European leaders meet in Brussels today for a summit on whether to enact a banking union across the EU and check in on beleaguered Greece.

Teacher’s fantasy: Press a button and your students suddenly have new textbooks in their hands. Amazon thinks it can do this using its Kindle electronic reader. The company has just unveiled something called Whispercast, a free wireless system that lets a teacher’s Kindle communicate with student tablets and new books materialize from the ether. Amazon hopes to use this to gain a foothold in the education market where Apple has a head start. Unlike the free-for-all that is the internet, Whispercast is about control.

Genetically modified crops are so pervasive that food companies that don't use GMO ingredients still have traces in their products.

Within a year, Nissan hopes to replace the mechanical method of controlling steering with one that uses electronics. For months now, Spain has been bracing itself for a bailout. While the country waits, the government has already made many of the deep budget cuts that typically come with bailouts. Amazon hopes to get the Kindle into the hands of students to bite into Apple’s iPad market share. Genetically modified crops are so pervasive that food companies that don’t use GMO ingredients still have traces in their products.

The luxury goods company Montblanc is about to do same-day projects one better.

In the Netherlands, thieves made off with seven paintings valued at $130 million. But they probably won't make much money from the heist.

Seven masterpieces were stolen from the Kunsthal museum in Rotterdam in a pre-dawn heist — but does art theft pay off? Meanwhile, new housing construction is up. Nike announced its ending its contract with cyclist Lance Armstrong but will continue to support his cancer charity Livestrong. A grocery chain in Northern California that’s the target of a federal audit will soon find out which of its employees are undocumented and could be forced to fire them. Adriene Hill takes a further look into California’s Prop 37 and the effect it would have on consumers if passed. And after last night’s “binders full of women” comment, we take a look at this election’s Internet memes.

The shadow inventory has faded, but some builders say higher costs are looming.

From Binders Full of Women to Big Bird, the 2012 election season has inspired a wealth of Internet memes to remember.

"Mi Pueblo" was founded by a Mexican immigrant, and hires mostly Latino workers. Now, the Northern California supermarket is under a federal probe to expose undocumented workers.

It took just a few minutes for social media pages built around Mitt Romney's debate comment about having "binders full of women" to materialize. But how do you monetize a meme?

A California ballot initiative would require labels on foods that contain genetically engineered ingredients. Food makers and producers of genetically modified seeds say the crops are safe and labels will only frighten consumers.

New attack ad from a Tea Party PAC says Obama is the one who's out of touch with Americans

The Lance Armstrong Foundation has rebranded itself as Livestrong, so the cyclist's doping scandal may well have little if any effect on the organization he founded to help cancer patients.

Lance Armstrong hits the end of the road at Nike. The new "Suddenly CEO" at Citigroup. Gallup's take on last night's debate. The biggest for-profit college in the country, the University of Phoenix, is about to close half of its locations.

The biggest for-profit college in the country, the University of Phoenix, is about to close half of its locations.

Nike announced this morning it has severed its endorsement deal with Lance Armstrong. The cyclist also says he is stepping down as chair of the Livestrong cancer charity he founded.

The complicated world of election polling.

Yesterday, Vikram Pandit, the head of Citigroup, suddenly resigned saying it was time for new leadership. Pandit has been replaced by Michael Corbat, who was previously leading the bank's Europe, Middle East and Africa division.

New construction on apartments and single family houses reached its highest point in September in more than four years. New mortgage applications for home purchases were also up last week.

Last night's second presidential debate between President Obama and Governor Romney was fiery and full of pocketbook issues. Will the debate impact the short term polls and the final election outcome?

A conversation about education was woven among various topics at last night's presidential debate. In particular, Governor Romney and President Obama touched on the issue of college affordability.

Internet search engines are tapping into the brains of your friends — well, more or less. You’ll soon be hearing a lot about what’s called “social search.” For instance when you do a Google search, hits from your Gmail show up in the results. Google is now expanding that system. Over at rival Bing, the Microsoft search engine, they’re doing something more interesting. Do a search for info about, say, athlete’s foot and Bing will also check what friends on Facebook are saying about fungus infection. What are the good and bad implications here?

Some of the nation's largest Internet Service Providers are teaming with the music and recording industry to block access to web sites that don't follow copyright laws.

A growing number of people are taking up organic farming apprenticeships — called WWOOFing for World Wide Opportunities on Organic Farms.

Researchers in Europe are challenging the conventional wisdom of the yearly medical exam.

The FBI has arrested a man after they say he tried to detonate a bomb in a van parked outside the Fed building in Lower Manhattan.

Researchers in Europe are challenging the conventional wisdom of the yearly physical checkup. Parts of President Obama’s health care reform have already been implemented without causing the expected fiscal fallout. A growing number of people are opting for cheap farm getaways. Mitt Romney claims battery maker A123’s bankruptcy is another example of Obama’s bad record of picking winners, but has the administration really performed as poorly as the GOP says?

Mitt Romney claims battery maker A123's bankruptcy is another example of Obama's bad record of picking winners, but has the administration really performed as poorly as the GOP says?

Parts of President Obama's health care reform have already been implemented without causing the expected fiscal fallout.

Google has broadened the data it's pulling into its version of what's being called "social search," and famous developer Marco Arment starts his own magazine.

Foreign Policy magazine put together a list of questions they'd ask if they were in the town hall presidential debate tonight.

Mitt Romney says Obama policies force U.S. to borrow money from China. But Japan is about to overtake China as largest holder of U.S. debt.

Citigroup announced today that its CEO has resigned effective immediately, leaving the company in a questionable position. Japan is about to overtake China in the amount of U.S. debt that it holds. Gallup Editor-in-Chief Frank Newport talks about how the town hall participants are chosen for the presidential debate. Levi’s is putting a new spin on recycling — the company plans to take millions of plastic bottles and turn them into jeans. And author Frederick Kaufman discusses how Wall Street speculation affects the price of food.

A sudden change of leadership at Citigroup raises new questions about the future of the embattled banking giant.

Could speculators be at the heart of increasing food prices?

In the Northern Spanish region of Catalonia, many say they would be better to go it alone. This rich region puts more into the central government than it gets out and Catalans are starting to resent this.

As Gov. Mitt Romney and President Barack Obama prepare to meet again for tonight's second presidential debate, they'll face not only the moderator and each other, but undecided voters.

Wearing the new jeans, made with 20 percent recycled plastic bottles, may say as much about your commitment to the environment as your taste in fashion.

With no public money for a celebration of Louisiana's bicentennial, the state has turned to merchandise sales — including two firearms.

Seniors wonder whether 1.7 percent hike next year will be enough to cover fast-rising health care expenses.

Notable donors include the National Education Association, Bob Perry and Foster Friess

A sudden withdrawal from Citigroup — CEO Vikram Pandit is stepping down. Later this week China puts out its GDP growth for the latest quarter. It now looks like growth in China will be even slower than officials expected. What would it be like if Medicare went in for a check-up?

For decades, travel for business or pleasure has been extremely difficult for Cubans, but today the government says it is lifting its onerous exit permit process, starting in the new year.

Today the nonpartisan New America Foundation is out with a report that suggests changes to income-based loan repayment rules are benefiting high-income, high-debt students.

Money spent on rebuilding infrastucture is being wound down ahead of military withdrawal in 2014.

Vikram Pandit is stepping down as CEO of Citigroup. He'll be replaced by Michael Corbat, who runs some of the banks overseas divisions.

In a record breaking year for political advertisements, Governor Romney and President Obama are still racking up dollars in the final months of their campaigns to compete for paid advertisements.