Week of February 18th, 2013

Deputy Secretary of Defense Ashton Carter says the mechanism of the sequester cuts to the Defense Department is "dumb."

In some working-class neighborhoods with cheap housing, the banks actually lose money on a foreclosure. So it’s cheaper to do nothing.

Google develops a laptop, high-tech glasses and… its own stores.

Cyber attacks are in the news, but physical sabotage to large transformers would probably cause more damage to the nation's electric grid.

This year, for the first time, total outstanding student loans will exceed $1 trillion. That's a crisis, right? The Atlantic argues no.

Is a diamond really forever? We look at what determines the worth of diamonds on the open market and share tips on buying that special jewel… and reselling it if your significant other says no. Plus, how to get the most out of general use gift cards and advice on how to win at online gambling now that Internet casinos are legal in Nevada. Also, why one man says the student loan crisis is a myth, how Cape Coral’s real estate market is thriving while the rest of Florida faces a foreclosure crisis, and the controversy over streaming funerals online.

Deputy Secretary of Defense Ashton Carter talks about deciding which defense employees would face furloughs if sequestration triggers next week. Meanwhile, budget cuts have already sidelined the refurbishment of the USS Lincoln. We look at how cable news networks are using the Oscar Pistorius case to their advantage. Google’s creating splashes in the tech world with its announcements of retail stores and a high-end laptop. David Weinberg investigates the vulnerability of our power grid against cyber attacks. And a look at Durham, N.C., and how a number of foreclosures have gone wrong there.

Energy and environment myths and misperceptions we're uncovering on the Petro-state beat

President Obama goes to a shipyard next week where the USS Abraham Lincoln is awaiting refitting. An aircraft carrier is a great background for everything from presidents to Cher.

The Weekly Wrap considers a better way to describe the sequester cuts coming next week.

As more states consider legalizing online gambling, test your knowledge with our quiz. Plus, what does it take to win online and what should you watch out for? Our wizard of odds provides insight into gambling in the virtual world.

Former Senator Phil Gramm (R-TX) first used 'sequester' in a budget bill during the Reagan years. He still likes the term and the idea.

Gift cards that can be used anywhere are now more popular than cards for specific stores, like Best Buy, Apple or Barnes & Noble. But these general purpose cards come with strings attached for both those who give and receive them.

Italian media magnate and former Prime Minister Silvio Berlusconi is seeking re-election at the polls this weekend. But will the country take him back or stick with their austerity agenda?

Turns out online funerals aren’t just for celebrities. More and more families across the U.S. are looking at them as a way to cut costs, and include more friends and relatives.

How long would it take to watch every single film nominated for this year's Oscars, the hassle of hosting the Olympics, and a goldfish that might scare the house cat.

The average price of a gallon of regular unleaded gasoline is up to $3.78, according to AAA’s Daily Fuel Gauge Report.

Online gambling is poised to go interstate, thanks to a fast-tracked bill in Nevada that Gov. Brian Sandoval (R) signed in to law on Thursday.

Your online avatar — that photo or icon that stands for you in the virtual world — is so much more than an image. Commentator Scott Huler says it's a window into the soul…and that's annoying. Huler lays out his big issues with these few small pixels of modern life.

Today, the European Commission said the euro zone will shrink another 0.3 percent in 2013, which is deeper and longer lasting than originally expected.

Ever wondered how much you could get for your diamond ring? Not nearly what you paid for it.

According to RealtyTrac, Florida has the highest rate of foreclosure rate of any state in the U.S. So why is the Florida town of Cape Coral doing so well compared to other cities in the state?

How do you spend time with family without electronics getting in the way?

Should it be illegal to cut the tie between your cellphone and your phone company? An online petition says cellphone unlocking should get a second look.

The U.S. Olympic Committee has invited 35 mayors to bid for the 2024 Olympics, but the cost of just applying is more than most cities want to spend.

The official news agency in China is reporting that the government will tax carbon emissions.

Mayor Michael Bloomberg blamed the rise in overall crime in the city on Apple products subjected to the five-finger discount.

Boeing meets with the Federal Aviation Administration on Friday to hash out when it might get its grounded fleet of 787’s back in the air.

WSJ's Jason Bellini sets out to calculate how long it would take someone to actually see every film nominated for an Oscar this year — and how much would it cost?

An election this weekend in Italy could return a familiar figure to power: Silvio Berlusconi. The official news agency in China is reporting that the government will tax carbon emissions. Boeing representatives are meeting with officials from the Federal Aviation Administration today to hash out when the grounded 787 Dreamliners can get back in the air. Every day the planes are on the ground is a costly day for Boeing.

Jill Schlesinger, editor-at-large of CBS Money Watch, answers listeners' personal finance questions including how to create a college savings account for children who aren't yours, what to do when you've maxed out your IRA contributions and how to get the courage to get back into the stock market following the fiscal cliff.

Unlocking your phone might not be illegal, but you still might get in trouble with the law for doing it. It’s a gray area, and some people are upset about a rule change by the Library of Congress that could impact the way users do business with cellphone carriers. That’s why they started a petition to force the White House to address the issue — and the petition now has enough signatures to make the administration take another look. Meanwhile, how do you broach a different kind of rule: the one that governs the way you and your family interact with tech in the home? 

The New York Times bought the Globe for more than $1 billion two decades ago. A likely price now? One estimate says $100 million.

A eulogy for inflation, after the consumer price index comes in at 0.0 percent.

Participant Media made its name with thought-provoking films like "An Inconvenient Truth," "Fast Food Nation" and "Waiting for Superman." This weekend, the company is part of the team nominated for an Oscar for "Lincoln." Has the firm changed its vision over the years?

In the latest installment of Burn, Alex Chadwick explores a debate in the nuclear industry about whether expensive safety measures are really necessary when there is a small risk of danger. Florida Gov. Rick Scott has decided to expand Medicaid under the Obama administration even though he initially was opposed to the idea. The New York Times is looking to sell The Boston Globe. The Billboard 100 now includes YouTube hits. And the president of Participant Media discusses the movie blockbusters the company has produced and why they aren’t a household name (yet).

See if you are a high roller or if your luck has run out, with Marketplace's 'What are the odds?' gambling quiz.

For states considering not to expand Medicaid, the program for the poor and disabled, it's all a numbers game.

The site is a mecca for musical artists. Now their YouTube hits can send them to the top of the Billboard charts.

The Nuclear Regulatory Commission studied the disaster at the Fukushima reactors for a year. Now it's voting on an expensive safety modification to 31 similar reactors in the U.S.

Sony announced that a new PlayStation game console is on the way, but not for months.

A surprising turnaround from Florida Governor Rick Scott on expanding Medicaid, a payday lender defends his business, and what can Walmart's earnings tell us about the state of consumer spending?

On Wednesday, the central bank released meeting minutes which showed division over whether to continue its stimulative policy of quantitative easing.

11 scientists are $3 million richer than they were earlier this week thanks to the new 'Breakthrough Prize' awarded by Silicon Valley tech titans including Facebook CEO Mark Zuckerberg.

One of the Affordable Care Act's fiercest critics, Florida's Republican Governor Rick Scott has reversed courses and is dropping his opposition to expanding Medicaid.

Just as we were all starting to get used to the idea of 3D printing, here comes the 3Doodler — a pen that lets you draw with plastic.

A payday lender from Kansas City, Missouri, says his business is fair, just do the math.

Cuts in defense spending as part of the sequester could ripple to suppliers outside the U.S.

The president gave interviews Wednesday to eight local TV stations in markets with a lot at stake in the fight over the across the board budget cuts.

Give us your suggestions for a better word for "sequester."

New research indicates that the main protection against the mosquito, DEET, may not be as effective as originally thought.

Walmart, Safeway and other grocers face more than higher payroll taxes. High gas prices could crimp shoppers, but job growth could help.

Yahoo launches a new website this week, with a Facebook partnership. It's the latest tech connection involving Yahoo, as new CEO Marissa Mayer retools the web company.

With just a week left until we reach the $85 billion in automatic spending cuts known as the sequester, President Obama took to eight local media markets trying to pressure Congress to avoid the cuts. New research indicates that our main protection against the mosquito, DEET, may not be as effective as we thought. And, 11 scientists are $3 million richer than they were earlier this week thanks to the new ‘Breakthrough Prize’ awarded by Silicon Valley tech titans.

Yahoo’s homepage has gotten a makeover. Why? The website wants to be a place that people visit — and stay on. And we were all just starting to get used to the idea of 3D printing, and now here comes the 3Doodler — a pen that lets you draw with plastic. The company that makes the 3Doodler launched a Kickstarter campaign two days ago with a goal of raising $30,000. Since then the campaign has raised over $1 million. Maybe that’s because the price is right: $75.

As more high schoolers take Advanced Placement exams, more colleges are refusing to give class credit for them.

Gas prices have risen 45 cents in the past month, but one gas station owner says he isn't making much profit from it.

Sen. Mark Warner (D-Va.) explains why across-the-board cuts on defense spending and elsewhere is bad business.

More cities are turning to handheld devices and smartphone apps to make it easier for you to feed the parking meter.

New Pew report finds that payday borrowers feel both relief — and that they are being taken advantage of.

The nation's largest retailer may see slump in February sales figures.

Sen. Mark Warner (D-Va.) discusses the sequester and the impact it could have on his region. Walmart is expected to deliver bad news to investors tomorrow, blaming the payroll tax increase for slow sales. A new survey from Pew offers details about why people take out payday loans even though they know they are getting a raw deal. Dartmouth University recently stopped offering credit for Advanced Placement courses. A New Hampshire city is trying out a new device designed to ease parking headaches. And in the latest installment of Freakonomics Radio, Stephen Dubner talks about why the government is making less money from gas taxes, despite the rising prices at the pump.

The gas tax helps pay for our roads; and we’re not collecting as much money as we need.

On Tuesday, the court announced it will take up a case challenging limits on how much individuals can contribute directly to candidates or political parties within an two-year election cycle.

Housing dips but still comes in strong, a new ad campaign for NASCAR, how to protect yourself from restaurant tip theft, and USPS launches a new clothing line.

This morning, OfficeMax and Office Depot confirmed that they're merging to better compete in the marketplace.

The pace of home building slowed in January, falling 8.5 percent from December. Despite the decrease, January was still the third best month for house construction since 2008.

Packaged food makers are giving new meaning to thinking outside the box. Everyone from Campbell's to Cadbury is ditching cans, bottles, cups and containers and getting in on the pouch parade.

After clashes between police and protesters became violent, Bulgarian Prime Minister Boyko Borisov submitted his resignation today in what has become the latest example of voters rising up against budget cuts and winning.

A new project called 'Destiny',' made by some of Halo’s original creators, aims to revive fallen-off gamers.

By the end of the summer, Hotmail will be no more. Its parent, Microsoft, is converting Hotmail to a new 21st century emailer called Outlook.com.

The racing series looks to broaden its appeal to a younger and more diverse audience.

Apple is reporting some of its company computers were hacked on Tuesday and is laying the blame with an Internet plug-in called Java.

The Federal Communications Commission votes to set aside more of the wireless spectrum for Wi-Fi.

Campbell Soup Company controls about 50 percent of the soup market, which is far less than the 144-year-old company used to. In order to start growing again, Campbell’s has introduced a new line of soups specifically for millennials, but the results have been lukewarm. The government of Bulgaria has quit after nationwide protests against austerity measures. And a new report says college fundraisers brought in $31 billion in donations last year, with a full billion of that going to Stanford University.

Losing market share, Campbell has launched a new 'Go Soup' line aimed at millennials. The marketing campaign missed the mark — but got people talking.

Stanford University becomes the first school to break the billion dollar barrier for fundraising in a single year.

Hackers managed to compromise a group of computers at Apple — much like they did earlier this week at Facebook. What does this mean? Macs, which are usually touted for their resiliance against viruses and hacks, are being put into the crosshairs by cybercriminals because they’re being used more often. And, there’s a new game coming out from the makers of ‘Halo,’ called ‘Destiny.’ The game’s makers say it’s the future. Is it?   

Armed robbers who stole gems worth an estimated $50 million from Brussels airport may find the diamonds tough to get rid of. Even if they get away with the crime, they may only get a fraction of what the stones are worth.

The New York Times reported that China is sponsoring cyber espionage on the United States. Kim Zetter from Wired talks about whether this should scare us or not.

The Chinese government is sponsoring cyber-espionage to attack top U.S. companies. The dreaded sequester is affecting all of Washington, D.C. Scott Tong takes a look at the Simpson-Bowles proposal to reduce the U.S. deficit. We explore how diamond thieves made away with millions in diamonds at the Brussels Airport. Dijon mustard brand Grey Poupon is trying to make a comeback. And Deferred Action, the immigration plan that allowed some immigrants brought to the U.S. as children to avoid deportation, celebrates its one-year anniversary.

Deferred Action allows the children of undocumented immigrants to work legally in the U.S., but only temporarily.

Kraft dusts off its famous ad for the Oscars in a nostalgic attempt to cut the mustard.

A new book breaks down the scientific nature of competition and risk, and finds that by balancing risk more effectively, women often outperform men in financial fields.

D.C. denizens turn to happy hours, cigarettes to cope with looming budget cuts.

Alan Simpson and Erskine Bowles, with their second plan for cutting the deficit, get attention because their proposals fall in the middle between political extremes.

Office Depot and OfficeMax may team up to combat Staples, what caused community banks in Georgia to go under, and a haunted mirror in London.

Microsoft is launching a $30 million ad campaign today to promote Outlook.com — a new product meant to compete with Internet-based email systems like Google Inc.’s Gmail.

While many market analysts have been touting the recent spate of mergers and acquisitions as a sign of business confidence, the trend might be more out of necessity.

Alan Simpson and Erskine Bowles — the bipartisan pair that brought us a multi-trillion-dollar deficit reduction plan that was never enacted — are out today with a new plan.

The so-called 'mark-to-market' rule, put in place for transparency, made some banks' finances appear more troubled than they really were.

In a case with possible national security implications for the U.S., an American electronics engineer was found hanged in Singapore last year.

The American computer security firm Mandiant is releasing a report today that claims cyber attacks in the U.S. are linked to hackers inside a Chinese military group.

Eric Schneiderman, the attorney general for the State of New York, says not enough has changed on Wall Street since the period before 2008.

Sony's big event this week could mean gamers can stop waiting for the details about a new PlayStation console.

Consumers are sitting on $33 billion worth of old, unused mobile phones.

Barnes & Noble is expected to report a profit for the last quarter, but its digital e-reader business isn't performing as hoped.

One of the top cops on Wall Street isn’t a federal official, he’s Eric Schneiderman, the attorney general for the state of New York. Right now, he’s got his eyes on the big credit rating agencies and the role they played in the financial crisis. And a computer security firm is releasing a report today that links cyber attacks in the U.S. to hackers inside a Chinese military group. The Chinese government is denying the allegations which come from a company called Mandiant.