The US economy shrank at an annual rate of 2.9 percent in the January-March quarter, according to the latest figures from the Commerce Department. Its estimates a month ago indicated the first-quarter contraction was just one percent. We explore the limited significance of the latest gloomy figures in the current climate of optimism. Also, turns out there may be a crack in the U.S. ban on oil exports, something producers in fracking regions are currently lobbying for. And the ultralight oil produced by fracking is what’s seeping through that crack. Fracked oil is so light that refineries aren’t set up to handle it, intensifying a surplus that already exists because of high production. We investigate.

A new Brookings report out today suggests that the crisis surrounding student loans may not be what we think it is. The report is based on data from the last 20 years and says that certain areas are worse than others. Graduates, for example, are in tougher spots than undergraduates. We look at where the problems with student loans are most acute. Plus, the Export-Import bank, whose charter is expected to expire at the end of September, faces a dire future as both the White House and Republicans call for its end. What is it and what are its main functions? We explain. Also, we look at how politicians talk about wealth when they talk about wealth: Did you work your way up, did you earn every dollar, or were you just lucky? And does it matter whether it looks like you earned every dollar? There’s earning a lot of money, and there’s being paid a lot of money.

The White House hosts a Summit on Working Families today, to draw attention to the fact that the US actually has a pretty poor record on paid family leave. It’s an important issue in an election year. But to ensure public attention, the summit comes with its own celebrity guest- Mad Men’s Christina Hendricks. She will probably get the attention, but there are some real issues here. Plus, Henry Paulson, the prominent Republican and former Treasury Secretary, says global warming will be a bigger crisis of its kind than the financial crisis, and it’s time to adopt a carbon tax. Economist Paul Krugman says sure, but politically that’s not going to happen. Do you support “second-best” solutions? We look at the higher cost of second-best solutions. 

The federal government’s pressure on for-profit colleges that take in billions in federal student aid is close to claiming its first victim. Corinthian, which operates Everett College and Heald College among others, is nearly out of money after the government put a hold on federal grants for its students. The entire industry is sagging. If you’re not almost out of money, for $50 million you can own Monet’s “Nympheas,” one of his most famous water lilies paintings. Or for $14.95 you can own a Nympheas coffee mug. Monet’s lilies are one of the biggest art franchises ever. But just how big? We investigate. Also, Germany’s Siemens and Japan’s Mitsubishi Heavy Industries sweetened their joint bid for French company Alstom today. GE is also pursuing Alstom’s energy-supply business and has a competing offer in for Alstom whose board meets next week to discuss the offers. We explore why the French firm is so sought after. 

The World Cup is taking steps to provide more commercial breaks for advertising. How does advertising work in a giant sporting event that features continuous play except for halftime and flops? Plus, American Apparel’s board of directors forced out CEO and founder Dov Charney. It’s the latest parting with a problematic CEO, from Men’s Wearhouse to Groupon.  What calculations and strategy are used when it’s time to dump your company’s founder? Also, JK Rowling’s new book “The Silkworm” is out today.  Amazon is in a dispute with Hachette, her publisher, and has removed pre-order buttons for her book and those of other Hachette authors from its site. Walmart and some independent booksellers are taking advantage by promoting the books heavily and offering big discounts. We look at their strategy.

The House elects its new majority leader Thursday, and Kevin McCarthy is expected to win. He’d be the No. 2 person in the caucus, responsible for helping to set the agenda. But the leader has another role that might be even more important: raising money for the party and colleagues, something the recently deposed majority leader, Eric Cantor, was very good at. Plus, millions of recalls are issued every year, but only a fraction of car owners come in for the fix. Why? We look into possible problems on the dealer end, and possible problems on the consumer end. Also, the US Patent office has ruled the Washington Redskins’ name disparages Native Americans and says the team’s federal trademarks for the name must be canceled. The team faces a massive potential loss of revenue if others ultimately use the name on tee-shirts and other merchandise. How will the team and the NFL be affected and how are they likely to react?

Consumer Price Index, CPI, is up, but the Fed, which meets tomorrow measures inflation in a different way. Deflation. Inflation. Let’s call the whole thing off. Then, Netflix plans to stream some of its shows, including Breaking Bad and Orange is the New Black, in 4K Ultra HD. But not a lot of people have the ability to watch ultra HD right now. However, this is where the Next Big Thing begins. What’s the strategy for taking us as consumers of content, hardware and technology, to the next level? We look at the shape of things to come. Also, a famous baseball player dies of cancer from chewing tobacco. We look at the smokeless tobacco industry, where sales are up 

Amid the conflict in Iraq, the international benchmark for oil prices has hit a recent high. We look at what is known as the “comfort zone” as well as how traders factor in a risk premium into their decisions. Plus, Starbucks is upping the ante for low-wage workers by offering partial or full online tuition as ASU. In doing so, the competition to work at Starbucks is going to increase—which may be precisely the point. Also, the Supreme Court today  declined to hear Argentina’s appeal over its bid to avoid paying $1.33 billion to hedge fund creditors. The claim stems from the country’s historic 2001 default. Argentina is now on the hook to pay up in full and warns this could lead once more to default on its sovereign debt. We examine the implications of the Supreme Court’s decision.

The extremist group that recently seized control of Mosul in Iraq is reported to have bagged $429 million from banks in the oil-trading city. ISIS also levies “taxes” on people in the areas it controls. We look at how ISIS functions as a financial entity, where it get its money, and what the group spends it on? Plus, Priceline is becoming even more of an all-services booking agent as it acquires Open Table. First innovators like Priceline undermined their competition – travel agents – and now their platforms are expanding to simply take their place. What other company has followed this model? In the case of Open Table, Priceline is getting not just a new business – restaurant reservations – but also Open Table’s customer base and platform. Also, a U.S. crackdown on online poker sites chased Full Tilt out of business. Now Full Tilt and associated poker sites may get back into the U.S. by being bought by a Canadian company.