Author Archives: Laura Hertzfeld

We've got the beat

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From stock market charts to music parodies, the economy definitely has some rhythm, and maybe that’s why a few new projects that are taking music as an inspiration, both literally and figuratively, as public media covers the economy.

A big “ewww!” was my first reaction to this week’s PRX EconomyBeat podcast, which takes us dumpster diving behind an organic grocery store in Detroit, Michigan. But hearing from a woman who says she’s only spent $50 in the past five years on food? Priceless.

At The American Prospect, the Beat the Press blog is taking a critical look at how various media outlets are reporting on economic issues. One recent post from Dean Baker, co-director of the http://www.cepr.net/ Center for Economic and Policy Research, asks tough questions about the coverage of the homebuyer tax credit:

Remarkably, no one even wants to talk about the issue. The $8,000 tax credit is equal to just under 5 percent of the median house price. This certainly was one of the factors in the recent turnaround of house prices. Is it a good policy for the government to temporarily prop up prices so that people buying now are likely to sell at lower real prices in the future?

For some real musical stylings about the economy, the latest installment from In the Loop at Minnesota Public Radio has Jeff Horwich crooning about how it feels to be on top of the financial world as a CEO.

Watch and learn

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PBS has just launched a new economy video widget, featuring full episodes of NewsHour, Frontline, Bill Moyers Journal and more. Curated by PBS editors to find the best economy-related content from across public media, the player also includes historical pieces, like the American Experience series on the 1930s. You can embed the code below and add the player to your own site or Facebook page (like we’ve done over on the EconomyStory fan site).

Election Day 2009

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Polling place/Credit: Flickr user Steve Rhodes

Polling place/Credit: Flickr user Steve Rhodes

While this year’s election night hardly has the country as riveted as 2008, that’s no reason not to pay attention. There are several races that could have significant local impact in key areas of the country,

As the results start to roll in tonight, PBS’ NewsHour has listed the races to watch, including the gubernatorial races in Virginia and New Jersey, a same-sex marriage bill in Maine, and a congressional race in New York.

Speaking of New York City, the winner of the mayoral race winner is almost a given thanks to popular Mayor Michael Bloomberg, who is seeking a third term. But Marketplace reports that what’s been his biggest boon — his own wallet– may also be drawing criticism from voters.

“Chris Smith has covered Bloomberg for New York Magazine since he first ran for mayor in 2001. He says the mayor is spending so much, in part, because he can. Remember, even $140 million is less than 1 percent of Bloomberg’s money.”

To follow all the New York-area races, WNYC has put together a series of stories and interviews with key candidates talking about about issues like property taxes, the public health care option and education.

In Ohio, extra cash might be on its way to the state’s coffers if a new measure allowing the construction of casinos is approved. Neighboring Michigan Public Radio reports on the fear that casinos in Ohio could draw business away from casinos in Detroit.

And in Maine, one of the most hotly contested ballot issues is same-sex marriage, and Maine Public Radio’s Susan Sharon talks with a civil rights attorney about the campaign.

It's all in your head

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Why do we make the decisions we do about how to manage our money? The psychology behind financial matters provides insight on everything from how good and bad money decisions are made — from mean-spirited scams to smart savings plans and everything in between.

Just like there are people who can play blackjack all night at the casino and others who will only risk a few quarters in the slots, there are people who play the stock market, or trust others to play it for them on both sides of the coin. As part of a new series called “Your Mind, Your Money”, Nightly Business Report examines the mentality behind investing.

Here’s an excerpt from a recent Susie Gharib interview with Prof. Richard Thaler at the University of Chicago, co-author of the book “Nudge”:

GHARIB: I understand that neuro scientists are doing studies to find out if the errors that people make in financial decision making are actually hard-wired into the brain. Do you think that there’s going to be evidence of that?

THALER: Well, I think the research, so-called neural economics is a pretty young field and it’s just getting started. In some sense it doesn’t really matter whether it’s wired into the brain or not. We are what we are. We’ve evolved into the pretty smart beings that we are. But we’re not perfect. We make mistakes. We are subject to emotion and that leads us to sometimes choosing things not right .

GHARIB: So I there anything that investors can do to keep emotions from dominating their financial decisions like more self-control, for example?

THALER: Well, yes. I mean, the biggest problem most Americans have is just not saving enough. There’s been a little increase in savings in the last few months, but for most of this decade, the personal saving rate was zero. The best way of overcoming that is to save it before you have a chance to spend it. Max out your 401(k) plan and don’t touch it.

And in a totally different type of behavior modification, Tim Harford at Marketplace examines the state of the workplace in the wilds of downtown Los Angeles. Keeping your personal brand under control and understanding your value as an employee can help you weather the recession in your office.

Fun-sizing Halloween

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Halloween candy. Credit: Flickr/.imelda

Halloween candy. Credit Flickr/.imelda

Growing up, the most coveted stop in the neighborhood on Halloween night was the one house that gave out full-size candy bars. The big Hershey bar amongst the fun-sized and miniature versions was always a special treat. But one of those houses in the New York area is “fun-sizing” this year, and they are likely not alone.

A listener in Ketonah, NY shared the following story with WNYC’s Uncommon Economic Indicators project:

“For the first time since we moved into our home in northern Westchester County 14 years ago, we will not be giving out full-size Hershey bars this Halloween.

Our little ‘hood is an increasingly popular trick-or-treating destination for our and neighboring towns, and we will easily get 600 visitors on our porch Saturday night. With me laid off from my publishing job several months ago, and my husband’s design firm experiencing the expected revenue falloff, we could no longer justify our confectionary largesse. We’ll be handing out puny little candy pieces just like everyone else.”

But on a brighter note, here are some lighter tricks and treats for the Halloween weekend:

The Christian Science Monitor has a list of scary Wall Street Halloween costumes, including a Ponzi scheme and an insider-trading pirate.

And some good news – new jobs being created to staff theme parks on Halloween, from New Hampshire Public Radio.

Have a happy Halloween!