Author Archives: Laura Hertzfeld

Who are you calling Shorty?

It’s Oscar weekend, but in the world of social media, a set of honors for a more prolific crowd went out this week – the Shorty Awards, which praise the best Twitterers on the planet. Some of the most impressive are from the world of finance, who’ve had some success in explaining the economic crisis in 140 characters or less.

The top six finance Twitterers include personal finance guru Suze Orman (@SuzeOrmanShow), debt help radio program The Dave Ramsey Show (@RamseyShow), finance blog site Mint.com (@mint), UK markets strategist Ashraf Laidi (@alaidi), LendingClub founder Rob Garcia (@robgarciasj), and finance site Bulls on Wall Street (@BullsOnWallSt).

How much of a difference can you make in 140 characters? The David Ramsey Show, which claimed second place in the awards reports on how listeners can learn to be debt-free and shares their stories on Twitter:

Blake: Total debt paid off by just those who got thru on the phones today on #TDRS = $876,000. Year to Date = $9,149,900

The popular personal finance blog Mint shares links to content on their main site over Twitter, like the pros and cons of offshore banking and the urban legends surrounding credit scores. But Mint also provides real-time news and advice solely on Twitter, like today’s project where they are retweeting savings tips from readers:

RT @ekmurphy: automatic savings plan helps build savings every time I get paid, not just at the end of the month when I look at what’s left

Outside of finance, but still in the realm of news in the public interest, The Diane Rehm Show @DRShow and Matt Laslo @MattLaslo of Capitol News Connection were both finalists in the news category. Washington, D.C. radio legend Diane Rehm shares inside views of her guests, like health care expert and NIH director Francis Collins, and asks listeners to answer questions on relevant news topics.

Matt Laslo at Capitol News Connection gives real-time updates from his reporting escapades on Capitol Hill. A recent adventure found him hearing about Texas Independence Day:

Did you know it’s Texas Independence Day? Me neither, until Cornyn (R-TX) started talking about it on the Senate floor.

Who are your favorite economics and news experts on Twitter? My favorites are listed here, on the @economystory bloggers list.

Day of action for education

Students and education advocates in California took to the streets today to protest budget cuts to public school programs. Youth Radio’s correspondents were following the story and collecting perspectives.

Asked what she thinks California will look like in ten years given what’s happening in public education today, 21-one-year-old Taylor Kohles said, “We need to change our priorities and fully fund education. If that doesn’t happen, it will create an education gap.”

Twenty-year-old UC Berkeley student Eddie Rivero said he has friends who will have to drop out of school because they’re undocumented immigrants who can’t get financial aid and are paying part of their tuition with scholarships. He said they won’t be able to cover costs as tuition rises.

For more on the protests, check out Youth Radio’s Twitter list of Day of Action participants.

Paying for disaster

Relief workers in Concepcion, Chile. Credit: Flickr/Globovision

Relief workers in Concepcion, Chile. Credit: Flickr/Globovision

Chile and Haiti suffered similar massive earthquakes, but the aftermath and impact of the disasters couldn’t be more different.

Chile’s much more economically developed than Haiti and has made huge progress over the past 20 years, which partially contributed to limiting the country’s death toll after the earthquake. So recovery, as Marketplace’s Tess Vigeland reports, will be focused (after human relief) on not losing the economic gains in areas like natural resource developments and infrastructure improvements. She spoke with Kevin Casas-Zamora, of the Brookings Institution:

Vigeland: You mentioned that there’s been a lot of economic growth in Chile. How much of that do you know went into infrastructure that perhaps contributed to the death toll not being greater?

Casas-Zamora: I think why the death toll was as low as it has been given the magnitude of the tragedy, it ultimately has to do with development in general. The glaring comparison between Chile and Haiti showcases very well why development matters. And it matters because it saves hundreds of thousands of lives.

Vigeland: What do you think the rest of the world, other governments, are taking away from how Chile has handled this crisis thus far?

Casas-Zamora: My sense is that the most remarkable aspect of all this is that it comes in the wake of the earthquake in Haiti. And the contrast couldn’t be greater. Really, in Chile what we’re witnessing is a state that works, whereas in Haiti the most glaring absence in the immediate aftermath of the earthquake was of a state at all. I mean it was sort of a phantom state. Whereas in the case of Chile, you can definitely see what a difference a functioning state makes when a disaster such as this one strikes.

The effect of the earthquake on Chile’s natural resources business is a major concern. Nightly Business Report’s Terri Cullen reports:

The location of the disaster can inflate commodities prices as well. For example, Chile is the world’s largest copper producer. The quake briefly sent the price of copper soaring to a seven-week high, before settling back on word the country’s biggest mines are undamaged. Oil prices also rose after Chile’s government said the quake disrupted oil production in the country, so it would need to import more fuel.

The threat of escalating inflation and the loss of human productivity will no doubt hamper economic growth in Chile and Haiti in the months, and perhaps years, to come. But the rebuilding and recovery effort could potentially wind up helping the economy in the long run.

Haiti’s economic status isn’t the only reason the quake there was so much more devastating than Chile’s. Other factors, including a direct hit to the capital city, and that Haiti hasn’t been an earthquake-prone area, also contributed to a greater impact in the Caribbean nation.

But it’s not a contest. Both countries have much rebuilding to do and “donor fatigue” is a real issue. The Christian Science Monitor compares the giving to both countries so far. After the 2004 Asian tsunami, NPR published this guide to giving wisely and advice how citizens can assist both ongoing causes and the cause-du-jour.

Following the money

During the 2008 presidential race a number of sites, like FiveThirtyEight.com and OpenSecrets.org, looked at the data behind election results and political contributions. The answer is always to follow the money and other projects are now building on those sites’ pioneering work.

In New York City, the politics site Gotham Gazette is launching Councilpedia. Founder Gail Robinson discusses the project on MediaShift’s Idea Lab:

Councilpedia will provide information about New York’s 51 City Council members and two citywide elected officials, including their campaign finance information, the bills they introduced, and the groups they gave “member items” — the parlance here for pork or earmarks. (Our third citywide elected official — the mayor — only takes contributions from one person: his billionaire self.)

Our main source for much of the raw data will be the New York Campaign Finance Board. By most accounts, the city has a model campaign finance law, and the board gets as much information into the hands of the public as it can. That said, the lists of donors often seem to be little more than an undifferentiated list of unfamiliar names.

Councilpedia is a recipient of support from the Knight News Challenge, which funds innovative ideas in journalism.

Statistician Nate Silver’s FiveThirtyEight.com is building on its 2008 work by ranking the most contested Senate races in the country by aggregating polling data. The latest rankings are quite preliminary since many candidates have not yet filed, so fundraising data hasn’t yet been added in.

WNYC’s Brian Lehrer Show today spoke with Micah Sifry of Tech President, a blog covering how politicians are using the Web. He’s currently leading an effort to increase transparency in government called Demand Question Time.

To go more in-depth on these issues, join OpenSecrets.org on Thursday, 3/4 for an online chat to address the issue of money in politics and whether or not it’s been affected by the recession.

Under one roof, or none at all

The job shortage for recent grads is forcing more young people to think about alternatives to getting their own apartments after finishing college and going out into the “real world.” Often this means moving back in with their folks. But those who can move in with family are the lucky ones – homelessness has also increased with this recession.

In many countries, young people often live with their parents until they get married and start a family of their own. In this country, “moving out” has become a rite of passage, but that’s changing, as The Takeaway reports in Many Generations, One Roof: “President Barack Obama does it, and according to a study by the AARP, so do 33 percent of all 18-to-49 year olds.”

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Having an extra person in the house can be more costly for parents. Smart Money magazine mentioned this phenomenon in a piece about renovations in the current economy, explaining that having a child move back into the house as an adult can necessitate expensive changes – such as redoing an attic or adding a bathroom.


And whether it’s a boomerang kid grounded by a tough job market or an aging in-law whose portfolio losses nixed her own housing plans, adults usually cohabitate best when everyone’s got some privacy. After all, who wants to bring a date home to a room that shares a wall with his parents or be woken at odd hours when Grandpa blasts his TV at full volume?

Making Sense: New England also has some tips for cheap home renovation:

But not everyone has that kind of back up plan. EconomyBeat struck a nerve this morning when it linked to a post by someone who’d turned to drugs and became homeless after losing his job.

I lived in California and worked for a startup in the tech industry. I was laid off and as a result of my depression, fell ‘deeper’ into my meth addiction as a way out. This caused me to lose my apartment, and 99% of my belongings.

And he’s not alone. Julie Rose at Charlotte’s WFAE reports on the homelessness problem in North Carolina and a survey that’s trying to get people off the streets.

There are about 6,500 homeless men, women and children in Charlotte. Advocates think some 500 of those people are chronically homeless, meaning they’ve been on the street for at least a year. But that was just a guess.