Election Day 2009

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

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

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!

Scary stuff

The economy is scary enough without people dressed as Death Panels walking around. But here are some fun Halloween-y things to keep the ghouls at bay:

Enter an economy-themed pumpkin to the annual Wait, Wait Don’t Tell Me pumpkin carving contest.

There are a few news-focused ones entered already, but nothing recession-related, so take your chance! Maybe a stock market chart pumpkin? Or a Bernie Madoff? My personal favorite is the Swine Flu pumpkin, but there’s also Pumpkin Blagojevich to live up to:

Pumpkin Blagojevich/ Photo by Peter Sagal/NPR

Pumpkin Blagojevich/ Photo by Peter Sagal/NPR

Marketplace looks at how much it costs to make a scary movie by taking a look at the low-budget success of Paranormal Activity.

And while giving out organic candy may not make you a favorite of the kids on the block, you can still ‘green’ your Halloween by making your own costumes and carpooling to parties. Arizona Public Media has more tips here.

Have your Halloween plans changed at all because of the recession?

Closing time

For sale sign/ Credit: Flickr/Casey Serin

For sale sign/ Credit: Flickr/Casey Serin

Just over a month from now, the first-time homebuyer tax credit of $8,000 will be a thing of the past. While the credit has been the subject of fraud and controversy, it has also boosted home sales in tough times and given young buyers new opportunities.

In Arkansas, there’s been a rush on buying property as the deadline nears. As Kelly MacNeil of Little Rock’s KUAR reports, realtors are under a huge amount of stress to get deals closed in the short time ahead.

But closing a mortgage in less than a month can be a major challenge as banks get more stringent with loans in the current economic climate. Is there any hope of an extension?
There’s disagreement over whether extending the costly credit would help or hurt the real estate market further, as Nightly Business Report learned from real estate economists on both sides of the argument.

If you’re still hoping to take advantage of the last-minute credit, here are some tips on how to get through the process, from Nightly Business Report, including clarification around eligibility and tax implications.