Wealth & Poverty

Ways to Connect

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The latest in our Macon Conversations series: Meet Charise Stephens and Scott Mitchell. In their conversation, Charise and Scott tackle the challenges of overcoming the prejudice you are raised with.

Updated at 10:26 a.m. ET

As the country has clawed its way back from the worst recession in generations, companies have been creating plenty of jobs. Employers added another 223,000 positions last month alone, the Labor Department said Friday. And the unemployment rate ticked down to 3.8 percent, the lowest since 2000, from April's 3.9 percent.

When economist Tim Harford was planning a trip to China, he realized he would not be able to access a lot of the online services he has come to rely on: no email, no maps, no internet search. He started to wonder what the value was for these services and he came across a study that look at just that: It put a dollar amount on how much these services are worth to us.

Link:

Using Massive Online Choice Experiments to Measure Changes in Well-being

Bob Axelrod was teaching political science at the University of Michigan in the 1980s, and he was obsessed with one idea: how to get countries to cooperate. Back then, it looked like the United States and the Soviet Union might be headed towards nuclear war. Axelrod wanted to figure out how to keep that from happening. And he found inspiration in an unlikely place, computers that could play chess, and one of the greatest thought experiments of all time, the prisoner's dilemma.

Money For Moms

May 30, 2018

A fascinating and ambitious new experiment has just launched after six years of careful design by economists, neuroscientists, and other scholars. For the first time, researchers will be investigating the causal effects of lower incomes on the brain development of babies and toddlers.

Dodd Frank was a post-financial crisis bill that put a lot of regulations in place for banks and lending practices. Today, we look at what last week's Dodd Frank rollback does (or undoes) and what that will mean for the financial sector and the economy as a whole.

Music by Drop Electric. Find us: Twitter/ Facebook.

The quarterly earnings calls of public companies, when the management speaks to financial analysts, are rarely noteworthy events.

By convention and regulatory requirement, the managers try not to say anything new that might rattle the company's share prices. Meanwhile, analysts representing financial institutions often lead their questions with obsequious comments.

Colquitt, Georgia has a population of about 2,000 people. And like a lot of small towns in America, Colquitt had been struggling with a shrinking population, and the departure of manufacturing, and the decline of farming, and all the other economic troubles that plague small towns. And then Joy Jinks stumbled across a bizarre way for the town to try and save itself.

Today on the show, the residents of Colquitt, Georgia, stake their future on writing, directing, and starring in a musical.

The financial activities of Michael Cohen — Donald Trump's personal lawyer — caught the eye of the Financial Crimes Enforcement Agency, FinCEN. Then, it was reported that some of the files on Cohen had disappeared. Today on the show, we look at FinCEN, what it does, how it does it, and what the Cohen news could mean for financial regulation going forward.

One out of five Americans say they personally know someone who has been addicted to opioids or prescription painkillers, according to a new report about the economic well-being of U.S. households.

The Federal Reserve report, based on a national survey, also found that exposure to opioid addiction was twice as likely among whites, regardless of education level, as among African-Americans.

Note: This episode originally aired in 2015.

The most valuable thing about a yellow taxicab in New York isn't the car. It's actually this little metal shield bolted to the hood. It's called a taxi medallion. There are only about 13,000 taxi medallions in existence. And Gene Freidman owns over a thousand of them.

Not too long ago, these medallions were selling for $1.2 million each. Gene Freidman liked to boast about how much he paid for them, often with borrowed money.

The mortgage interest deduction is popular, even among people who don't claim it. It is widely believed to encourage and subsidize homeownership by allowing people to deduct the interest they pay on their mortgages. But economists tell a different story. They've been pointing out the problems with it for years, seemingly to no avail.

The lion's share of people who work in finance are men. That has been changing a little in recent years, but not in the bond market. In fact, the number of women managing bond portfolios has been falling over the last few years. But the women who do choose the bond market do very well — even better than their male colleagues. Today we talk to Marilyn Cohen, owner of Envision Capital Management, and 30 year veteran of the bond market. She talks about what the bond market is like, what it takes to succeed and why she thinks women aren't picking it.

The commencement speech is a proud tradition. Or at least it's a tradition.

And since no college invited Stacey and Cardiff to give a commencement speech, they're taking to the podcast to offer their own brand of evidence-based wisdom for new college grads.

Links:

Highest Educational Levels Reached by Adults in the U.S. Since 1940

Time Bandits

May 18, 2018

Time theft happens when companies get employees to work hours for which they are not paid. A new study from the University of Oregon says it's happening more and more and workers are losing billions of dollars in wages every year.

This often happens through mandated breaks that workers can't actually take or through timekeeping software that rounds to the nearest quarter hour.

Music: "Shifty Looking Characters"

Twenty three years ago, the United States and just about every country in the world decided that they were going to create a common set of rules about trade. Rule one: If anyone broke these rules, everyone would immediately report to a lake in Switzerland—home of the World Trade Organization.

Today on the show, we ask the big questions: Should the WTO be able to veto a decision made by the elected representatives of the American people? Does it have enough power to stop a trade war? And the biggest question of all... Is mint even a flavor?

The proposed expansion of work requirements for the Supplemental Nutrition Assistance Program — commonly referred to as food stamps — has been controversial.

Class actions have been around for centuries. But the modern version was created in the 1960s — in part by a young lawyer working on a manual typewriter in the back seat of a car. At the time, class actions were seen as a way to advance the civil rights movement.

Today, thousands of class actions are filed every year. Some of them are still about civil rights. But they're also about things questions like: Is there enough pepper in this tin of pepper?

On today's show, we find out how we got here, and ask whether this is a good way to do things.

All Bets Are On

May 16, 2018

This week, the Supreme Court paved the way for states to legalize sports gambling, which has been illegal almost everywhere but Nevada since 1992. States expect to make billions in new revenues.

Opponents of the decision worry that gambling will bring back the scandals of an earlier era, when athletes betting on the outcomes of their own games would deliberately try to lose. Are they right?

Interest rates had been falling for most of the past three decades – but two years ago, they started climbing. The yield on the 10-year Treasury note recently climbed above 3%, up from less 1.5% just a couple of years ago.

Among the reasons that rising rates matter is that they have numerous effects on the housing market. Some of these effects are obvious. As interest rates climb, so will mortgage rates, making houses relatively less affordable. Refinancing also becomes less attractive.

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