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New Tax Plan: It's Good To Be a Banker

As the new Republican tax bill goes into effect, big banks are reporting billions of dollars in losses thanks to one-time charges stemming from the new rules. But in the long-term, the tax rules give financial firms a lot to celebrate with the corporate tax rate dropping from 35 percent to 21 percent. And some banks expect to pay an effective tax rate as low as 17 percent. It’s a boon expected to push profits higher in 2018, just as Congress is debating rolling back banking regulations that...

Duration: 00:07:39

Facing a Federal Government Shutdown. Again.

In the past fiscal year, Congress has delayed permanently funding the government three times, choosing to pass short-term "continuing resolutions" instead. Now, lawmakers are facing another hard budget deadline: if they don’t pass a funding bill Friday, January 19, the federal government will shut down. But Republicans and Democrats are further apart than ever and a bipartisan solution seems like a tall order, especially as legislators wrangle over immigration. Just funding the...

Duration: 00:07:40

What You Should Know About Bitcoin and Other Digital Currencies

In the past year, the cryptocurrency Bitcoin has jumped in value by nearly two thousand percent — and then, in the last days of 2017, saw a double digit percentage drop. Other digital currencies are seeing similar value jumps, like Ripple, which rose in price by 25 percent this week and is now the second-most traded cryptocurrency. But how do these volatile digital currencies work, who uses them? Are they investments or a way to pay for goods and services? And if you don't own any...

Duration: 00:07:37

Months Later, Puerto Rico Still Struggling

Three months after Hurricane Maria devastated Puerto Rico, the commonwealth is still struggling to restore power and provide fresh water to all of its residents. Conditions have forced thousands to leave for the mainland in search of better opportunities. The storm hit after years of economic hardship and a record $74 billion bankruptcy, the largest municipal bankruptcy in U.S. history. Now, Puerto Rico faces another challenge: the Republican tax plan which would levy a 12.5 percent tax...

Duration: 00:07:46

Congress on Track to Pass GOP Tax Bill

This week, House and Senate Republicans came to a deal on a massive, far-reaching tax bill that Congress could vote on as early as next week. If the bill passes, and the President signs it before Christmas, the new tax code will go into effect in this January. Though some of the details of the bill have yet to be confirmed, what is clear is that there is a lot at stake for corporations and individual taxpayers. This week on Money Talking, Charlie Herman talks with Rick Newman, a...

Duration: 00:07:58

The Influence of Affluence

In her exhibit “Generation Wealth,” Lauren Greenfield, a photographer and documentary filmmaker, chronicles how evolving perceptions of money, status and celebrity have transformed societies around the world. The show, on display at the International Center of Photography in New York City, includes interviews, documentary footage and nearly 200 photographs. A photograph of Russian oligarch Ilona and her daughter Michelle, now on display at the International Center of Photography's...

Duration: 00:08:35

Changing the Culture at Work to Prevent Sexual Harassment

In the past few weeks, the list of public figures who have been accused of workplace sexual harassment has grown. According to Yuki Noguchi, an NPR correspondent who regularly reports on issues in the workplace, videos and various types of training programs that companies use to prevent harassment have been largely ineffective. "What a lot of sexual harassment trainers will say is that sexual harassment really is something that happens in a culture where there are usually other...

Duration: 00:08:07

Wall Street and the Republican Tax Plan

This week, the House of Representatives passed the Republican-led tax reform bill that proposes significant tax cuts for corporations. It passed on a partisan basis with no Democrat voting in favor of the bill. Now, it’s over to the Senate which has to finish crafting its version of tax reform and then vote. If approved — and it's not yet clear if Republicans have the votes to do so — the two bills will need to be reconciled. And while there are differences, both measures propose...

Duration: 00:07:53

The Power of 'Big Tech'

In the past few months, the tech industry has come under increased scrutiny. Twitter, Google and Facebook, three of the companies that make up "Big Tech," are being questioned for the role they played in Russian interference before and after the election. More recently, Apple is being criticized for taking advantage of loopholes to avoid paying taxes in the United States. These tech giants — along with other companies like Microsoft, Netflix and Amazon — have become so large and powerful...

Duration: 00:07:55

When Debt Became King

The new play, “Junk,” tells a fictionalized story inspired by events from the 1980s, when deal-making, hostile takeovers, and high-yield debt financing (along with excess) were common. Now playing in New York City, the show is centered on the financier reminiscent of Michael Milken. Joey Slotnick (center) playing Boris Pronsky in Ayad Akhtar's "Junk," showing at the Lincoln Center Theater. (T. Charles Erickson /Lincoln Center Theater) "Finance has become the dominant way of our...

Duration: 00:07:46

The Sackler Family, Its Wealth and Opioids

In recent years, opioid addiction has become an epidemic in the U.S. As health professionals and policymakers push for more funding to tackle the crisis, one group of people has remained largely quiet: the Sacklers, the family behind the pharmaceutical company Purdue Pharma that manufactures OxyContin. “There's a Sackler wing at the Met. There's a Sackler wing at the Louvre. They put their names on all kinds of things," said Patrick Radden Keefe, a staff writer at The New Yorker. "The one...

Duration: 00:07:54

Stock Market Crashes Happen. It’s Your Response That Matters

This week marks thirty years since "Black Monday," when the Dow Jones had its biggest one-day percentage drop in its history. Nowadays, even as the Dow hits record highs, there are still investing lessons to learn from the crash of 1987. If you're planning for your retirement, and believe the stock market will be the best place for you to get grow your money as much as possible, you'll have to learn to "ride out the bumps or the crashes," said Ron Lieber, the “Your Money” columnist for...

Duration: 00:07:56

Lessons Learned (and Forgotten) After the 1987 Stock Market Crash

Today marks the 30th anniversary of "Black Monday," one of the worst days in Wall Street history. The Dow Jones lost dropped nearly 23 percent in a single day of trading. These days, it seems like the stock market only goes up. 30 years ago today it crashed. Lest we forget, this is what that felt like. The crash exposed problems in how the markets operated and how they were regulated. In the aftermath, there were Congressional hearings and even the creation of the Presidential Task...

Duration: 00:08:10

When Good Ideas Go Bad on Wall Street

Thirty years after "Black Monday" — one of the worst days in Wall Street history — economists and historians are still analyzing the causes of the crash. One factor, a new, financial strategy that had become incredibly popular, “portfolio insurance.” As it turned out, traders, investors and regulators were ill-informed about how this shiny, new tool that was supposed to minimize risk would actually perform in a market downturn. “When you have new technology that is ill-understood, both...

Duration: 00:06:58

Remembering Black Monday, a Day of “Utter Devastation” on Wall Street

October 19th marks the 30th anniversary of what's called "Black Monday" when the Dow Jones had its biggest one-day percentage drop in its history; it was one of the worst days in trading in Wall Street ever. To this day, there’s still no agreement as to what exactly sparked the crash, with historians and government officials pointing to a variety of contributing factors. But a major suspect was an investment strategy known as portfolio insurance. "We came so close to a system cracking...

Duration: 00:07:58

Alexa, What City Will Be Home to Amazon’s Second HQ?

October 19, 2017, is the deadline for cities and states to submit their proposals for why they should be the home of Amazon's second headquarters. Local business leaders and government officials are especially interested because of the estimated 50,000 jobs and $5 billion in investments that could come with winning the bid. Amazon's influence is ever-growing and according to Shira Ovide, a columnist at Bloomberg Gadfly, "Amazon spent a record amount of money for the company last year on...

Duration: 00:07:52

Taking Trump Seriously, Not Literally on Puerto Rico

Nearly two weeks after Hurricane Maria, Puerto Ricans are still struggle with a lack of water, power and food. Looking for ways to help, President Trump had a suggestion that caused a lot of unhappiness on Wall Street: wipe out the island's more than $70 billion in debt. According to William D. Cohan a journalist who wrote about the island's debt for Vanity Fair, this type of financial crisis is especially difficult. "There's no cash flow, so there's nothing really to reorganize around,"...

Duration: 00:07:33

Worst Kept Secret in College Basketball?

This week the multi-million dollar world of college basketball got hit with allegations of bribery, corruption and fraud. This comes after a three year investigation that involved wiretaps, an FBI informant and undercover agents. Ten people, including four Division I coaches and an Adidas executive, have been arrested. When it comes to exposing corruption in college basketball, Joe Nocera, a Bloomberg View columnist and the author of Indentured: The Inside Story of the Rebellion Against...

Duration: 00:07:55

Hey Facebook, You've Got Some Explaining to Do

Facebook is under increasing scrutiny as more problems — like selling ads to entities connected to Russia — emerge on a regular basis. Despite Mark Zuckerberg's efforts to address the recent controversy, each revelation leads users and elected officials to question how the company operates and self-polices content and advertisements. When it comes to regulations, Rana Foroohar, a columnist at the Financial Times, thinks things are going to change drastically, not only for Facebook, but...

Duration: 00:07:50

It is a Far, Far Better Economy

This week, new Census data had good news for New York City: median household incomes rose and the poverty rate declined in 2016. These latest figures come at just the right moment for Mayor Bill de Blasio who has pledged to fight inequality and New York City's "Tale of Two Cities." After easily winning this week's Democratic primary, he's already taking on Republican challenger, Nicole Malliotakis. As a part of his campaign, de Blasio can point to the health of the city's economy. But how...

Duration: 00:07:28

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