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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

Eight Months In, What Trump Has Been (Un)Doing

Congress is barely back in session and President Trump has already struck a deal with Democrats in order to fund the government, extend the nation's borrowing limit and provide financial aid to victims of Hurricane Harvey. If this deal passes, it will only last three months, at which point, everything goes back on the table for negotiations. At the same time, the President is eager to focus on tax reform (or at least tax cuts), legislation to replace DACA and funding the "Wall" along the...

Duration: 00:07:50

Goodbye Diners, Hello Avocado Bars

These days it’s hard to tell whether the restaurant industry is struggling or thriving. Diners with their breakfast-all-day, multi-page menus are closing — but niche restaurants like avocado bars and cat cafés are opening. According to the NYC Department of Health there are 26,129 open restaurant permits as of June 28 this year, a steady increase since 2007. With so many dining establishments in this city and others, it’s hard to not wonder: Why do some survive and others don’t? Who...

Duration: 00:08:47

On to the Next One. Trump’s New Focus: Tax Reform

Since the spring, the Trump administration has made big promises when it comes to reforming the tax code. "The President is going to seize this opportunity by leading the most significant tax reform legislation since 1986," Gary Cohn, director of the National Economic Council, told reporters back in April. Yet since then, there haven't been many details about how the administration is planning to do this. While Congress is on summer recess until the day after Labor Day, negotiations have...

Duration: 00:07:46

Big Business Walks Away from the President — Sort of

This week, several top execs decided to distance themselves from the White House following the president's response to violence in Charlottesville. Shortly after, President Donald Trump disbanded two groups of business leaders put together to advise him on manufacturing and policy. But while big business may seem to be walking away from Trump, the administration is still full of former financiers — and promises to loosen regulations will most likely benefit big corporations. This week on...

Duration: 00:07:39

Student Debt: Paralyzing Lives One Student at a Time

This month, students all across the U.S. are getting ready to head off to college. For many of them, preparing for school involves taking on thousands of dollars in student loans that could impact their lives for years to come. Student debt totaled $1.3 trillion at the end of 2016, more than double what it was 10 years ago. The Federal Reserve Bank of New York found that mounting debt could ultimately hurt consumer spending and the upward mobility of low income students. Long after...

Duration: 00:07:44

What's Next for Trump and Congress

After the failure by Republicans to replace or repeal Obamacare, they're moving quickly to score a political win, and they're focusing on overhauling the nation's tax code by November. There's a lot do in a little amount of time, and even Trump's legislative director has admitted it's an aggressive schedule. But that is just one of many items on Congress' to do list that includes must several must-pass pieces of legislation like funding the government and raising the debt ceiling. This...

Duration: 00:07:44

Follow the (Russian) Money

With each day, there are more Congressional hearings and more details about the investigations into Russia’s interference in the U.S. presidential elections. This week on Money Talking, Charlie Herman talks with Seva Gunitsky, associate professor of political science at the University of Toronto and author of Aftershocks, and with WNYC's Andrea Bernstein, senior editor for politics & policy, about the financial and economic motives that could be behind Russia's intentions in the U.S.

Duration: 00:07:52

Ivanka Trump: Made in Asia

President Trump is seeking to fulfill the “America First” theme of his administration by launching “Made in America” week. Starting on Monday, the White House featured companies and workers making products here at home. The goal is to bring manufacturing jobs back to the United States. But Trump’s pledge is inconsistent with his family’s own business practices as many Trump products are made overseas, including the clothing line created by his daughter — and White House adviser — Ivanka...

Duration: 00:07:50

Martin ‘Pharma Bro’ Shkreli on Trial

Martin Shkreli is often described as the "most hated man in America” for raising the price of a lifesaving drug by 5,000%, earning him the nickname "Pharma bro." Shkreli said his pharmaceutical company raised the price of Daraprim from $13.50 a pill to $750 in order to spend that money on research for an alternative drug, a claim which medical experts widely derided. Now, Shkreli is back in the news and on trial for securities fraud, and while others in his situation might sit quietly...

Duration: 00:07:58

Trump Tariffs and Trade Wars

President Donald Trump has made it clear that he disagrees with many global trade deals. He withdrew from the Trans Pacific Partnership almost as soon as he took office. He has repeatedly criticized and is now looking to withdraw or renegotiate NAFTA — the North American Free Trade Alliance. Trump argues that global trade deals hurt the U.S. economy and its workers. This week, as he sits down with global leaders at the G20 summit in Germany, he’s also reportedly considering putting a...

Duration: 00:07:27

For Now, Obamacare Is Here to Stay

Republicans are united in their opposition to Obamacare, yet they're finding it difficult to repeal and replace the law as they promised to do. This week, the Senate delayed a vote on the bill after Majority Leader Mitch McConnell realized he didn’t have the support he needed to pass it. The delay came after negative reviews (many of which came from Republicans themselves) and dismal polling. So now, the political horse trading to get more votes is underway, and if Republicans fail to...

Duration: 00:07:53

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