Every weekday on Marketplace, Kai Ryssdal hosts a lively and unexpected exploration of the day’s business and economic news from Wall Street to your wallet.
President Obama said that he doesn't believe a shutdown at midnight is a foregone conclusion, and lawmakers from both parties scrambled to work out a deal to avoid the first government shutdown since the 1990s. How much would a shutdown actually harm the economy? Also, the oil company Shell has sold its stake in a Texas fracking operation, partially because of a glut of natural gas on the market. Also, the New York City Opera also faces a budget deadline today – to raise $7 million dollars to avoid a shutdown. It appears that the end is inevitable – but some are echoing a line from the company's current opera about Anna Nicole Smith:
"not dead yet."
The world’s top climate scientists issued their most definitive report yet on the challenges and risks of climate change -- specifically human-caused global warming. The report is six years in the making, because climate science operates at a glacial pace. Congress also seems to move at a glacial pace -- except when it has to move faster. And the deadline for a government shutdown looms next week. Also, Carlyle Group private equity is investing in Dr Dre’s Beats Electronics. It’s a vote of confidence in the company’s ability to be more than a fad, and to expand into other audio electronics globally.
JPMorgan Chase CEO Jamie Dimon arrived at the U.S. Justice Department building to meet with Attorney General Eric Holder, according to reports. The two sides are discussing how big a settlement the bank will pay to end civil and criminal charges over the mortgage mess. Also, bureaucrats in Washington are drawing up contingency plans if Congress doesn't raise the debt limit -- but how do you prioritize who gets paid, and who doesn't. And finally, Twitter is partnering with the National Football League in an advertising deal. Will this prove to investors that the social network can make money?
Starting next week, federally run exchanges under Obamacare will officially roll out in 36 states. We just got our first detailed look at the premiums that will be offered in the federally run health care exchanges. President Obama said in a speech yesterday that for many people, the rates were potentially "less than their cell phone bill." And low premiums are great, but when it comes to the real cost of health care, the premium is just the beginning. Also, with a government shutdown looming on Tuesday, we look at how shutting down the government actually costs us money.
Iran's foreign minister and Secretary of State John Kerry plan to meet at the U.N. General Assembly. The U.S. has imposed sanctions on the country for decades, and confiscated payments to the country for years. How much money is out there? And can Iran ever get it back? Also, Facebook unveiled a payment service that it hopes will encourage buyers to purchase things without having to enter long, complicated account information. There is a business strategy behind "frictionless payments." And finally, a housing report out today indicates that real estate continues to recover. So why are the banks laying off mortgage professionals?
The owner of BlackBerry has agreed to go private in a $4.7 billion deal. Canadian investment firm Fairfax Financial would buy the struggling smartphone maker for $9 per share. Also, New York state has reached a settlement with some prominent firms in the fake online review business. The industry has moved way beyond having your friends write raves for you. Plus, in the past, a mass shooting would mean a dip in the stocks of makers of guns. But the shooting at the Washington Navy Yard was different -- no drop.