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.
There are reports that President Obama will nominate Janet Yellen as the next chair of the Federal Reserve on Wednesday.
The Treasury Department has said Congress needs to extend the nation’s borrowing authority by Oct. 17 or risk default. But private observers say that date might be more like Oct. 22, or maybe even Nov. 1. Plus, a survey out today finds many business travelers opt for McDonald's and Starbucks (they account for 8 percent of all food expenses). It's not because of corporate budget constraints. Fast food joints attract busy, solo business travelers looking for a reliable wi-fi connection. Congress and the media are on full-on freak-out as we head towards default. To the outsider, it looks increasingly likely that we’ll fail to pay the interest we owe on our Treasury bonds. And yet, if you look at the bond market you'd have no idea anything was going on.
The lack of progress on negotiations over the government shutdown has some folks worried about the likelihood that the U.S. would be unable to pay the bills because of the debt ceiling. In order to avoid that, many are talking about "prioritization," the idea that the government can pick-and-choose who it will pay. And yet, it's not that easy: Take a look at a day’s worth of payments to see how complicated it would be. Also, this week, Nielsen starts measuring conversations on Twitter, about different TV shows. And this past weekend, President Obama joined the list of public figures who say the Washington Redskins should consider changing their name.
Twitter's business model relies on advertising, but it’s unclear how many of Twitter's user are real or robots. That's a question advertisers -- and investors -- are going to want to know. The health care exchanges are open. Now the real work begins, especially for the group of health care advisers known as navigators. We look at the week that was on Wall Street, with our Weekly Wrap. And finally, in addition to Tropical Storm Karen working its way toward the Gulf Coast, there’s an early winter storm brewing in the west. It comes as many FEMA and NOAA employees are furloughed (though at least a few have been called back).
The impact of the government shutdown pales compared to a possible government default, and Chicken Little, a.k.a. the U.S. Treasury, launched a salvo by outlining the potential economic harm of political posturing in the debt-ceiling debate. Plus, with national parks closed during the shutdown, a lot of tourists have been left hanging. A look at what businesses are willing to refund, or postpone – from airlines to whitewater rafting tours. And host Kai Ryssdal speaks with the World Bank president about the global economy and worries that many have about the shutdown risking the elusive "green shoots."
Both parties are using the government shutdown to raise money and it’s working -- for now. Plus, there's a good chance the government won't release monthly jobs numbers this Friday – so what happens to economists’ ability to assess any recovery, or other economic shift, if government data dries up? Also, if you’re an insurance agent, now you know how all those travel agents felt when Expedia came online. And finally, best-selling author Tom Clancy died yesterday at age 66. Clancy was also a video game magnate and Hollywood hit machine.