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Friday Flashback: Obama in Mexico, minimum wage, Jimmy Fallon and more

Jimmy Fallon during his debut Monday as host of NBC's <em>The Tonight Show.</em>
Jimmy Fallon during his debut Monday as host of NBC's The Tonight Show.
Theo Wargo/Getty Images for 'The Tonight Show'

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It's the end of another week and time for the Friday Flashback, Take Two's look at the week in news. This morning we're joined in-studio by Los Angeles Times columnist James Rainey, and we welcome first-time-ever flashback contestant Ashley Perez , an editor with Buzzfeed.

Let's start with President Obama who was in Mexico this week, trying to solidify a new trade agreement with our neighbors to the north and south, but this doesn't seem to be going as smoothly as one might expect. What's at issue here?

The Sochi Olympics are wrapping up this week. The U.S. didn't do quite as well as we'd hoped, which we were reminded of by, the Speed Skating coach for the Dutch. Does there seem to be some schadenfreude on the part of the rest of the world?

We've been talking about income inequality a lot lately. President Obama made his push for raising the minimum wage in his State of the Union a few weeks ago and this week the Congressional Budget Office released a report this week with a somewhat mixed conclusion on what raising the minimum wage would do. What did it say? What might happen?

Here in California there's been talk of a petition to split the state into six separate states. This week it got the green light to start collecting signatures for a ballot initiative. One question: Why?

Also abuzz leading up to the Oscars here in Hollywood is talk about the lack of diversity when it comes to the nominees. It's not the first time these complaints have been raised, so why is this still such an intractable issue?

Jimmy Fallon took over the Tonight Show from Jay Leno this week. A parade a celebrities from former New York Mayor Rudy Giuliani to Kim Kardashian and Robert DeNiro came out on stage and gave him a $100. By all accounts he had a pretty great first night. Is this going to revive the late night spot?

Finally, Facebook bought the messaging app, What'sApp, for a record $16 billion. Remember when $1 billion seemed like a lot for Instagram? Is there such thing as an app bubble and could we be nearing it?