Business

3:18am

Fri October 18, 2013
Author Interviews

Greenspan: 'I Probably Could Have Caught' Economic Crises

Originally published on Fri October 18, 2013 12:23 pm

Alan Greenspan served as chairman of the Federal Reserve from 1987 to 2006, the second-longest tenure as chairman in the Fed's history.
Courtesy of Alan Greenspan

Alan Greenspan was celebrated as a master of monetary policy during his long chairmanship of the Federal Reserve, from 1987 to 2006. But policies put in place during Greenspan's tenure have been blamed by some for the financial crisis that began shortly after he left, and the so-called Great Recession.

Read more

6:01pm

Thu October 17, 2013
Economy

Wilted Reputations Left By Shutdown And Default Threat

Originally published on Fri October 18, 2013 5:35 pm

Traders work on the floor of the New York Stock Exchange on Wednesday, in New York City.
Spencer Platt Getty Images

President Obama said Thursday that the government shutdown and threat of default did unnecessary damage to both the U.S. economy and the country's reputation abroad.

Standard & Poor's concluded that the disruption subtracted about $24 billion from the economy and is likely to trim more than half a percentage point off growth in the final three months of the year.

Read more

5:35pm

Thu October 17, 2013
The Two-Way

September Jobs Report To Come Out Tuesday

Following the economy can be confusing.

But at least one thing has long been certain: the Bureau of Labor Statistics will release its monthly jobs report at exactly 8:30 a.m. on a Friday.

Next week, Tuesday will feel like a Friday.

That's because late Thursday afternoon, the BLS updated its post-shutdown schedule for data releases. The new schedule shows that the long-delayed and much-anticipated September employment report will come out on Tuesday.

Read more

4:13pm

Thu October 17, 2013
Economy

Economists Fear 'Flying Blind' Without Government Data

Originally published on Thu October 17, 2013 4:51 pm

The Federal Reserve headquarters in Washington, D.C., where the federal government shutdown left policymakers without key economic data.
J. David Ake AP

Talk to economists about the government shutdown's impact on their forecasts and you'll hear this phrase again and again:

Flying blind.

For economists and investors, "at this moment, we are flying blind," said Alan Greenspan, former chairman of the Federal Reserve and now president of Greenspan Associates LLC, a consulting firm.

Greenspan is not alone in feeling a little lost without the compass of government reports.

Read more

1:06pm

Thu October 17, 2013
Planet Money

U.S. Is The World's Largest Producer Of Natural Gas. Here's What That Means

Originally published on Sat October 19, 2013 12:37 am

Quoctrung Bui

Natural gas production in the U.S. is going through the roof. The U.S. now produces more natural gas than any country on Earth, according to a recent report from the U.S. Energy Information Administration.

Read more

11:39am

Thu October 17, 2013
The Two-Way

Obama Calls For Budget, Immigration Reform By Year's End

Originally published on Thu October 17, 2013 12:50 pm

At the White House on Thursday, President Obama said "the American people are completely fed up with Washington."
Charles Dharapak AP

President Obama slammed the partisan standoff "spectacle" that he said had damaged the economy and America's international credibility, and called on Congress to pass a comprehensive budget, immigration reform and a farm bill by year's end.

He praised "Democrats and responsible Republicans who came together" to pass a last-minute deal to reverse a partial government shutdown and narrowly avert the expiration of the federal borrowing authority.

Read more

11:12am

Thu October 17, 2013
It's All Politics

10 Takeaways From The Fiscal Fight

Originally published on Thu October 17, 2013 12:50 pm

With the shutdown-debt ceiling fight over, Speaker John Boehner, R-Ohio, appeared to strengthen his hand within the House GOP caucus but weaken it outside that group.
Evan Vucci AP

With the double crises of a partial government shutdown and a potential debt default resolved, it's a good time to consider some of the lessons we learned from the dysfunction and drama of recent weeks.

Here are 10 of them:

Shutting Down The Government Is Not A Winning Political Strategy

Read more

10:29am

Thu October 17, 2013
The Two-Way

Economists: Shutdown Will Shave Half-Percent From Quarterly GDP

Originally published on Thu October 17, 2013 3:06 pm

The government shutdown has taken a toll on the nation's economy and despite a deal that sidesteps a debt default and restarts the government (at least for a few months), growth forecasts for the last quarter of the year are being scaled back.

Economist Mark Zandi of Moody's Analytics has shaved his gross domestic product forecast from a 2.6 percent annualized rate to 2.1 percent for the last three months of the calendar year.

Read more

4:52am

Thu October 17, 2013
Business

Grandma Exodus: German Seniors Look To Poland For Care

Originally published on Thu October 17, 2013 7:43 pm

Two German women chat in the gardens of a senior care home in Berlin. Germany is grappling with a rapidly aging population: By 2050, almost a third of Germans will be 65 years or older, and a growing "Grandma export" trend has set hands wringing.
Sean Gallup Getty Images

A handful of German and Polish residents at a nursing home in the Polish mountain town of Szklarska Poreba play a Scrabble-like game using blocks with large letters.

The seniors are tended to by Polish workers who offer a steady supply of smiles, hugs and encouragement.

Leonardo Tegls says such personal attention makes this nursing home, Sun House, special. The 87-year-old Dutch-born immigrant to Germany says he first learned about the Polish nursing home from a TV ad.

Read more

4:38am

Thu October 17, 2013
Business

U.S. Economy Takes A Hit After Partial Government Shutdown

Originally published on Thu October 17, 2013 10:23 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a hit to the U.S. economy.

(SOUNDBITE OF MUSIC)

MONTAGNE: Standard and Poor's estimates that the 16-day-long government shutdown cost the U.S. economy roughly $24 billion. Because of that, the credit rating agency says it is lowering its estimate for U.S. economic growth in the fourth quarter to just over 2 percent. That's down .6 percentage points from its estimate before the shutdown. Transcript provided by NPR, Copyright NPR.

Pages