Chuck used to sell marijuana in California. But the legalization of medical marijuana in the state meant he was suddenly competing against hundreds of marijuana dispensaries. So he moved to New York, where marijuana is still 100 percent illegal. Since making the move, he says, he's quadrupled his income. (For the record: His name isn't really Chuck.)
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For those who closely follow decisions made by the Federal Reserve, today's marquee event was the testimony of Fed Chairman Ben Bernanke. He appeared on Capitol Hill before the Joint Economic Committee of Congress. And some lawmakers asked Bernanke about concerns of chaos in the financial markets once the Fed stops pumping money into the economy. NPR's John Ydstie explains.
In the nearly impenetrable language that comes with his job, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that even though the economy is doing better, the central bank needs to keep giving it a boost.
NPR's business news starts with Home Depot raising the roof.
Home Depot got a boost from the housing recovery in its first-quarter net income. It rose 18 percent; that exceeds expectations. The company acknowledged yesterday that while cool and wet spring weather had a negative impact on some of Home Depot's seasonal business, its core business stayed strong.
Home Depot's stock price rose by 2.5 percent with the news. Transcript provided by NPR, Copyright NPR.
The wait is over for many Xbox fans. Yesterday, Microsoft unveiled its next generation Xbox gaming console. It's called Xbox One. It's the first major revamp of the gaming system since 2005. In our business bottom line, NPR's Laura Sydell reports the new Xbox is designed to be an all-in-one system, an entertainment hub for movies, TV and games that should appeal as much to grandparents as it does to children.
Finding a parking space, probably not at the top of the list of things you like to do. Well, experts in parking think they might be able to change that. One key, they say, is for developers to think about the parking experience when they're designing malls or apartment complexes, instead of just treating it as an afterthought.
This came up in Florida this week, at the International Parking Institute's annual conference. Reporter Kenny Malone, from member station WLRN, was there.
Here's some news for travelers. If you can't afford - or don't want to pay the price for - a hotel room, maybe you've used the cheap lodging site Airbnb. If so, you have to take New York City off your list. The popular website has suffered a major setback in court. A judge in New York ruled that an Airbnb user in Manhattan violated local laws when he rented a room to an out-of-towner.
Lawmakers are demanding to know what went wrong and who is to blame at the IRS. Two Senate committees held hearings yesterday on the agency's aggressive handling of applications from conservative groups who were seeking tax-exemption. A top IRS official facing a House committee, today, intends to invoke her Fifth Amendment right not to testify. NPR's Peter Overby reports.