It's been 30 years since Trading Places came out. And, to be honest, I never really understood what happened at the end of that movie. Sure, Louis Winthorpe (Dan Aykroyd) and Billy Ray Valentine (Eddie Murphy) get rich, and the Duke brothers lose all their money. But what actually happens? How does it work?
I recently talked to Tom Peronis, a guy who has spent years trading OJ options. He walked me through every step of Winthorpe and Valentine's plan.
So much fascinating tech and culture news, so little time. But we certainly think you should see the journalism that's catching our curiosity each week, so each Friday we'll round up the week that was — the work that appeared in this blog, and from our fellow technology writers and observers at other organizations.
This is TELL ME MORE from NPR News. I'm Michel Martin. Later we'll head into the barbershop as we do just about every Friday. We'll hear from the guys on why financial planning advice from McDonald's to its employees fell flat and other news of the week, that's later. But first, we turn to Detroit. The city declared bankruptcy yesterday, making it the largest municipal bankruptcy in this country's history. It all comes after decades of decline from the city's bloom years as the center of the nation's auto industry.
Photographer Kirk Crippens says you can't. But that hasn't stopped him from trying. Since 2009, he has been documenting the city of Stockton, Calif., which last year became the largest city in American history to file for bankruptcy — until Detroit filed yesterday. Before bankruptcy, Stockton was the epicenter of the foreclosure crisis. But before that, Crippens says, it "was an all-American city — Boomtown, USA — housing going up everywhere."
Originally published on Fri July 19, 2013 10:00 am
China's central bank announced that it was removing some controls on the interest rates charged by banks for the loans it issues clients.
Reuters explains that the People's Bank of China said in a statement that it was removing the floor "on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers."
Detroit has become the biggest American city ever to file for bankruptcy, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities. What's ahead for debt-ridden Detroit? Quinn Klinefelter WDET.
Moody's lifted the rating from "negative" to "stable" and affirmed the country's AAA rating. In a statement, it said the U.S. economy has demonstrated resilience in the face of major cuts to government spending. The country is on track to report its lowest annual deficit in five years.