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Cardiff Garcia

Cardiff Garcia is a co-host of NPR's The Indicator from Planet Money. He joined NPR in November 2017.

Previously, Garcia was the U.S. editor of FT Alphaville, the flagship economics and finance blog of the Financial Times, where for seven years he wrote and edited stories about the U.S. economy and financial markets. He was also the founder and host of FT Alphachat, the Financial Times's award-winning business and economics podcast.

As a guest commentator, he has regularly appeared on media outlets such as Marketplace Radio, WNYC, CNBC, Yahoo Finance, the BBC, and others.

Rent!

19 hours ago

Ever since the end of the financial crisis, rents have been rising all across America. A recent report from Zillow put the median monthly accommodation rental payment in the U.S. at $1440.

The good news is, that it is the same as last year. After years of rising, rents are finally leveling off. Susan Wachter of the Wharton school talks with Stacey and Cardiff about what that means for renters and for the entire U.S. economy.

A standout characteristic of emerging economies is their volatility: they have a tendency to boom and go bust, often frequently and often fast. George Magnus, an economist and author of Red Flags: Why Xi's China is in Jeopardy, has been studying China and other young economies to understand why it is that emerging economies experience these ups and downs. He has found that quite often these emerging market boom and bust cycles often follow a similar pattern

Today, an interview with Berkeley Economist Ulrike Malmendier, who has done pioneering work on the psychological effects of living through different economic events — and specifically the effect on our behavior and our willingness to take risk. Based on that work, what were the likely effects of the financial crisis, for us and for the economy?

There are now more job openings than unemployed people. The number of small-business owners that have job openings that they cannot fill is rising. The share of workers quitting their jobs each month is the highest in seventeen years. And of people who went from not having a job to getting a job in the past year, more than seven in ten were not even looking for a job the month before they got one — also a record high.

And that is good news for everyone involved.

1) The number of job openings has surpassed the number of unemployed people:

They were, once upon a time, a fixture in circus tents and at birthday parties, but today demand for clowns is down. Fewer people are interested in becoming clowns. Membership in the biggest clown associations has fallen.

Part of the problem is with the image of clowns projected in movies, cartoons, and books: instead of being fun, they're weird, or creepy, or downright menacing.

Faced with that kind of portrayal, clowns are looking for ways to counter this decades-long narrative. Stacey and Cardiff speak to one of them.

Ten years ago, Financial Times reporter John Auther was so worried about the possible contagion from the collapse of Lehman Brothers that he went down to his bank to shift some of his cash to another bank, ensuring that more of it was insured by the government.

What he saw freaked him out even further. The bank was full of Wall Street professionals — the very people who knew firsthand just how bad the financial crisis really was — all standing in line to do what he wanted to do: move their own personal money to accounts protected by deposit insurance.

New York University's School of Medicine recently announced that every one of its students will receive their education for free. They will graduate with no debt. As the school's benefactor, Ken Langone put it,

"The day they get their diploma, they owe nobody nothing."

NYU says medicine isn't diverse enough, in part because the high price of medical school dissuades people from low income backgrounds, who are often people of color. NYU also said the high cost of med school skews graduates to higher-paying specialties and away from primary care.

It's jobs day. The numbers look good. Employers added 201,000 jobs in August, and the unemployment rate is steady at 3.9 percent.

On today's show, The Indicator's Cardiff Garcia talks with Martha Gimbel, Executive Director of The Hiring Lab at Indeed, where she oversees a team of economists whose very mission is to analyze labor market data.

Over the last couple of days, you sent in truckloads of queries about the job market. Cardiff selected a handful and then Martha answered them, adding her own take on America's employment situation.

NAFTA-splainer

Sep 5, 2018

Cardiff just got back from vacation, and a lot's been happening with the North American Free Trade Agreement while he's been away. There was an agreement between Mexico and the U.S. Canada was in talks at one point, then out, then back in again. Officials flew back and forth. There were lots of headlines. And a deadline. Which was blown.

Phew!

A lot has happened, and we're all pretty confused about what's been going on. So Cardiff thought he'd call Soumaya Keynes of the Economist for a catch-up.

Aging Up

Aug 30, 2018

There's this perception that successful entrepreneurs are invariably youthful, full of ideas and energy, and unburdened by responsibilities that come with middle age. Pair that with the idea that as we get older we decline cognitively, and it makes sense that we think of entrepreneurship as a young person's deal, right?

Ben Jones at the Kellogg School of Management doesn't agree.

Mind The Pay Gap

Aug 29, 2018

There are essentially three reasons why women make, on average, 20 percent less than men in the U.S.

They are job choice, child care, and negotiation.

Francine Blau, an economist at Cornell, has done deep research into the gender pay gap, and joined us to dig into those reasons.

Music by Drop Electric. Find us: Twitter/ Facebook.

A lot of the economists profiled by Linda Yueh in her book "What Would The Great Economists Do?" are household names: John Maynard Keynes, Adam Smith and Karl Marx.

So we asked Linda to talk to us about two economists whose work has been underrated by history. Joan Robinson, which Linda calls probably the most influential female economist of the 20th century, and Irving Fisher, who came up with the highly influential debt-deflation theory but also made some pretty poor calls on the economy.

So today, we play a game called...who's the most underrated?

Today's beach read recommendation is "It Doesn't Have to Be Crazy at Work," by Jason Fried and David Heinemeier Hansson, the co-founders of Basecamp.

The book reflects the authors' approach for how to create a calm company. Its underlying theme is the tension between the environment that people need to do good work, and the environment that actually exists in most workplaces.

On today's episode, Jason talks to Cardiff.

With all the sound and fury that emanates from the various parts of our nation's capital, it's not always easy to pin down President Trump's economic policy — or if he even has one.

Greg Ip, chief economics commentator at the Wall Street Journal, has written a piece identifying a few patterns that suggest an economic philosophy, whether it was deliberate or not, that sets the president apart from his predecessors. Like the extent to which he helps his favorite industries, how focused he is on China, and how often he cites national security as a motive for his policy decisions.

Cryptokitties have gripped the nation. Well, some of the nation. Cryptokitties are digital cartoon cats that you can buy and sell using a cryptocurrency known as Ethereum. There's a real and active market for them, and they rise and fall in value, just like stocks or bonds. One cryptokitty recently sold for $140,000. And the company that creates these non-fungible felines recently landed a $12 million cash injection from venture capitalists.

All companies start out as private enterprises. That means there are only a handful of shareholders in the firm, and sometimes just one. But at some point, the company's owners might decide to 'go public', and put their shares up for sale on a public exchange for anyone to buy.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a financial messaging system for banks. It's a little company, based in Belgium, but for years it has weilded outsize influence on global finance. Now SWIFT's influence has extended to international diplomacy, and the little Belgian firm has landed smack dab in the middle of a bitter transatlantic dispute that could affect the way America conducts foreign policy.

The European Union has fined Google more than $5 billion for abusing the near-ubiquity of its Android operating system. Regulations said Google forced phone makers to pre-install Google apps on their phones or else they wouldn't get Google's operating system for free. Today on the show, we look at Google's Android operating system.

The United States and China have started their trade war, and it's not clear how long it will last or how it will end.

Economists largely agree that the tariffs used to fight trade wars are destructive, and that the destruction is amplified by the retaliations and escalations of each side.

What if there had been a way to avoid this trade war well before it started, a strategy that would have addressed the conditions that led to the trade war before they became problematic.

The status of the labor market can't be grasped with just one or two numbers. Context matters — and there is a lot of context.

Are people who were previously jobless and discouraged now rejoining the labor force? Are people quitting or are they being laid off? Are the benefits of the labor market finally extending to groups that did not enjoy them in the earlier stages of the recovery? And when employers complain of a "worker shortage," what exactly are they talking about?

When Buzzfeed France tried to shut down its office and let go of at least twelve employees, a judge stopped it. The business had to prove it was not economically viable, and justify its decision to end operations, or otherwise it might have to pay its employees a big severance.

Because in France, if things aren't going well for your business, you can't just close up shop and cut loose your workers — you actually have to prove that you can't afford to stay open. It's a system designed to protect workers, but it also has consequences for the rest of the economy.

The price of oil continued climbing throughout this year, catching forecasters and consumers by surprise. What happened, and what might make it move in the second half of the year?

We talk to John Kemp, senior analyst at Reuters, about the peculiar dynamics of the oil market, the events that have pushed the price up this year, and the potential impact of ongoing geopolitical events like the Iran sanctions and the choices of OPEC.

This is the first episode in a series of mid-year updates about our favorite economic indicators.

Adam Smith and John Maynard Keynes are two of the most famous and foundational economists of all time. They also both have birthdays in June. To celebrate these important birthdays, the Indicator takes a look at whose ideas are more relevant today. Cardiff and Stacey pick sides and duke it out.

Music: "Broncos & Bravados"

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

AUDIE CORNISH, HOST:

One way to think of President Trump's trade policy as a sort of soap opera. There are multiple plotlines, there's high drama, and plot twists abound. And on top of all that, you can walk away for a while, come back, and still know the general thrust of the plot — in this case, the thrust being that President Trump has a penchant for blowing up trade agreements (or at least, saying that he will). Today, we catch you up on the latest dramatic developments and answer a big, looming question: are we in a trade war?

CBO vs. POTUS

Jun 12, 2018

The Congressional Budget Office has a long history of disputes with the White House, including the current administration. It has withstood them all.

On this episode of The Indicator, we speak with Alice Rivlin, the first-ever director of the CBO. She explains the origins of the CBO, why it matters, and why the complaints about it from the Trump administration are different from those of the past.

Positively 23rd Street

Jun 8, 2018

Radio reporter Sally Herships, a native New Yorker and longtime friend of the show, has been obsessed with a particular block in midtown Manhattan. Given the crowds and the traffic and the tourists, every inch of the block should be attempting to sell something. Instead it is littered with empty storefronts.

What explains these perplexing retail deserts, both in New York and throughout the rest of the country?

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

STEVE INSKEEP, HOST:

Healthcare is a giant part of the economy, and a huge drain on the public purse. More than a quarter of federal government spending goes to healthcare, which makes it a very political issue.

President Trump has stated his intention to create a more consumer friendly healthcare system... more market-based. Part of that is increasing price transparency for prescription drugs and medical procedures.

California's cities are in a housing crisis. Almost everyone agrees there aren't enough homes being built. Rents and home prices are skyrocketing, and there's not enough low-income housing to go around.

The California Senate recently voted on a bill to allow construction of apartment buildings near transportation hubs. Senator after senator spoke about the need for more homes. And then rejected the bill.

We asked UCLA's Paavo Monkkonen why Californians say they want more housing, but then reject attempts to make that happen.

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