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The Recession Might Be Over For US, But Not For Those Who Didn’t Cause It

Thursday, September 24th, 2009

The recession hit hard here in the U.S., but people in poor countries are really out of luck.

  • More and more people are being pushed into extreme poverty by the global recession, and the World Bank is asking the 20 largest countries to lend a hand.
  • Poor countries that didn’t have a hand in creating the global recession are being hit really hard. They are often forced to cut funding for vital programs in education, health care, and basic infrastructure.
  • To build a more sustainable future, the World Bank is pressing for global economic growth to be less dependent on U.S. consumer spending and for less-developed nations to play a more significant role. But to do so, they need aid and access to financing.

Facts and Figures

  • The Group of 20 meeting is scheduled for this week with the goal of evaluating the state of the world economy.
  • By 2010, the recession will have pushed 89 million people into extreme poverty.
  • Last year the top eight economies pledged to give $20 billion in agricultural aid to poor countries, but these pledges haven’t been entirely fulfilled.

Best Quote

“The April summit was for the financial sector, this summit needs to be for responsible globalization.” – Robert B. Zoellick, President of the World Bank Group

First Health Insurance, Now Bank Insurance

Thursday, September 24th, 2009

It’s not just the healthcare industry that’s compensating for costs by raising premiums. Check out the FDIC’s plan to finance the next wave of bank failures.

  • The Federal Deposit Insurance Corp. exists to protect customer deposits at banks up to $250,000. But with so many banks failing in the past year, the FDIC has had to pay out more than they expected, and projections indicate their fund will be out of cash early in 2010 if action is not taken.
  • To combat the drain without relying on government assistance or increasing the rate it charges to banks for customer deposit insurance, the agency’s board has decided to propose a kind of advance in premium payments from the banks it insures – to the tune of $45 billion, or three years’ premium payments.
  • Banks have been mostly supportive of the plan, expressing relief that the rates – which have already been increased once this year – will not go up again.

Facts & Figures

  • So far in 2009, 94 banks have failed.
  • FDIC projections indicate a potential $100 billion increase in failed bank payments through 2013.
  • Banks are already paying $17 billion into the fund this year, including the rate increase.

Best Quote

“It’s clear that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy for every problem. In choosing this path, it should be clear to the public that the industry will not simply tap the shoulder of the increasingly weary taxpayer.” – Sheila C. Bair, FDIC Chairwoman

The Wall Street Journal Finds A Subscription In Your Pocket

Wednesday, September 23rd, 2009

Now that everyone’s addicted to their CrackBerry, it’s time to pay the suppliers.

  • Rupert Murdoch, Chairman and CEO of NewsCorp., announced on Tuesday that the company would start charging a fee for users of its Wall Street Journal mobile application.
  • The move was in response to a continued industry-wide struggle to raise money by selling advertising and subscriptions to the newspaper’s website.
  • The new weekly access fees will affect most users of the mobile application, which is available for BlackBerry, iPhone, and iPod Touch.

Facts & Figures

  • Mobile application access will be free for users who subscribe to both print and web editions of the Journal; non-subscribers will pay $2/week for access; print-only subscribers will pay $1/week.
  • In a similar move, The New York Times recently asked its subscribers if they would pay a $2.50 monthly fee for Web access.
  • In terms of circulation, USA Today is the largest newspaper with 2.11 million subscribers; The Wall Street Journal is second with 2.08 million subscribers; the New York Times is third largest with 1.04 million.

Is There Any Logic Behind The Price Of Petroleum?

Tuesday, August 18th, 2009

Why does it seem like the pundits are unable to guess what’s going to happen to the price of oil?

  • Since last summer, oil prices have gone from record highs to extreme lows and then doubled again, in swings that don’t seem to be related to market fundamentals – supply and demand.
  • The apparent disconnect between market fundamentals and oil price has reignited the debate about the role of speculators in commodity markets, as governments and investors fear a return to record oil prices in the current economic climate.
  • In contrast to last year, the recent upswing in oil prices is happening in a recession and, therefore, not sustained by high demand. This will almost certainly result in even greater losses for the already struggling automobile and airline industries.

Facts & Figures

  • Compared to last summer’s high of $145 a barrel, oil has increased from only $33 to $70 a barrel in just the past 7 months.
  • Petroleum-based fuel accounts for 1/3 Southwest Airlines’ operating costs.
  • The airline industry is projected to lose $9 billion this year, after losing $10.4 billion last year.

Best Quote

“To call this extreme volatility might be an understatement. Over the past 15 to 18 months, this has been unprecedented. I don’t think it can be easily rationalized.” – Laura Wright, Chief Financial Officer at Southwest Airlines

On Boards, More Members Provide More Security

Tuesday, August 18th, 2009

This fascinating study shows that charity boards with fewer members lost an overwhelmingly larger amount of money to Bernie Madoff, and the accompanying article provides advice on what makes a better board.

  • A study carried out by the National Committee for Responsive Philanthropy demonstrated that the majority of charities that lost at least 30% of their assets to Bernie Madoff’s Ponzi scheme had four or fewer board members.
  • The reason behind the study’s results seems to be that among small, homogeneous boards, if one member decides an investment is a good idea, the rest of the board is not large or varied enough to argue.
  • In order to avoid becoming victims of the next Bernie Madoff, charities ought to enlarge and diversify their boards.

Facts & Figures

  • The study used a list of 150 charities linked to Bernie Madoff.
  • Of the 105 organizations that lost at least 30% of their assets, 38 had one or two trustees listed on their tax forms, and 46 had three or four.
  • Only 16 of the 105 organizations had five or more members on their boards.

Best Quote

“We think part of what’s going on here is small, homogeneous boards where someone knew someone who trusted Bernie Madoff and that was enough. But it’s not enough to allow Uncle George or Grandpa to say Bernie’s a good guy and make an investment.” – Aaron Dorfman, Executive Director of the National Committee for Responsive Philanthropy

Changing Bathroom Routines Abroad – A Sign Of Development?

Tuesday, August 18th, 2009

Economic development affects quality of life in a truly tangible way – here are some fun facts to impress your friends.

  • Toilet paper did not become a staple in American homes until the popularization of indoor plumbing in the early 1900′s, when industrialization brought modern infrastructure to most of the country. Today, it would be hard to imagine living without toilet paper.
  • Because of rising standards of living and the availability of disposable income that has come with economic development, the use of toilet paper is quickly growing in emerging markets.
  • As energy and other production costs rise and people become more concerned with the environmental cost of producing toilet paper, the price you pay per roll is increasing. However, Americans don’t seem to be buying any less toilet paper, and it’s doubtful they will any time soon.

Facts & Figures

  • The United States spends over $6 billion dollars on toilet paper a year.
  • Toilet paper revenues have doubled in Brazil since 2004.
  • The average American uses 57 squares of toilet paper a day, which translates into 50 pounds a year!

Best Quote

“The spread of globalization can kind of be measured by the spread of Western bathroom practices.” – David Praeger, Author of Poop Culture: How America Is Shaped by Its Grossest National Product

How Much Power Should We Give The Fed?

Tuesday, August 18th, 2009

How big should government be? Below, the Fed chairman’s arguments for why, when it comes to consumer protection, bigger is better.

  • Federal Reserve chairman Ben S. Bernanke has been spurring debate about the Fed’s proper role, arguing that it is necessary to give the government more authority.
  • Bernanke wants the Fed to maintain control over consumer lending, an opinion which differs from the policies of the Obama administration.
  • Many officials are skeptical of this plan, arguing that the government is already spread too thin, and that it cannot possibly become a successful systemic risk regulator.

Facts & Figures

  • Bernanke’s plan requires the government to examine the possible dangers posed not just by companies themselves, but by their connections to other corporations.
  • The Fed would also require big corporations to keep debt low or capital high, restricting them to a manageable size and increasing competition.
  • The government would be granted the authority to seize any institution it deemed too great a danger to the financial system.

Best Quote

“…[T]here’s got to be somebody who is responsible not just for monitoring the health of individual institutions, but somebody who’s monitoring the systemic risks of the system as a whole. And we believe the Fed has the most technical expertise and the best track record in terms of doing that.” – Barack Obama

No Really, Let Us Engrave Your Name On That Building…

Tuesday, August 18th, 2009

Sometimes it’s really important for donors to take all the credit.

  • The rise in anonymous giving has people wondering whether or not it’s a good thing.
  • On the one hand, people who give huge donations publicly are sometimes seen as arrogant, since the media ranks big donors against each other – just like a competition.
  • On the other hand, in general, the best givers are those who have given in the past. Giving anonymously makes it harder for fundraisers to pinpoint these important donors. Arguably, the media hype they attract can also inspire smaller donors to get more involved.

Facts & Figures

  • In 2008, 19% of donations over $1 million were made anonymously, compared to the 3-5% norm for the past decade.
  • Americans gave a record $306 billion to charity in 2007.
  • While anonymous giving rose to an unprecedented 19% in 2008, total U.S. giving declined for only the third time in 50 years.

Do Rational People Really Exist?

Tuesday, August 18th, 2009

If you’ve ever wondered why you gravitate towards expensive things, here’s a possible reason. Obviously, it’s not the whole story (but it sure gives you a good excuse).

  • Standard economic theory is based on the assumption that consumers will always act rationally (if it’s more expensive, you’ll buy less, etc.), but psychologists and behavioral economists have been continually proving that this rule is often not followed.
  • They argue that just because there is a price increase on a pair of jeans, it doesn’t mean you will now buy fewer pairs – you might actually buy more. Their studies show that people receive more pleasure from items they think are more valuable because they’re expensive (even if they aren’t better quality).
  • On the other hand, real-world experimentation has shown that maybe this rational consumer does exist. Some decision making (like choosing which food to eat) is really about basic economics – your preferences aren’t going to change with pricing tricks.

Facts & Figures

  • Consumers sometimes react “irrationally” by economics standards – when the price of a good increases, sometimes people want to buy more.
  • In an experiment, reward centers of the brain lit up more for a $100 bottle of wine versus a $10 one. It was the same wine.
  • In an experiment on food though, people would not want a more expensive entree even if they wouldn’t have to pay for it. They wanted the food they liked – their preferences and rational economic thought won out.

Best Quote

“Maybe, sometimes, old-fashioned economics is just about right. Maybe when it comes to food, people do have reasonably stable preferences. Some people like shrimp and some don’t, even if it’s worth a lot of money.” – Dr. Moses Shayo, Hebrew University of Jerusalem

From Bite-Size To Feature-Length

Thursday, July 9th, 2009

Video producers are wising up to your extended viewing capabilities.

  • When web videos were first created, the rule of thumb – due to both technological limitations and the perceived attention span of the audience – was that shorter was always better.
  • Today, many creators of Web content, aided by technological advances, are proving that people are perfectly willing to watch longer videos if they’re of good quality.
  • The creators of online videos are acting increasingly like television producers, using the low production costs and the watch-whenever flexibility of the Web to distribute the online equivalent of TV shows.

Facts & Figures

  • According to comScore, the average Internet user in the United States watches 97 online videos a month.
  • An estimated one in four Internet users visits Hulu at least once a month.
  • In 2008, 24 of the 25 most popular videos on Blip.tv, a Web series distributor, were shorter than five minutes. Thus far in 2009, the average video is 14 minutes long.

Best Quote

“Historically it has been very much a clip-based experience online. We believe we are moving into a transition period where more of that viewership is going toward long-form video.” – Jon Gibs, Vice President for Media Analytics at Nielsen

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