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Planet Money
 
Bellerive

Prime Minister Jean Max Bellerive (AFP/Getty Images)


On today's Planet Money:

Adam Davidson and Chana Joffe-Walt, who've been reporting in Haiti, talk to Prime Minister Jean Max Bellerive. He runs the government's day-to-day affairs; President Rene Preval is the head of state.

They interview Bellerive at his official residence, and while they're talking, a U.S. Army helicopter flies by. It's a reminder of the massive foreign presence in Haiti. And it's not just the military; all sorts of people from around the world looking at everything from Haiti's ports to its health-care system.

But as plans for what Bellerive calls Haiti's "refoundation" get hashed out, there's some tension between the Haitian government and the international community. Near the end of the interview, Adam asks:

With all the money coming in from the World Bank, from the U.S. ... Who gets to be in charge of the refoundation of Haiti?

"I am," Bellerive says. He goes on to explain how the Haitian government is working on its own proposals for how to use international funds. And he explains why:

... If you don't make a plan made by the Haitians and for the Haitians, it won't work. It didn't work the last 50 years, it's not going to work now. ... You have to put the Haitians at the center of what the Haitian needs.I believe we have some small comparative advantage to know what we need.

For more on Haiti, read our recent update on Yvrose Jean-Baptiste, the microentrepreneur who we first heard from in a February podcast. And read about blue jeans, Haiti's textile industry and high fashion.

Download the podcast, or subscribe. Music: Beethova Obas's "Kalot." Find us: Twitter/ Facebook/ Flickr.

categories: Planet Money Podcast

4:00 - March 16, 2010

 

By Jacob Goldstein

The Fed just came out with one of those statements that everybody talks about and nobody finds surprising. Two key points from today's statement:

Continue reading "The Four Most Important Words In the Market Today" >

categories: Federal Reserve

3:00 - March 16, 2010

 
optical illusion

By Jacob Goldstein

Michael Lewis is everywhere this week flogging his new book, The Big Short.

The book tells the story of the subprime mortgage collapse through the eyes of a few outsiders who bet against the market when almost the whole world was betting for it.In an interview yesterday on All Things Considered, Lewis compared the market to that old optical illusion pictured above:

Continue reading "Michael Lewis On Wall Street's Mass Delusion" >

categories: Housing

10:54 - March 16, 2010

 

After hearing our podcast about GDP and education in Jamaica and Barbados, listener Julie A. sent us this note:

I live in New York City and my children attend public school. I was very sad to realize that your description of the "poor" Jamaican schools could be mistaken for the very schools my children attend here in New York--a city with the greatest wealth in the world. I think this disproves your GDP analysis. I have listed a few points below ... (read the rest of the letter)

Alex Blumberg replies:

These are all very valid and excellent points. GDP is only part of the problem. There's also what the government chooses to do with the money. Here are two charts comparing the US and Jamaica.

Both countries actually spend about the same percentage of GDP on education.

Continue reading "How Do America's Schools Compare To Jamaica's?" >

categories: Planet Money Podcast

7:14 - March 16, 2010

 
Chris Dodd

Chris Dodd: The sixth Eagle.(NPR Photo Illustration/AP photos)

By Jacob Goldstein

The finance-reform proposal Chris Dodd just put out has an unexplained classic rock allusion at the bottom of page three:

No Evasion: Large bank holding companies that have received TARP funds will not be able to avoid Federal Reserve supervision by simply dropping their banks. (the Hotel California Provision)

What's this mean? Goldman Sachs and other investment banks converted to bank holding companies during the financial crisis. This gave them access to funding from the Fed, but it also made them subject to greater oversight by the Fed.

So what this part of the bill says is that, even if these institutions get rid of their bank holding companies, they'll still be subject to Fed oversight.

Or, to paraphrase the Eagles: Goldman Sachs can check out any time it likes, but it can never leave.

categories: Banks

2:57 - March 15, 2010

 

By Jacob Goldstein

Nobody's happy with the finance-reform bill Chris Dodd just is releasing today. Maybe that's the point.

The Democrats need at least one Republican vote to pass a finance bill in the Senate; any bill that wins over all the Dems but none of the Republicans won't make it.

So Dodd's trying to take ideas the Dems like and jimmy them a little bit to win over a few Republicans, without losing too many Democrats.

Take, for example, what the bill does about consumer protection -- one of the most contentious parts of the debate. A press release Dodd just put out says the bill:

Continue reading "Chris Dodd Tries To Make Everybody A Little Unhappy" >

categories: Banks

2:03 - March 15, 2010

 

By Jacob Goldstein

The two main econ stories in the news this morning are (1) China's currency and (2) Chris Dodd's financial-reform bill. Also in this morning's roundup is (3) a little Goldman candy for finance nerds.

Continue reading "China's Currency, Chris Dodd's Bill & Goldman Sachs" >

categories: Morning Report

9:08 - March 15, 2010

 
Chris Dodd

Chris Dodd will release his finance-reform bill on Monday.(Chip Somodevilla/Getty Images)


On today's Planet Money:

Come Monday, we'll finally get to see what's in Chris Dodd's finance-reform bill. In today's podcast, we hear from a pair of Congressmen what's likely to happen next:

"Once the legislation came down, I can tell you that every special interest in the planet came out," Rep. John Campbell says. He's talking about the lobbying that went on after the House introduced its version of the bill.

Also on the podcast, Rep. Brad Miller talks about congressmen mouthing lobbyist talking points.

But enough about process. Here are two sections of the Senate bill we'll be keeping an eye on:

Continue reading "Podcast: Attack Of The Special Interests!" >

categories: Planet Money Podcast

4:00 - March 12, 2010

 

Our Toxic Asset makes its TV debut.

categories: toxic asset

2:36 - March 12, 2010

 

By Jacob Goldstein

The big Lehman post-mortem released yesterday spills a lot of ink on a complicated accounting trick with an awesome name: Repo 105. Here's the story.

Continue reading "Repo 105: Lehman's 'Accounting Gimmick' Explained" >

categories: Banks

11:55 - March 12, 2010

 

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