"CBS Sunday Morning" on March 25, 2012 does money; inventions from Bell Labs

Anthony Mason introduced the stories for March 25, 2012, the money issue. Lee Cowan did the cover story on going cashless.
Second, Tracy Smith on Columbus, Ohio, a test marketing center. Third, Rita Braver on Iman. Fourth, Martha Teichner on Ma Bell and Bell Labs inventions (America's true think tank). Mo Rocca n alpacas. Headlines: Former VP Cheney had a heart transplant. Rick Santorum won Louisiana primary. President Obama is in Asia. Compensation to Afghan victims. Pope Benedict in Mexico. London Sunday Telegraph on dieing of a broken heart. Rain across the country.

The cover story on "Making Change" was about the likely disappearance of paper money. Money is now digital. The old-fashioned greenback (physical money) may be a goner. Robert Reich gives quotes, like 95% of transactions in America have nothing to do with cash. Book: The End of Money (David Wolman). It costs the guv twice as much money to make a penny and a nickel as they are worth. Ap: Square Card Case, which is a digital wallet. The company Square. Every transaction has a foto right next to the name of the account holder. Pay Pal, digital wallets. Money is better in a digital world. Reich: icons or symbols of who we are. but cashless is inevitable. Fact at end: a virus can live up to three years on paper money.

Tracy Smith begins with The Black Label Burger of Wendy's introduced in Columbus, Ohio. Laurie Estrada of Wendy's. Denny Lynch. Fine tuning until we pull the trigger to go national. I'm happy to be a guinea pig; I liked it. Student population at Ohio State University. Alex Fisher. Funky culture and creativity in Columbus. If an idea can make it here. Jeni's ice cream: cayenne.
Piada: egg plant and calamari. Columbus is a sophisticated market. Giant Eagle Market District. Cactus, rattlesnake, elk, python. Brett Mayerl, VP of Pittsburgh based Giant Eagle. One can buy wine by the glass. People can choose what they want.

Erin Moriarty on determining costs of a shirt. Kathyrn and Jerry MacLane. $155 for a polo shirt. What can we do to make the best shirt possible. They looked to France for fabric. 6.10 to 6.50 for a yard of fabric for the shirt. 0.12 for buttons. Hand embroidered linen bags from Viet Nam, 2.90. Manufacturing in US is 75% than in China. KPMacLane. Wholesale cost is $65.
Retail price is $155. Now, 2% of clothing bought in US is actually made in US.

[ConocoPhillips ad with the buckyball ran here.]

Businesses making it in USA. Story by Elaine Quijano. Begins with video of Great Depression. Fiesta Dinnerware started in the Great Depression. Joseph Wells III. Homer Laughlin Pottery Company in Newell, West Virginia. People need to brighten up their table. Inexpensive plates in colors worthy of a Crayon box. Fiesta Ware has spawned a legion of collectors. An explosion of color. A video on a collector; Great Wall of China. Wells: a bit of mud. Provide jobs for the people who live here (in West Virginia (correction)).

Mitt Romney clip appeared, talking about how bad Europe is. State of European economy done by Allan Pizzi. The recession is biting here, but the Europeans have a way of getting by. Germany has 5.7% unemployment rate, lower than in US. Germany believes in low taxing, saving. James Walston, use of socialism, but really social democracy. Candidates in US: European socialism. Clip: hope most voters in US more intelligent than politicians. EU comprises 27 different countries. Rick Santorum: read up on Greece. Clip: health care should be guaranteed. In Italy: full patient care, even for tourists. A big part of feeling secure. Europeans saying I'm much happy to be here (Europe).

Baseball cards, House of Cards (Arman K.). Mike Gordon, baseball card show in New Jersey. Now in Parsippany, only a handful of middle aged men. Dave Jamieson, Mint Condition. Old cards had a chance to become rare. By 1991, three million people collecting cards. Allan "Mr. Mint" Rosen buys and sell cards for 34 years. in 1989, 8.7 million dollars in sales. Rosen at show in Chicago. Rosen quote: grandfather is dead; father has no money to spend; son is into digital (video games). Card business is now down 75%. Card makers flooded market. Topps. "Tuesday night in Parsippany". Kids dont' care.
In 2007, Honus Wagner sold for 2.7 million.

Jeff Glor on Goya. Largest Hispanic owned food company. Goal: to have Goya products in every store, in every home. Formed in 1936 by person Ortiz. Bought the name Goya from a sardine manufacturer for 1.00. (trademark). Food is a deep tradition for most immigrants. Tie to homeland and cuisine. Everybody has favorite bean. Pinto. Dominicans have different preference.
Javion crijollo. Goya delivers directly to store. Same pricing policy for all size stores. Bob and Peter kept Goya private. Hispanic population is 16% going to 30%

Suzie Orman, three pieces of information. #1 for students, twitter is being investigated by scholarship people. Be careful.
#2. Minors cannot inherit money. Beneficiary: living revocable trust. #3. If 45 or older, pay down mortgage if you are staying. If not staying, don't pay down.

Martha Teichner, Bell Labs soldiers on. Transistor invented in 1947. A 1960's helium laser, invented at Bell Labs. Lasers shrunk to size of grain of salt. Edward Evers historian of Alcatel Lucent. TelStar first satellite to transmit television images. Bell Labs
John Gertner did book on history of Bell Labs. Had smartest people in world. founded in 1925. 25,000 people. Bell System Pavilion at 1964 World's Fair. BellLabs patent from 1947 for cell phone. Didn't worry about competition. Richard Frankiel worked on developing cell phone. AT&T broken up in 1984. 4.7 billion in monopoly money ended. World has moved on to a different model for how things are being created. Theodore Sizer, current Bell Labs VP. The light radio. Bell Labs now has 1500 employees. Budget over 3 billion/year now. John Gertner: basic research and applied research can pay dividends. 17,000 patent; 1 patent a day for over 30 years. Curiously, now, in the Alcatel-Lucent era, averaging seven (7) patents a day, more than in the golden era.

Story on Iman by Rita Braver. Iman lit up runways in 70s and 80s. Did you bring your own foundation? In 1994, retired from modeling. Then, Iman Cosmetics for foundations for black and latinas. 25 to 30 million dollars per year. Her father was a diplomat. Muslim family. Peter Beard saw her in Nairobi, Kenya. Have you ever been photographed. Trying to pick her up. She needed tuition money. Then got modeling contract. BUT, Beard made up story about first meeting. In 1990, she fell for David Bowie. Hair dresser set them up. Iman has expanded to accessories and fabrics. At 56, Iman is proud of ageing gracefully.

Year of the Dragon. Trade with China. Babies born in year of dragon, destined for success. Average 16 million babies per year.
Now, extra dragon incentive. Story on Gerber, Huggies, Fisher-Price products being consumed in China. Lawrence Xie. Baby care stores in China pushing American products. New necessites mad in USA. In China, 31 births per minute.
[from China Daily:
Eleven of the 12 zodiac symbols in Chinese culture are animals - the dragon is the only one that is a mythical creature and is often related to emperors.
According to a report by the BBC, the birth rate in Hong Kong increased by 5 percent year-on-year during the last Year of the Dragon in 2000. Xinhua News Agency said China is expecting a 5 percent rise in the number of babies born in this auspicious year.
"We're busier than last year," said a saleswoman at Leyou (China) Chain Store Co Ltd, a major Chinese shop specializing in children's products in Beijing. "This year, there are many more pregnant ladies in our store."
"Maternity clothes and babywear have sold very well recently and I think demand for formula milk and diapers will rise too," said the saleswomen.
"The baby boom has brought a sales increase, although not a very sharp one, and the growth is likely to be sustained for the next few years," said Larry Kung, chief operating officer at Leyou. "We will increase the range of maternity products at our stores." Kung said sales growth will be driven by higher spending by Chinese parents. "They tend to pay more attention to the safety and quality of kids' products and they want to provide the best for their only child."
Established in 1999, Leyou offers maternity, baby and children's products at more than 200 stores in the country. "Our sales revenue has been growing at more than 60 percent annually in recent years thanks to our rapid store expansion. I believe there will be huge potential in this niche market in the future," said Kung.]

Mo Rocca on alpaca farm. They look like muppets. Amber Isaac in Golden, Colorado. Alpacas Magazine, "From Broadway to the Barn." Her herd is about fifty. In 5 months, made more money from alpacas than in 2 years at regional theater. Sheep and alpacas have different talents. No lanolin in alpaca. Ultimate fiber animal. Quakertown, PA. Harley Hill Farm. Alpaca hay. Tax returns for alpaca owners. It is a business. Herd sire. "Max"

Paul Volcker interview. He is 6 foot 8. A giant shadow over Wall Street. Campaign to curb greed and speculation. Now 84 years old. In Jan 2010, Obama talked about "the Volcker rule." Goes into effect in July, prevents banks from making speculative bets. Distorted culture of traditional banking. He pushed interest rates above 20% when he was chairman. Farmers blockading Fed with tractors. Now, Volcker is being attacked by banks. Jamie Diamond: he doesn't understand capital markets. President Obama: target of Wall Street. Obama as great socialist (no connection with reality). Deaf,dumb, and blind. Back in the mix at age 84? Banks will be glad to see back of him. Volcker is a Princeton graduate.

[Bob Schieffer is off today. Nora O'Donald[

Next week: Zack Effron, Patty Smith.

Moment of nature, (no sponsor mentioned!) at the Routerville Sanctuary near Gainesville, Florida. Pot-bellied pigs. This is a recycle of a PREVIOUS moment of nature!!!