CBS Sunday Morning June 24, 2012 money issue primarily a recycle of the past?
For a previous discussion of the money issue, see
"CBS Sunday Morning" on March 25, 2012 does money; inventions from Bell Labs
The intro for the cover story: Changing technology is nickel and diming old fashioned cash out of business. Former treasury sec Robert Reich gives a prediction of the demise of cash. 95% of transactions in America have nothing to do with cash. Cash's days are numberbered. Book: The End of Money. Production costs of pennies and nickels is about twice the face value. The filth factor. Ap: Pay with Square. Verify by face and by name at the site of the transaction. "The real innovators have to prove to us that this is truly life changing." [IPBiz: is this an oxymoron?]
Flu virus can live for three days on paper money.
Of Columbus, Ohio as a marketing test center. Wendy's allows CBS to view their testing facility. Fine tuning all the way up to national marketing. "I'm happy to be a guinea pig." Near perfect cross-section of the country's consumers. Introducing blend of funky culture and creativity. If an idea can make it in Columbus... Cayenne pepper flavored ice cream. Piada. Chris Doody. Giant Eagle Market District. Bret Merrill is Giant Eagle (of Pittsburgh) VP. One can buy a glass of wine and drink it.
This story leads right into the Erin Moriarty story on costs of clothes. A woman's shirt require about a yard of fabric. Labor costs in the US add about 75%. KP MacLane. From wholesale to retail, clothing is marked up 100%. Issue of a brand and a quality product.
Oct. 29, 1929: Black Tuesday. In the midst of the depression, Fiesta Dinnerware was born. Joseph Wells, III. Family owned since 1897. Have something to be happy out. Inexpensive plates with colors like a crayon box. Richard Mayberry of Southport, CT. The story says the factory is in Newell, West Virginia.
Clarissa Ward on the European economy. Raxevsky. Plans for the brand. Nobody wanted to deal with anything touched by Greece. Are you going to be there next week?
22% of Greeks are out of work. Contagion. Greece to Spain to Germany. John Cornblume, former ambassador to Greece. 17 countries use the Euro. 9 of Raxevsky's 69 stores have closed down.
Arman K. on baseball cards. Parsippany, NJ. Mike Gordon baseball card show. Book: Mint Condition.
Jeff Glor on Goya. Ads from the 1980s. 1.7 billion per year in sales. Have Goya products on every table. Formed in 1936 by man named Ortiz. Name "Goya" bought for $1. Food is a tie to immigrant community. Pinto/Mexico; Pink/Puerto Rican; Roman/Dominicans. Goya delivers directly to stores. Same pricing policy for all stores. Hispanic population is now 16%. "Staying private and very profitable."
Suzie Orman. Mentions that scholarship people check out social media posts. Living revocable trust. Pay down the mortgage of a home, (only) if you plan to stay forever.
"Mother of Invention" by Martha Teichner starts with the first transistor from 1947.
Then 1960's helium neon laser. Edward Eckhart is archivist at Alcatel/Lucent. Fax machines, solar cells, digital cameras. Tel-Star. Jon Gertner on the history of Bell Labs. 7 Nobel Prizes. Founded in 1925, eventually employed 25,000. Science could take its time. The picture phone at 1964 World's Fair. Bell Labs devised concept of cell phone in 1947 with operating cell system in 1977. Richard Frenkiel on cell phone. "We thought we were the good guys." AT&T was broken up in 1984. Without the monopoly, it cannot never be the same. Things are getting created. Bell Labs VP Theodore "Tod" Sizer. The light radio. Now Bell Labs has 1500 employees. Lessons to be learned from Bell Labs. Innovations that change the world. Previous: 17,000 patents, 1 per day. Now, 30,000 patents. Seven patents per day.
Rita Braver with Iman. Somali born model lit up magazines in 1970s and 1980s. Question: did you bring your own foundation? In 1994, she founded Iman Cosmetics, designed for women of color. 25 to 30 million dollars per year. Her father was a diplomat; close Muslim family. Peter Beard in Nairobi, Kenya. Peter Beard fabricated a story about Iman's background. In 1990, she fell for David Bowie. As to security, "only age can give you this."
Celia Haddon on "Year of the Dragon" in 2012. Babies born in year of dragon destined for success. China's baby care industry growing 20%. Huggies, Rice, Fisher-Price. Chinese buy foreign products for safety reasons. Larry Kung. Owns chain of 200 baby care stores. 31 births per minute in China.
"Have you Herd?" by Mo Rocca on alpacas. Look like muppets. Amber Isaac has an alpaca ranch in Golden, CO. She bought hers in 2007. "Alpacas" magazine did an interview with her. She now has 50 alpacas. First came to the US in 1984. Alpacas are the ultimate fiber animal. Also, Harley Hill Farms in Pennsylvania.
Anthony Mason interviews Paul Volcker. Culture on Wall Street has to change as to greed and speculation. Economic Recovery Advisory Board. The Volcker Rule. Goes into effect in July 2012. Jamie Diamond quote on Volcker. Obama as the great socialist? Volcker's 65th college reunion at Princeton next year.
Face the Nation: Rick Perry
Next week on Sunday Morning: mosquitoes, a story with bite.
Moment of Nature (no sponsor mentioned ): Routerville pig sanctuary near Gainesville, FL.
[This becomes a twice repeated moment of nature.]