CBS Sunday Morning on March 24, 2013: the money issue
How to do business with perfect strangers. A view of Mount Diablo in Bay Area begins the story. Doug Studebaker rents out tree house, with a view of Mount Diablo, by making it available on airbandb. $195 per night to stay in tree house. Studebaker is part of the sharing economy. GetAround and RelayRides. Ride a Tesla for $25 per hour. The Tie Society. AirBandB has 300,000 places available. Lawrence Summers booats the sharing economy. Empty apartments become a lower cost place to stay. Summers is on the Board of LendingClub. Renaud Leplanch is LendingClub's founder. They have loaned 1.5 billion so far. Shareable. by Gorinflow. Peg Powell rents out a couch. She lost her job in silicon valley. She rents her home on airbandb and her car on getaround. An old idea (eg boarding houses) brought up to date.
Seal of approval. Labwork behind the logo. Peter Thomas Roth sells skin care products. On Jan. 28, selling changed by virtue of having Good Housekeeping Seal. Rosemary Ellis is editor in chief. Seal started in 1909. Higher life of the household. Pure Food and Drug Act in 1905. Stopped taking cigarette ads in 1952. "Wall of shame." Products have to be tested to be advertised. Blenders to bathing suits. Slimming bathing suits. Durability and effectiveness is studied. Frozen waffles were tested by Teichner. 21 million people read each issue. In 2009, the seal turned 100. A new green seal was introduced and Benjamin Moore paint got one.
Displaying products at Wal-Mart via paintings by Brendan O'Connell. The world from a perspective of pushing a cart at 5 miles an hour. O'Connell trying to make contemporary art that is relevant to the American experience. Wal-mart put the boulevards of Paris under one roof. First time: O'Connell was invited to leave. Allan Draneau of Wal-Mart. Could paintings be viewed as American excess? Sweet and poisonous. Hats, hearts, and hoodies. This is the darkest painting; the world is coming to an end. Paintings sell for 1,000 to 40,000. A painting of a rack of Jif. Turn the chore of shopping into something of an art. Story done by Erin Moriarty.
Movie "Freelancers." Tracy Smith talks with Fifty Cent. On QVC: $50,000 worth of headphones in 20 minutes. Fifty cent started by selling water. Glaceau Vitamin Water. Fifty Cent born as Curtis Jackson. At age 8, moved in with his grandparents. By spring of 2000, he had a record deal. All things fall apart. He has signed five boxers. He is working on his first album in three years. Now, he is 37 years old. He now has a new energy drink. Clip of tv ad with Joan Rivers.
Susan Spencer on "In a pickle." Shamus Jones and Brooklyn Brine. 32 year old pickle pioneer. Going in and making a product. Whiskey Sour pickles. In 2010 a call from Williams Sonoma for 20,000 jars. Now Brooklyn Brine has topped a million bucks in gross sales. You need big barrels. Adam Steinburg, Panamint Museum. Pickle pushcarts. Numb your nose. H. J. Heinz. Started selling all across the country. 1 billion pounds of pickles per year. About 4 pounds per person per year. The Pickle Guys. Now pickled pineapple, pearl onions. Kauffman and Jones: big untapped market for pickles.
Polonius in Hamlet. Faith Salie talks about Omaha Warren Buffet and Sue Kane of Our Family's Social Credit Union. Manley and Lucy Williams started it Now 511 members and assets of about 1/2 million dollars. Credit unions are not for profit. Profits are returned to members. Peggy Powell of credit union museum. A group of people combining their resources to look out for one another. Newsletter: Relatively Speaking.
Lee Cowan on saving for golden years. How much is enough? Put away 15% of your annual salary. A family making 75K needs savings of 800K at retirement.
Serena Alschul of Uniclo, fashion retailer. Tokyo based company. Goal is to become number one fashion retailer. Feels more like an art gallery than clothing store. Simon Collins. They care about how the staff looks, about how the store looks. 75% of staff time is spent in folding. Fold 7 pairs of jeans in less than a minute. Micromanagement; attention to detail. Began in 1984. Unique clothing warehouse. Uni-clo. One store goes to 1200 stores. Aiming high.
Book publishers. Bill Geist. Desiree Holt is a 76 year old grandmother. Mommie Porn. Erotic Romance. The Porn Queen of the Texas Hill Country. Video of three dolls depicting sex acts. Patty Marx. Rodeo Heat. A cover shoot is shown.
Ben Tracy on Jillian Michaels. Unlimited. "The Biggest Loser." People call you a "brand." Tough Love that often seems to lack the love part. Incomplete representation of who I am. Yelling makes better tv. I've always wanted to shift into a daytime medium. Screams on tv --> unlikable. Written 6 diet and fitness books and aobut to launch a speaking tour. Now, too busy to go to the gym. Are you worried about diluting the brand. Jillian's tv show was cancelled. Suits about dangerous ingredients. Grew up in Santa Monica, CA. At the age of 28, a sports medicine clinic. Pertner is Heidi. In my professional life, I am never satisfied.
There are no second acts in American life. Rita Braver on Steve Case. "Case in Point." Revolution, a DC based venture firm.
Living Social and Hello Wallet. ZipCar. Unorthodox approach. You will only hit a home run if you are swinging for the fences. Potential for computers to be used in commerce. At the time, looked like niche hobbyist market. By 2000, AOL-TimeWarner. Thomas Edison: vision without execution is hallucination. Case left company in 2003. Net worth of 1.4 billion. Jean and Steve Case. Steve Case at Sweet Green started by Georgetown U. graduates. At 54, Case is an internet elder statesman. Frequent speaker. There will always be bumps on road. Need shared passion.
Where does US rank in taxes. Denmark, at 42%, is at top of "high taxes" list. The US is at 18.7%. Ranks only 61%.
How much money do you have? Poll. Enough or more than Enough 25%. Just enough: 47%
Suzie Orman. Three keys to financial happiness. Is it a need or is it a want? 2. Live within your needs. 3. Save or spend?
Moment of nature. HandiHaler. California's Central Valley where bees are pollinating blossoms of almond trees.