How did the Pentagon's F-35 fighter jet program, which was originally thought up as a way to cut costs, end up becoming the most expensive weapons program in history?
Mackenzie Eaglen, a resident fellow at the American Enterprise Institute, says policymakers boxed themselves into this expensive fighter jet. "By canceling the F-22 air superiority fighter," Eaglen said, "it made the F-35 fighter the only fighter option available to the Pentagon."
Eaglen says the original concept behind the JSF program—that creating a single, unified aircraft for all branches of the military would lower costs—has been discredited. "It's never truly joint; these are fraternal twins," Eaglen said.
Ben FitzGerald, Senior Fellow and Director of the Technology and National Security Program at the Center for a New American Security, says today the debate all centers around one question: "how do we manage the cost."
Canceling the F-35 is no longer an option, he said, because the Pentagon has put all its eggs in one basket.
If you’ve been thinking about visiting Europe, but haven’t wanted to pay top dollar, now is a pretty good time to take out your wallet. With the dollar creeping up on the euro, American tourists are modifying their summer itineraries.
University of Texas-Austin student Neena Malhotra is taking advantage of the weaker euro. She’s planning on traveling to Germany, Switzerland, Italy, France and Spain.
The price of everything from paella to train tickets has dropped –
“And when looking at the prices to determine whether it is a good idea or not,” she says, “it seemed more feasible than it had another time we had tried to do it.”
According to TripAdvisor, the average nightly rate for a European hotel this summer is $133. That’s compared to $164 last year. And the average cost of a one-week European trip has dropped by 11 percent.
Kathryn O’Kane of Brooklyn had budgeted $200 plus a night in Madrid and Basque Country.
“We were pleasantly surprised to find hotels about $100 a night,” she says.
And with the extra pocket money, O’Kane says her family will be able to do a lot more shopping, and take advantage of opportunities to see Spanish Guitar or Flamenco. That will no doubt please a lot of local businesses in Europe.
The dollar’s surge will also benefit travel agencies and tour companies. Paul Wiseman is president of Trafalgar Guided Vacations.
“We're having a very good year to Europe,” Wiseman says. “We’re seeing double digit growth in Italy and Great Britain and I’m sure that’s on the back of a very strong U.S. dollar.”
But is a 90 cent cheaper café au lait enough to tempt people to go to Paris instead of Mexico?
Who better to ask than Paula Serrano, a travel agent in the city of Paris, Texas.
“No, [travel] has not picked up,” Serrano says. “I sell more Mexico than anything.”
After all, in Cancun a dollar gets you not just one, but fifteen pesos.
On Tuesday, JP Morgan and Wells Fargo begin a week of big bank earnings reports. But we got a preview of the state of the big banks last week, when GE announced it would wind down and sell off most of the assets of the seventh-largest bank: GE Capital.
"The primary lesson is: If you don't have to be a bank, don't be one," says Fred Cannon, global director of research at Keefe, Bruyette & Woods. Cannon also says the fact that GE is selling most of the financial assets to smaller institutions is an indication of what sector will see faster growth in the years to come.
But bank analyst Nancy Bush says there is one area where the so-called “universal banks” have an edge this quarter: Trading on the volatility in the currency and commodities markets.
Last week, one of my colleagues was sounding a little tense as he set out to work on his taxes. Radio producer Josh Woo fills in here as a director on the Marketplace Morning Report and the thing is during 2014 tax year, Josh won big on a TV game show. Four years earlier, Josh had also won prizes on another show, The Price is Right, and a dozen years before that, when just a kid, Josh won two grand on Jeopardy. With Josh's tax return now signed and delivered, I wanted to see if with all this experience, if he managed to avoid the classic mistake or forgetting to pay estimated tax on extra income.
Click on the multimedia player above to hear more on what Josh's big win means to him this tax season.
That's how now-official presidential hopeful Marco Rubio has been polling, on average, for the past few months. While he's a low-performer in the crowded GOP field, FiveThirtyEight argues Rubio belongs in contention with presumed GOP front-runners like Jeb Bush and Scott Walker. Rubio has a history of beating expectations and winning important party endorsements, says analyst Harry Enten, and he could be a very electable, middle-of-the-road option for voters.1: 1.05
That's the euro-dollar exchange rate this morning. If you've been thinking about visiting Europe, but haven't wanted to pay top dollar, now is a pretty good time to take out your wallet. The attractive exchange rate is making everything from paella to rail tickets cheaper.$2,815
The average tax refund at the beginning of April, about $20 more than this time last tax season. All told, the IRS refunded about $374 billion last year. So why do so many people overpay? Turns out it has a lot to do with taxpayer psychology. We looked into it as part of our series, "I've Always Wondered..."April 15, 2015
Speaking of taxes, April 15 is the IRS tax filing deadline. As if you didn't already know. Our own producer Josh Woo was the winner on Wheel of Fortune in the 2014 tax year. And with his tax return now signed and delivered, we look at what his game show victory meant for him this tax season.1995
The year Lynda Weinman started Lynda.com with her husband Bruce Heavin. Born out of Weinman's do-it-yourself web design books, Lynda was bought by Linkedin last week for $1.5 billion. The Wall Street Journal has Weinman's story, from doing special effects on "RoboCop 2" to shaping the current landscape of ed-tech.5.6 percent
That's how much Nokia's stock went down on the Helsinki Stock Exchange today after news broke that the company is looking to buy Alcatel Lucent of France. While negotiations could always break down, Alcatel stock is up 12 percent in Paris now. And there are a few strands of American DNA in there. Lucent is descendent of the old AT&T, bell labs, the people who invented the laser.
On gay rights and immigration, Republicans running for president, like Florida Sen. Marco Rubio, are trying to navigate a tricky course between their party and the country at-large.
The GOP still has the health care law in its sights, but now also promises to do away with Obama's opening to Cuba and nascent deal on nuclear development with Iran.
The Fed came out with a warning this week about the bond market. Fed executive Vice President Simon Potter expressed concerns that extreme volatility like the October “flash crash” could become more common, perhaps the result of high frequency trading, or more surprisingly, too much regulation. Simon Potter doesn’t know exactly what caused the October spike. It could be because of high speed trading. Or because reforms enacted by regulators after the financial crisis, like increasing the amount of capital banks hold, could have unintentionally created more volatility.
The bond Flash Crash happened past October, actually wasn’t a crash at all, it was the opposite, a spike. In a 15 minute period, the yield on the 10-year treasury jumped more than two percent, which may not sound like a lot, but statistically speaking it was a price swing that should only happen once every 1.6 billion years.
Rancher Cliven Bundy successfully stood down Bureau of Land Management agents near Las Vegas. He's considered a symbol for a national movement to wrest Western lands from U.S. agencies' authority.
Cancer treatment is increasingly expensive, even for patients who have insurance. Some doctors advocate discussing the costs of cancer treatment as they would hair loss, pain or other side effects.
In a small community in southeastern North Dakota, tension between compassion and faith is ever-present in residents' attitudes toward same-sex marriage.
The sheriff's office says Robert Bates, who was volunteering on an undercover operation, mistakenly pulled out his handgun instead of his stun gun and shot the suspect as he struggled with deputies.
Rubio spoke to NPR about his run for president, Indiana's religious freedom law, the president's deal with Iran and immigration.
Alaska Airlines Flight 448 returned to Seattle, after the pilot heard "banging from beneath the aircraft." It turned out that a ramp agent had fallen asleep in the cargo hold.
The Florida senator could be the youngest Republican in the presidential field, but he is fully confident he has the experience to lead.
French-style eaux de vie have made a comeback in the U.S. thanks to the farm-to-table movement. Dozens of distilleries are now crafting dry, fragrant spirits from fruits that might have been wasted.