Marketplace - American Public Media

The tricky business behind fake Hollywood money

Tue, 2015-03-10 09:32

Greg Bilson Jr. runs a company called Independent Studio Services or ISS. They make props for pretty much every movie and television show you’ve seen in the last 40 years, including 90210, CSI, and Indiana Jones.

One of ISS’s specialties? Prop money.

That made ISS the ideal company to work on Rush Hour 2. The premise of the movie is that two police offices, played by Jackie Chan and Chris Tucker, chase a counterfeiter known for producing high grade counterfeit money. To prepare for the climax of the film, ISS created a billion dollars of fake money.

Bilson says, “it was fourteen pallet loads of $100 bills, stacked four feet high, solid.” That’s a lot of money, all of which was to be blown up in a casino.

The scene went well but as thousands of these fake bills rained down, many extras grabbed a few of these bills and kept them as souvenirs. Some of those extras tried to spend the money.

The federal authorities weren't too pleased about this. Secret service agents swarmed the set, shut down production, confiscated all the bills that were left, and then they paid Bilson a visit at ISS. He was essentially blamed for counterfeiting.

“Most people would look at this bill and kind of laugh” says Bilson. “It is a very bad picture of Ben Franklin, who we named ‘Franken,’ it says, ‘Motion picture use only’ on 15 different places, it [says], ‘In dog we trust.’ There are many many things that are different from the real bill, but it’s still not within the parameters of legal.”

Bilson has to operate under the counterfeit detection act of 1992. Essentially what this law says is that bills must be either 75% smaller than or 150% larger than the size of a real bill and one color, one side.

And that puts Greg Bilson and other prop builders in Hollywood in a tough spot. They have to skirt the line between these strict counterfeiting laws and producers' demands for this incredibly realistic money. And sometimes, these prop builders have trouble finding that sweet spot in the middle.

“Movie producers and films and TV shows are kind of wanting us to break the law all the time. So we have to keep within those parameters, or do it in a manner that is legal.”

Like other prop masters, Bilson isn't trying to dupe the public. He’s just doing his job.

Read the full story on Pricenomics.

Janet Yellen needs to work on her brand

Tue, 2015-03-10 09:29

According to an NBC News/Wall Street Journal poll that came out on Monday, just 14 percent of Americans know who Janet Yellen is and have an opinion about her, good or bad.

The rest of us don't know, or aren't sure, whether she's the most powerful person in the global economy.

So ... I quit.

(Just kidding.)

The cost of inefficient Social Security record keeping

Tue, 2015-03-10 09:29

The Social Security Administration keeps track of deaths in the U.S. with a death master file. The Inspector General at Social Security decided to give it an audit, after getting a call from a bank that went something like this: "Hey, a young guy just opened an account with us. But his Social Security Number says he was born in 1886."

“How do you have people who were supposedly born those dates, and yet there’s no death on the death master file?” asks Rona Lawson, Deputy Assistant Inspector General for Audit in the Inspector General’s office. 

Lawson says banks use the "death master file" to make sure dead people's Social Security numbers aren't being used fraudulently. The E-Verify program uses it to find undocumented workers. Lawson says 4,000 of those 112-year-olds were put through E-verify.

"I don’t know whether those 4,000 people got the jobs or not,” she says, tongue-in-cheek.

At least eight federal agencies use the "death master file," including the Department of Veterans Affairs and the IRS. Since the file isn’t 100 percent accurate, they could be paying out refunds and pensions to dead people. The Social Security Administration did respond to the audit, and says it doesn’t have the money or manpower to correct the "death master file."

One problem is shrinking budget appropriations from Congress, says Dean Baker, co-director of the Center for Economic and Policy Research.

“It’s a little hypocritical to insist on cutting the funding and then blame the program for not adequately dealing with recording people’s deaths,” Baker says.

Social Security says it’ll look into problems and report back to the Inspector General by the end of September.

Correction: An earlier version of this story misspelled the name of Rona Lawson. The text has been corrected.

 

Why the stock market just dropped

Tue, 2015-03-10 09:29

On Tuesday, the US stock market opened by plummeting, with the S&P 500 dropping into negative territory for the year.

Why? 

Scott Wren, senior global equity strategist at the Wells Fargo Investment Institute, points to two main factors: A rapidly strengthening dollar and fears that the Federal Reserve will raise interest rates sooner than expected, stoked by comments by outgoing Dallas Fed president Richard Fisher.  

But Steven Englander, global head of G10 foreign exchange strategy at Citigroup, is less certain. He points out that interest rate fears have been significant since late February, when Fed vice chair Stanley Fischer told CNBC a rate hike this year was highly probable. "We've gotten used to thinking of a zero interest rate as normal," Fischer said. "It's far from normal."

As for the dollar, it did rapidly strengthen overnight, but the initiating event is a bit of a mystery. "Why this sort of realization hit the market at around 8 p.m. New York time or 8 a.m. Asia time is a bit of a puzzle," says Englander. "Because I've checked with colleagues and there's no real news." 

An article in Bloomberg suggested a slump in the Euro and Yen was prompted by a sell-off the New Zealand dollar, or "kiwi," after threatening letters were sent to dairy producers there. 

"The little kiwi that roared?" asks Englander. "I don't think so."

But when it comes to the origin of a market move, it's hard to definitively rule any explanation out.

For returnees to Mexico, English is a lucrative skill

Tue, 2015-03-10 08:31

For almost ten years now, more people have been leaving the U.S. for Mexico than immigrating here. Whether they’re leaving voluntarily or not, some experts estimate that over a decade, half a million young adults between 18 and 35 have returned to Mexico after living in America for five years or more. Returning home isn’t always easy, but it has created some opportunities for bilingual employees and the businesses that hire them.

When you walk down Padre Mier, one of the main drags in downtown Monterrey, you’d be hard pressed to avoid hearing someone speaking English.  It turns out those English speakers are increasingly working in one particular industry: call centers. There are at least nine on this particular street.

Now, Monterrey’s a big city — Mexico’s second-largest, but it’s still surprising to learn there are more than 30 call centers here. Big American companies outsource to Mexico to provide billing, technical and sometimes even direct sales support.

Juan Jose Cruz says his first job in Mexico was at Hispanic Teleservices. He spent most of his teenage years as an undocumented immigrant in Virginia. He’s now 26 and decided to move back to Mexico about five years ago. Cruz is from Guadalajara, but like many Mexicans that return home, he landed in Monterrey and started looking for a job.

“I was like, ‘OK, I can speak English and nobody speaks English down there.’ But I was completely wrong, you know?”

It turned out that there were lots of English speakers in Monterrey. And there was also lots of work in the call centers.

Omar Solis also returned to go back to college. He says he was pleasantly surprised with this particular job market, too.

"It tends to pay more than any other typical Mexican job without having any sort of formal qualifications," Solis says. "Any sort of diplomas or formal education. However, where I think there was a bit of a difference there, was just the way I speak."

Bill Colton, the President and co-founder of Global Telesourcing, says that’s exactly it. His company has had a call center in Monterrey for about eight years. He says about 95 percent of the people they hire spent their formative years in the U.S. and you can tell when you’re on the phone with them.

“Our employees speak English not just well, but they speak it natively,” Colton says

Mexicans who have lived in the U.S. can give better service because they’re essentially Americans and understand the way American consumers think, Colton says, therefore they’re worth paying a little more.

Juan Jose Cruz says there’s not a lot of glory working in a call center – it’s the pay that attracted him.

“They were like, ‘Oh, do you want to come work for us? We offer this salary.’ It was like, whoa that’s a big salary for Mexico. They were paying like 20,000 pesos.”

That’s 20,000 pesos a month or about $17,000 a year. That’s significantly more than the $13,000 most Mexicans earn annually.

Colton says the biggest reason employees in Monterrey quit is not because they don’t like the work or aren’t happy with the salary. It’s because they’re going back the U.S.

“Based on what their life situation is and where they think they can best achieve their next objective, they’re very comfortable picking up and moving across the border one way or the other because they’re truly bicultural and comfortable in both countries,” Colton says.

For some, it’s a little more complicated than that. Undocumented immigrants still can’t legally work in the US. So, as long as there’s a market for these returnees in Monterrey, there could be more Mexicans returning home for work than coming up to America. And as long as that’s the case, the call center business in Mexico will continue to grow.

Quiz: Why lawmakers may not feel your pain over student debt

Tue, 2015-03-10 07:49

Open Secrets examined financial disclosures of members of Congress and found 47 who listed student loan debt.

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In world of health data, enemies may become friends

Tue, 2015-03-10 07:27

Sharing patient information is a key to improving patient health. That’s a mantra in health care these days, but it is much harder to pull off than you might think.

U.S. Health and Human Services Secretary Sylvia Burwell’s recent announcement ushering in paying doctors and hospitals based more on quality than quantity makes exchanging this data more valuable by the day from a business perspective.

And while there’s money to be made and customer satisfaction to be gained, many doctors say still say they aren’t getting the information they need to help their patients.

Dr. Neal Weinberg says sharing that data is essential to helping a person be well.

“Not having immediate, accurate information in one chart can lead to complications for the patient, they could die, they could be pretty sick and end up back in the hospital with other problems,” he says.

That seriousness helps explain why doctors and hospitals around the country have begun to share information. For example, the Penn Medical System uses 600 servers to exchange patient data with surrounding providers including some competitors.

But Chief Medical Information Officer Dr. Bill Hanson explains there are real world limitations that cap Penn’s ability to share more than they do.

“There’s sort of a yin/yang of the desire to exchange information and protect information. There are also the politics of working with competitors,” he says.

We’ve been hearing about these issues — technical kinks, patient privacy and collaborating with competitors — for a while now. New data shows more than half the groups who are trying to better manage care — through what are called Accountable Care Organizations — say they can’t get timely patient data. And if those folks, who have every economic incentive to get that information, can’t, there’s a serious problem.

University of Michigan Professor Julia Adler-Milstein says she’s focused on finding ways to cut through the challenges. There’s too much at stake, she says.

“You need complete information to ensure that care is safe,” she says. “You need complete information to ensure that care is effective. You need complete information to ensure that care is efficient and not wasteful.”

Given the potential to improve health and lower spending, Adler-Milstein says we must learn which challenges are really blocking up the data. One problem, she says, is that electronic health record companies are making it difficult to connect with other health record companies.

“We don’t have good empirical data on that but you just can sort of hear the chorus of complaints from anyone you talk to about how hard it is,” she says.

Adler-Milstein says one solution is to create a consumers’ report of sorts for doctors and hospitals to show which electronic records companies make sharing easier.

Dr. Ira Nash, an executive with North Shore LIJ Health System on Long Island, says change the idea that doctors are in charge of all this stuff.

“You want the patients in the middle. They are the consumer. We exist to serve their needs. Why should we own the data,” he says.

By its nature much of medicine is guesswork. But when it comes to patient data, Michigan’s Adler-Milstein says, some of the guesswork goes away.

PODCAST: Party for parity

Tue, 2015-03-10 03:00

Is it time to party for parity between the European single currency and the U.S. dollar? Plus, tomorrow could be a big day for Goldman Sachs.The bank was among 31 U.S.-based holding companies undergoing the annual Federal Reserve stress test, and Goldman could have done better. Analysts and investors are watching to see if this means Goldman Sachs is forced to shift away from one its favorite financial strategies. And there's word this morning that small business optimism is up because of or despite tight labor market conditions. A survey of more than 700 small busienss found 29 percent were having trouble finding talent to fill open positions. A separate survey says signing bonuses for college grads are up. We check in with some companies that are trying to recruit new employees in what is hands-down the hottest field right now: high-tech.

2015 the best job market in years for tech grads

Tue, 2015-03-10 02:00

Companies that deal in software, mobile apps, social media, and network infrastructure really never had an employment crash, even at the height of the financial crisis. Hiring slacked off, but it was still hard to recruit and retain the best-qualified engineers and computer-science graduates, especially in technology hubs like Silicon Valley, Seattle, and New York.

Now, the job market for tech workers is heating up even more. Recruitment at colleges will be up more than 50 percent this year, according to a survey by Michigan State University; the average increase in recruitment across all employment sectors is 16 percent. Engineering graduates will earn by far the most money on average in their first jobs: $63,000, according to the National Association of Colleges and Employers (NACE); petroleum engineers will be the highest-paid engineers, at $80,600. And according to the recruitment website Jobvite, the position that is hardest to fill right now is software engineer in the New York and Detroit markets, at 364 days.

At several high-tech startups we visited in Portland, Oregon, perks on offer to employees included the typical creature comforts at these firms: ping pong tables and old-school video games; free food and gourmet DIY coffee; board games and a cozy cubbie for napping.

But companies are also competing more fiercely for new talent on salary, benefits and career opportunities now than at any time since the Great Recession, says Curt LaCount of Jacobs Engineering, a 70,000-employee company that builds massive infrastructure, including oil and gas facilities, all over the world. LaCount was at a standing-room-only recruitment fair recently at the University of Portland.

“This is probably the best market for new grads in five or six years,” says LaCount. “I wouldn’t say it’s a frenzy. But companies are getting a lot more aggressive.” He says the pickup in recruitment and hiring has two causes: companies held back on hiring during and after the recession, and many older engineers are now retiring.

Dallas-based Match.com is also competing hard for new employees now, says human resources manager Lisa Nelson. She says that while having online-dating experience with one of the company’s products (the parent company also operates OkCupid and Tinder) isn’t a requirement of employment, “we have many employees that found their significant other or spouse using a Match product and they will tell their story to anyone who will listen.”

Nelson says the company is now vying for software and mobile engineering talent not only with other dot-coms, but also with companies in retail, real estate, and finance, too.

Dan Finnigan runs the recruitment site Jobvite. He says bargaining power is shifting to the potential employee in many fields. He says the companies that will be most successful at recruiting “are the ones who have redesigned their career website to be quite appealing, you can apply on your mobile device. They are targeting high-demand people the way marketers do to sell their products.”

Apple's ResearchKit links iPhones to medical research

Tue, 2015-03-10 02:00

While technophiles across the world are still abuzz over yesterday’s unveiling of the new Apple smartwatch, the company broke some other news that might more be even more important.

Apple calls it “ResearchKit”, an open-source platform that will allow medical researchers to turn smartphones into medical diagnostic devices.

Many people are already used to the idea of wearable devices to do things like track exercise, or sleep. Jeff Williams is a senior vice president of operations at Apple. He told an audience yesterday that the key benefit of the ResearchKit platform is the potential to help doctors substantially increase the sample size for clinical studies.

"They often have to pay people to participate, which by the way doesn't give you the best cross section of the population. But, the bigger issue is small sample sizes, sometimes 50-100 people," says Williams.

Using smartphones could allow researchers to gather data on people where they live, even all the way into their pockets, which sounds kind of creepy when it comes from NSA, but in the context of a voluntary option for medical research it, could significantly help our understanding of disease.

“It’s been really hard to untangle complex diseases like cancer or Parkinson’s disease or cancer, when you only see someone three times a year for 15 minutes,” says John Wilbanks, of Sage Bionetworks.

Sage is collaborating with Apple and researchers at the University of Rochester on the development of an app to study Parkinson’s called “mPower.” Wilbanks says that the sensors and gyroscopes in a standard iPhone could collect data, for instance, on how a person with Parkinson’s walks.

“So we could either have a doctor do a visual inspection of that once a year,” says Wilbanks, “or every couple of days you could get a notification from the phone that says something like, ‘holding the phone in your right hand, take 20 steps forward and 20 steps back’."

The entire ResearchKit platform will be available for all developers in April. 

Apple says all data shared on the ResearchKit platform will be de-identified for privacy and the data itself live on the individual phone and will not be seen by Apple.

Goldman Sachs could lose a financial weapon

Tue, 2015-03-10 02:00

Goldman Sachs was among 31 U.S.-based holding companies undergoing the annual Federal Reserve stress test. Analysts say that as a result of Goldman's relatively poor performance, on Wednesday regulators might limit one of Goldman Sach’s big financial strategies: buying its own shares.

Buybacks pump up earnings per share by reducing the number of shares. “When you take a look at Goldman as compared to a lot of financial institutions, Goldman has relied on buybacks,” says Allen Michel, finance professor at Boston University.

Last year, Goldman Sachs spent $5.5 billion buying its own stock. Shareholders love it because they’re getting cash. But regulators want to see more capital assets, says Stephen Hoopes an analyst with IBISWorld.

“So the Fed’s mostly just looking at if a recession were to happen, if a big change in the market were to occur, how would these big banks handle that,” Hoopes says.

If the Federal Reserve says Goldman can’t use its capital to buy its own stock, it’s estimated the bank could earn almost $2 less per share next year. That, Michel says, even for a powerhouse like Goldman, would be a big deal.

 

2015 the best job market in years for tech grads

Tue, 2015-03-10 02:00

Companies that deal in software, mobile apps, social media, and network infrastructure really never had an employment crash, even at the height of the financial crisis. Hiring slacked off, but it was still hard to recruit and retain the best-qualified engineers and computer-science graduates, especially in technology hubs like Silicon Valley, Seattle, and New York.

Now, the job market for tech workers is heating up even more. Recruitment at colleges will be up more than 50 percent this year, according to a survey by Michigan State University; the average increase in recruitment across all employment sectors is 16 percent. Engineering graduates will earn by far the most money on average in their first jobs: $63,000, according to the National Association of Colleges and Employers (NACE); petroleum engineers will be the highest-paid engineers, at $80,600. And according to the recruitment website Jobvite, the position that is hardest to fill right now is software engineer in the New York and Detroit markets, at 364 days.

At several high-tech startups we visited in Portland, Oregon, perks on offer to employees included the typical creature comforts at these firms: ping pong tables and old-school video games; free food and gourmet DIY coffee; board games and a cozy cubbie for napping.

But companies are also competing more fiercely for new talent on salary, benefits and career opportunities now than at any time since the Great Recession, says Curt LaCount of Jacobs Engineering, a 70,000-employee company that builds massive infrastructure, including oil and gas facilities, all over the world. LaCount was at a standing-room-only recruitment fair recently at the University of Portland.

“This is probably the best market for new grads in five or six years,” says LaCount. “I wouldn’t say it’s a frenzy. But companies are getting a lot more aggressive.” He says the pickup in recruitment and hiring has two causes: companies held back on hiring during and after the recession, and many older engineers are now retiring.

Dallas-based Match.com is also competing hard for new employees now, says human resources manager Lisa Nelson. She says that while having online-dating experience with one of the company’s products (the parent company also operates OkCupid and Tinder) isn’t a requirement of employment, “we have many employees that found their significant other or spouse using a Match product and they will tell their story to anyone who will listen.”

Nelson says the company is now vying for software and mobile engineering talent not only with other dot-coms, but also with companies in retail, real estate, and finance, too.

Dan Finnigan runs the recruitment site JobVite. He says bargaining power is shifting to the potential employee in many fields. He says the companies that will be most successful at recruiting “are the ones who have redesigned their career website to be quite appealing, you can apply on your mobile device. They are targeting high-demand people the way marketers do to sell their products.”

In Atlanta, not all neighborhoods come back

Tue, 2015-03-10 02:00

On the first Tuesday of every month, banks auction off foreclosed properties on the steps of the Fulton County Courthouse in downtown Atlanta. Last month, there were a few dozen bidders, a far smaller number, according to those present, than at the height of the housing crash.

To some bidders, the presence of fewer people suggests there are fewer foreclosures. To them, this is evidence that the housing market in the Atlanta Metro region is on the mend.

Dan Immergluck, a professor of city and regional planning at Georgia Tech, has been following Greater Atlanta's housing market for a decade. In 2012, he started to hear that the  region was recovering. He wondered, after seeing neighborhoods where large swathes of property were still vacant, whether recovery was the whole story.

Immergluck broke Atlanta up into zip codes, and using home price estimates from the real estate website Zillow, he examined how house prices in each zip code were recovering. What he found was that the way in which a neighborhood was rebounding — fully and quickly, or partially and more slowly — depended in part on its racial demographics.

Homes in majority-white zip codes, Immergluck found, tended to have regained their full value. Homes in majority African-American and Hispanic neighborhoods were likely to have regained only about half of their pre-recession value. 

Oh, the panels you'll see!

Tue, 2015-03-10 02:00

Oh, SXSW Interactive—That springtime gathering of over 30,000 members of the tech community in Austin, Texas to eat tacos and present new technologies.

In an environment that encourages cheekiness and experimentation, you'll find the seeds of good ideas: Facebook launched Facebook Connect, an early version of its mobile app, at SXSW in 2009. You'll also find spectacles that make you squirm, like the "Homeless Hotspots" program during the festival in 2012.

This is the technology industry's hype machine in overdrive. It's a five day flurry of buzzwords and gamification. 

And this year's conference does not disappoint on that front. Attendees can look forward to Katie Notopoulos' panel "Hamburger Helper Is My Bae: Weird Brand Twitter". Or maybe "2 Girls Are Crying and I'm Not: Improv in Any Career" is more your speed. True to form, SXSW Interactive has its share of great content with even better names.

Remember last year, when attendees sat through panels like "Interactive Avatars & All of the Doxxing"? Do you remember live-streaming "Live Pixels & The Tipping Point of Bikesharing"? Well, you shouldn't. Because these panels never happened.

Back by popular demand, the Marketplace SXSW panel generator is here to help you make your own very own fake panel which you can use to hack your way to an optimized experience. Let us help you create the Tinder of panels; the Uber of keynote speeches; the Yik Yak of Winklevoss twins. Then click the little blue bird to tweet us your favorites.

And while you're there, feel free to tweet us any questions you have for the Marketplace Tech team while we're down south in Austin. Use #SXMP, and we'll do our best to get you some answers.

Identifying the next Silicon Valley

Tue, 2015-03-10 01:30
$48,840

That's the maximum worker's compensation for a lost arm in Alabama, less than a third of the national average. Most states assign these types of values to lost limbs, eyes, fingers, even testicles, and a ProPublica/NPR investigation found the benefits vary wildly across the country. The story follows two workers who live not far across the Alabama/Georgia line from each other and lost their arms in similar accidents. One man got $45,000 and says he lost nearly everything, while the other could receive more than $700,000 in his lifetime and has managed to stay afloat.

20,000

That's how many people have signed a petition against the French extramarital-affair-dating-site Gleeden, as reported by the NY Times. Recently, a bus company in Versailles removed Gleeden ads from its vehicles following some 500 complaints filed in a single week — the company says they generally receive 900 complaints in a year.

2 out of 73

The portion of venture-funded companies with values over $2 billion that call Provo, Utah home. The city was also a leader in tech job creation outside the Bay area from 2009 to 2013, the Upshot reported. That puts Provo well ahead of the many cities jockying to be "the next Silicon Valley."

7

The demand for wild turtle meat between 1987 to 2013 increased 7 fold, according to a story in USA Today about a recent drop in the wild turtle population in Des Moines, Iowa. The Iowa Department of Natural Resources is now recommending a suspension of turtle hunting during egg laying season.

$17,000

The new Apple Watch could cost as much as $17,000, depending on whether you want aluminum and glass, stainless steel or rose gold. But some say you're better off waiting for Apple Watch's next iteration, as the company often uses the first generation of products to create a culture of cool, and then turns out a much more sophisticated version later on.

500,000

The number of iTunes downloads from tribute band Led Zepagain from their first album release in 2005 to when Led Zepplin's music first appeared on the service in 2007. Cuepoint explored the way soundalikes and tribute bands are doing better than ever thanks to digital streaming and the complexities of music licensing.

Why you might want to wait for Apple Watch 2

Tue, 2015-03-10 01:30

We finally know more about Apple Watch than we did in September, when Apple first unveiled its line of smartwatches. But details are still somewhat scarce.

As Lindsey Turrentine, Editor-in-Chief at CNET.com, points out, the event hosted by Apple Inc. on Monday revealed, “Maybe a little more detail about how it works over wifi but not a lot more about what this watch can do that your phone cannot." 

The watches will range from $350 to $17, 000, depending on whether you want aluminum and glass, stainless steel or rose gold.

Apple can get away without giving additional details on features, Turrentine says, because this is still a first generation product.

“Apple is really good at making second generation products,” she says. “And the first generation products are all about convincing you that it’s cool.”

The real goal, she adds, is to “test the waters.” That is, to get it out to people and see how each feature fares. Sell it to “the influencers,” as Turrentine calls them, who will make it seem cool.

“And when they come around with the second generation that does a lot more, people will be in a position to know what it is, and feel like maybe they are ready to fork out some money,” says Turrentine. At least, that’s her theory.

But she is confident that people will buy it.

“People will buy it because they are curious and that’s a totally legitimate reason to buy something,” she says. 

 

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