Marketplace: Thursday, August 12, 2004

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A look at today's markets (closing numbers)
DOW 123.73 (1.24%) ; NASDAQ 29.93 (1.68%) ; S&P 500 12.56 (1.17%)

Newscast With the economic figures that have been coming out of late, you really do have a choice. If you want bad news - as Wall Street seems to right now - you don't have to look very far. Today everyone was talking about Hewlett Packard, reporting much weaker than expected profits. Company CEO Carly Fiorina promised that heads will roll -- management will be shaken up. Tough talk, but it's only shuffling deck chairs if the tech sector as a whole is going the way of the Titanic. That's the fear, of course... Take one blowtorch, apply to the U.S. tax code, and what do you get? Could be, 'the vision thing, 2004'. At a campaign stop in Florida this week, the President was asked what he thinks about the idea of doing away with the IRS and going with a national sales tax. The President said it was an interesting idea worth exploring seriously. Today many columnists were picking up on the buzz, folks from the left and right calling it a radical plan... The folks at the Securities and Exchange Commission have been reading copies of Playboy at the office. They have to. That's because in the number set to hit newsstands on Friday, there's a seven page interview with the founders of Google -- discussing the company's rapid growth. Promoting your company in the run-up to an IPO is a major no-no... Listen to all newscast items

Features Economic enticements out of control? We do have some good news about the economy to share with you. The Commerce Department reported a modest rebound in retail sales last month. And the Labor Department said the number of laid off workers filing new claims for unemployment last week fell to a five week low. Because jobs are so critical, local governments have long tried to lure businesses with tax-breaks, public land permits - even flat-out cash. Is that now out of control? Reporter: Scott Jagow Related Story: With few new jobs, economy nearing standstill Beware of the Boys - Panjabi MC Support Marketplace: Purchase this music from Public Radio MusicSource Turning a financial corner in Japan The biggest bank of the world is located in Japan. Or it will be, soon. Today Tokyo Mitsubishi Financial Group signed a deal to absorb U-F-J holdings. This takeover battle has been the talk of Japan - in large part because, at least symbolically, it signals the end of a long national nightmare. An economic slump more than a decade old. Reporter: Jessica Smith Related Story: Japan's Economy Probably Grew an Annual 4.2% in Second Quarter The Shy Retirer - Arab Strap Support Marketplace: Purchase this music from Public Radio MusicSource "I'll put a computer (and AOL) in every home!" America Online made an offer some may find especially enticing. AOL will sell you a computer for less than $300 - if you become a subscriber. But a promotion too "special" can sometimes smell of desperation. Why is AOL trying so hard? Reporter: Lisa Napoli Related Story: AOL courts novices, Spanish speakers with budget PC Sun is Shining - DJ Krush Support Marketplace: Purchase this music from Public Radio MusicSource Just how many markets are we? AOL's pitching to Latinos. TV networks worry about holding on to young males. Most every product seems tailored to some small segment of the population. We've been sold on the concept that we're a nation of niches. Are we? Commentator: Adam Hanft Related Story: Online auctions 101 One Big Love - Patty Griffin Support Marketplace: Purchase this music from Public Radio MusicSource Liechtenstein, Liechtenstein With all the oil and market news, we'll forgive you if you haven't heard that Sunday is Liechtenstein's National Day. You could also be forgiven for missing this one: Liechtenstein has something less than a wholesome reputation. As of Sunday, Liechtenstein got a brand new... brand. Reporter: Stephen Beard Thank You - Dido Support Marketplace: Purchase this music from Public Radio MusicSource

Coming up on Marketplace... What would really put the markets in a tailspin?