Marketplace: Tuesday, September 21, 2004

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A look at today's markets (closing numbers)
DOW 40.04 (0.39%) ; NASDAQ 13.11 (0.69%) ; S&P 500 7.10 (0.63%)

Newscast In the Vietnam era the word 'quagmire' summed up a pattern - strategic failures followed by fresh waves of troops in a grim spiral. It's been said that Iraq is no Vietnam. But in Iraq, when one follows the money, critics can readily point to a familiar spiral. Those critics say that as failures mount, the U.S. is throwing more money at the problem. That's not how the White House today justified its decision to tap a $25 billion emergency fund for Iraq. In Texas today, 32 indictments were handed down in an investigation of Republican political fundraising in 2002. The big picture: allegations that corporate money was illegally funneled to Republican candidates through a political action committee formed by House Majority Leader Tom Delay. Among those indicted are three aides to Congressman Delay and 8 corporations, including some names you probably recognize... As expected, the Federal Reserve hiked short term interest rates today by a quarter percent, and that's what the markets were betting on... Listen to all newscast items

Features Privacy and the cellphone Hang up that cellphone and crank up the radio. The wireless industry is taking another step toward becoming a full-service alternative to your landline... At hearings on Capitol Hill today, lawmakers got an earful about a plan to allow you to call 4-1-1 and get someone's cell phone number. Problem is, folks might be able to get yours, too. The cellphone industry is promising to guard against abuse. As Marketplace's Scott Tong reports, privacy advocates aren't buying it. Reporter: Scott Tong Related Story: Congress Looks At Wireless 411 Underneath the Bunker - R.E.M. Support Marketplace: Purchase this music from Public Radio MusicSource Just show me the money ... What's a five-letter word that describes a Florida real estate developer's motivation for starting a new website? The correct answer is: money. The website gives the answers to the New York Times daily crossword puzzle -- faster and cheaper than the Times does. As Marketplace's Matthew Algeo reports, the Times might not like the new website -- but there's some question as to what the newspaper can do about it. Reporter: Matthew Algeo Cardboard Puzzle - Roz Support Marketplace: Purchase this music from Public Radio MusicSource Germany keeps leaning right Voters aren't happy about high unemployment and welfare cuts. In this case, we're talking about voters in what used to be East Germany. The ruling Social Democrats got the message in elections this past weekend. They were surprised by the result, but as Marketplace reporter Kyle James shows us, perhaps they shouldn't have been. Reporter: Kyle James Related Story: German voters lean further right in wake of welfare cuts Germany to Germany - Ratatat Support Marketplace: Purchase this music from Public Radio MusicSource Quietly, the taxes are changing If you thought Congress was on cruise control right now, check with the pizza delivery services on Capitol Hill. A joint House Senate conference committee plans to work late into this evening. Without action, the child tax credit is set to drop by $300, married couples would lose some tax breaks, and most individual taxpayers would get bumped into a higher bracket. The tax cut extension is expected to pass both houses later this week. Commentator and tax expert Len Burman is not among those heaving a sigh of relief. Commentator: Len Burman Related Story: Opinion: Fair Tax not what it appears Taxman, Mr. Thief - Cheap Trick Support Marketplace: Purchase this music from Public Radio MusicSource The September Tapes The war on terror is a serious matter. No one has to tell our own orrespondent Jeff Tyler. Just weeks after the fall of the Taliban in Kabul, Jeff was off to Afghanistan on assignment. Now back in LA, he continues to keep tabs on what's happening over there. And so it was with considerable interest that he attended a press screening for a new film - shot in Afghanistan in 2002. It's called the "September Tapes", and it opens this Friday. What he discovered disturbed him... and we're not talking about what he saw on the big screen, either. Reporter: Jeff Tyler Related Story: Review: September Tapes Pale September - Fiona Apple Support Marketplace: Purchase this music from Public Radio MusicSource

Coming up on Marketplace... Handing over the family business