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The Money Issue 8-6-2017

Sunday Morning / Jane Pauley
The Truth Network Radio
August 6, 2017 10:42 am

The Money Issue 8-6-2017

Sunday Morning / Jane Pauley

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August 6, 2017 10:42 am

Our annual "Money Issue" digs into the world of money -- the various ways people generate income, how they save or spend it, and how technology and social media are changing our economy. CBS News Financial Contributor Mellody Hobson anchors this special edition of "Sunday Morning," portions of which were originally broadcast on April 9, 2017.

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Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore

Our CBS Sunday morning podcast is sponsored by Edward Jones. College tours with your oldest daughter. Updating the kitchen to the appropriate decade.

Retiring on the coast. Life is full of moments that matter, and Edward Jones helps you make the most of them. That's why every Edward Jones financial advisor works with you to build personalized strategies for now and down the road. So when your next moment arrives, big or small, you're ready for it. Life is for living. Let's partner for all of it. Learn more at Good morning. Jane Pauley is off today.

I'm Melody Hobson, and this is a special edition of Sunday morning. It's the money issue. Our annual look at how we spend, invest, and above all, earn our money. But will we all be able to earn good incomes if our country becomes an automation nation? That's the question David Pogue will consider in our cover story. With robots getting cheaper and software getting smarter. Look how delicate.

Perfect every time. Are any jobs safe? This technology is not just coming for the unskilled or even entry-level jobs, but potentially for much higher level jobs. Ahead on Sunday morning, are the robots going to take all our jobs, or can we all just get along?

Thank you. Many happy returns is more than a birthday greeting. It's the guiding philosophy at many of our biggest retailers.

Tracy Smith has been checking it out. American shoppers return more than 200 billion dollars worth of unwanted stuff every year. But did you ever hear about the lady who tried to return a car to Land's End, or the guy who took his snow tires back to Nordstrom? Is the snow tire story true? That is a true story. You said, here you go, here's your 50 bucks back.

Later on Sunday morning, we're taking it back. Angel Inc. is our lighthearted description of a TV actress turned businesswoman. You may remember Jacqueline Smith from her days as a different sort of angel. John Blackstone has her story. Hello? It's Charlie, Angel.

Time to go to work. Charlie's Angels made Jacqueline Smith a star in the 1970s. But now many know her name because it's on so many labels at Kmart.

We're surrounded by Jacqueline Smith. And here's one of my best-selling blouses. The secrets of celebrity branding from one of its pioneers ahead on Sunday morning. Now trending, probably even as we speak, are some quirky online videos bound to become an internet sensation. Turns out these little videos are big business, as Barry Peterson will show us. You know how to whistle, don't you, Steve?

Years ago, we spent hours with Bogart and Bacall. Today, the internet blew up over this video of a rat carrying a whole slice of pizza down the stairs of a subway station. When you say I'm the guy who filmed Pizza Rat, does anybody believe you?

At first, no. How the Pizza Rat became famous. Coming up on Sunday morning. The sweet smell of success is our tribute to entrepreneurs who are taking their best ideas and making a fortune. Susan Spencer has found some colorful cases and points.

This was my favorite color. Aaron Muderick has been puttering around with putty his entire adult life. And now he has a multi-million dollar business to show for it. In your wildest dreams, did you ever expect this to take off like it has?

No, never ever ever ever. Unlikely success stories. What do you think you could sell this for? 125 dollars. Wow. We already have 350,000 users all around the world. This Sunday morning.

We'll have those stories and a lot more. Welcome to Play It, a new podcast network featuring radio and TV personalities talking business, sports, tech, entertainment, and more. Play it at Our country is on the road to becoming an automation nation. Quite literally on the road. Our money issue cover story is from David Pogue of Yahoo Finance. Tony Hughes has been a long-hauled truck driver for more than 20 years. But today all he has to do is sit back and relax.

Okay, rosebud is on. We're hauling 20,000 pounds of freight down the Florida Turnpike in a self-driving robotic truck. It's been retrofitted with a self-driving kit made by Starsky Robotics.

Kartik Tiwari and Stefan Seltz-Oxmacher founded the company in 2016. We think that sometime towards the end of the year we could be doing this run without a person behind the wheel. This year? Yeah. Self-driving trucks this year?

Yep. And if it's not his company, it might be Otto, whose truck made headlines last October by driving itself across Colorado to deliver a shipment of beer. Otto is owned by Uber, which has also been testing self-driving taxis in Pennsylvania and Arizona.

But here's the thing. Once our trucks and taxis drive themselves, what will happen to the people who used to do those jobs? In the U.S., that's 180,000 taxi drivers, 600,000 Uber drivers, and 3.5 million truck drivers.

We really need to start to think very seriously about this. Martin Ford is the author of Rise of the Robots. He says driverless cars and trucks are just the beginning of a wave of automation that will threaten millions of jobs in every industry at once, like America's nearly 5 million store workers. Amazon is testing its first Amazon Go grocery store in Seattle. The company says shoppers there will soon be able to walk into the store, take what they want, and walk out again without ever encountering an employee. Sensors will detect what you take and bill you automatically.

The cashiers are totally gone. You're going to end up with the equivalent of a Walmart with, you know, a handful of employees. You scale that out and that's just extraordinarily disruptive. You name an occupation, and there's somebody considering a robot to take it over. Look how delicate.

Perfect every time. At Zoom Pizza in Silicon Valley, four specialized robots help make the pizza. Eventually, the company plans to replace the remaining humans on the line, too.

Here's Zoom's chief technology officer, Josh Goldberg. You would think there would be some Roman pizza chefs who'd say, no, this is not the way it's been done since our ancestors. Well, the world changes. You know, there's a lot of other things we don't do just the way our ancestors did, either. The common wisdom is that robots primarily threaten repetitive blue-collar jobs.

Not so, says Martin Ford. We're seeing dramatic advances in the area of computers, analyzing tumors, recognizing medical scans, mammograms, and being able to find disease. We're seeing, you know, algorithms moving to areas like journalism, for example. Wait, wait, wait. Certainly not journalism.

Oh, yeah. Absolutely journalism. By one account every 30 seconds, there's a news story published on the web or maybe in a newspaper that's machine-generated. Algorithms are even threatening the masters of the universe. Earlier this year, BlackRock, the world's largest money manager, announced that it's laying off dozens of human stock pickers and replacing them with robots. By 2025, across the financial industry, artificial intelligence is expected to replace 230,000 human workers.

Bring on the disruption that is automation. Felicia Wiesel is the chief information officer at Goldman Sachs. The company now hires nearly as many computer engineers as financial workers. In the movie Wall Street, they would have been barking, buy, buy, buy, into the phone. Yes, and now they're going click, click, click, tight, tight, tight. See the famous Goldman Sachs trading floor? Well, a quarter of these people aren't traders. They're coders, writing software to automate the routine grunt work of employees all across the country. Someday, could software replace the functions of these folks? That's a great question.

I don't think anybody knows the answer. All right, we get it. No job is safe. According to one recent study, 47 percent of American jobs could be lost to automation in the next 20 years. Martin Ford says it's time to start thinking about what we're going to live on in the post-robot economy. One of the best ideas out there is some kind of a universal basic income or a guaranteed minimum income. And this is where everybody gets, let's say, $10,000 a year just for being alive. Right. I think a better way to think of it is in terms of the idea that we built this tremendously prosperous society. Everyone ought to have, if you're a citizen at least, some sort of ownership stake in this. But the purpose of having a job is not just to have income.

It's also meaning and purpose and a place to go every day. That's right. That's going to be a real challenge. I think it's a challenge we can solve.

Ah, but wait. Most experts do agree that automation will soon take over millions of our jobs. But they don't all agree that that will mean mass unemployment.

History has suggested that the pessimists have been wrong time and time again. Including MIT economist David Autor. You know, the last 200 years, we've had an incredible amount of automation. We have tractors that do the work that horses and people used to do on farms. So we don't dig ditches by hand anymore. We don't pound tools out of wrought iron.

We don't do bookkeeping with books. But this has not, in net, reduced the amount of employment. He also points out that the changes won't happen overnight. I'm sure 20 years from now, almost no one will be driving a vehicle. Young people are forward looking and they say, well, I guess I'm not going to have a driving career, so I'm not going to go there. Well, except that these young people might think, well, maybe I'll go into retail, but that's also going away. Well, maybe I'll be a chef, but that's also going away.

Well, maybe I'll be a paralegal, but that's also going away. So let's do the following thought exercise. It's the year 1900 and 40% of all employment is in agriculture, right? And so some twerpy economist from MIT teleports back in time to Farmer Pogue here and says 100 years from now, only 2% of people will be working in agriculture.

What do you think the other 38% of people are going to do? Well, I wouldn't know. We say, oh, search engine optimization, you know, health and wellness software and mobile devices. Most of what we do barely existed 100 years ago. In other words, just because we can't predict what we'll be doing doesn't mean we'll be doing nothing. And sure enough, despite having replaced so many stock traders with software, Alicia Wiesel says that Goldman Sachs still employs the same number of people and that their jobs have been enhanced by automation.

And all of a sudden that young person is engaging with the client on their actual problems rather than being stuck till 1am doing nothing but manning several different spreadsheets and trying to corral all this data together. You'll hear the same argument at Starsky Robotics. Its trucks will self drive only on the highways. The company will still employ human drivers, but they'll sit in front of screens, driving the trucks by remote control once they're off the highway.

And if Tony Hughes can keep his job without the weeks away. So in that aspect, it's going to make my life better. If you get hired to be one of the pilots, the remote control pilots. Right. True. Well, he's he's on the top of the list. So since this might be my last chance to be in a truck with a human driver, I had to ask, will you?

Yeah, well, I'd like to see a robot do that. Ahead. You are literally throwing money away if you're not getting miles and points. Points well taken. In my work in the financial industry, I travel a lot, but most of us have miles to go before we earn a trip thanks to a frequent flyer program, which brings us to this report from Anna Warner.

You can put your clothes in there and I'm going to voice right here. When we caught up with Cincinnati residents, Dan Miller and his wife, Carolyn, they were getting their six kids ready for a spring break trip to California. Sounds expensive, right? But I would say we'll manage to take this trip for probably five hundred dollars, five hundred bucks for a family of eight for a week.

In fact, the Miller family's been able to travel the world on a computer programmer's salary. This is a map that I got for Christmas last year. Red tracks the places that I've been all by using airline miles or credit card points. OK, so how many credit cards do you have? I would say between my wife and I, we probably have maybe 40 cards. 40?

Yeah. A couple of years ago for Christmas, my kids made me this. He's not your average card user, though.

It says Dad's credit card binder. Miller got so good at this card game, he started writing a blog called Points with a Crew. You don't have to be as crazy as I am. I like to tell people if you do it right, you can really with one or two additional credit card sign ups, you can take your family somewhere for free using those miles. And guess what? The savings really add up. I would say tens, if not hundreds of thousands of dollars over the course of the last couple of years.

No surprise to Brian Kelly. You are literally throwing money away if you're not getting miles and points. He should know he's the points guy at the gate.

I met my butler, Aaron, who brought me on board and introduced me to my three cabin suite, which, to be honest, was a bit smaller than I expected. Someone who turned a lifelong passion for travel into a website that gets over three million views a month from fans eager to learn his secrets. The first thing to do if you want to have a good miles and points strategy is to get the right credit cards. These are not frequent flyer programs anymore. They're frequent spender programs. So why is it worth it for the credit card companies to do that?

It's a huge business. So the credit card companies charge merchants for every time you swipe your credit card, the merchant is paying the credit card issuer for the ability to process your transaction. And then the credit card company kicks you back a portion of that in the form of rewards. The airlines make out too, getting roughly half their profits by selling miles to credit card companies who use them as incentives to get consumers to sign up for their cards, often with huge signup bonuses. I view it as a way for the common person who can't afford that $10,000 first class seat, but you can book it using miles and points. Everyday people can travel like millionaires. Sacramento here is where we're going next.

And then Peru, we're going in a couple of months. On the other hand, both men warn their readers, not everyone should play this game. If you're in debt or don't pay off your card balances in full every month, this game will not deal you a winning hand. You absolutely have to have financial discipline. No amount of rewards that you're getting are going to offset the 25% interest that you're paying on your credit card balance. But for Miller, it's been an inexpensive way to offer his kids a valuable lesson. People are just people, whether it's in another state, another city, another country.

People are pretty much the same no matter where you go and being able to see that I think makes a big difference. Good point. Don't pay off your card balances in full every month. This game will not deal you a winning hand. You absolutely have to have financial discipline.

No amount of rewards that you're getting are going to offset the 25% interest that you're paying on your credit card balance. But for Miller, it's been an inexpensive way to offer his kids a valuable lesson. People are just people, whether it's in another state, another city, another country.

People are pretty much the same no matter where you go and being able to see that I think makes a big difference. Good point. It's no stretch to say that Aaron Muturick is stuck on putty. It feels great in your hand. You can play with it for hours. His first love was classic silly putty. It's silly putty time. But that soon got old. I started researching.

Is there a way to make this more beautiful, more fun? Which is how Aaron, a computer scientist by day, became a mad scientist by night. You taught yourself chemistry to improve silly putty. I taught myself enough chemistry to create thinking putty.

This is neon flash. Crazy Aaron's thinking putty, that is. Puttering with putty, he experimented with colors and textures in his basement, then took it to work. I would bring in a box, keep it under my desk, and people would come over and they would say, hey, can I get a half pound of orange? Sounds like a drug deal.

And I would put it in a Ziploc bag and off they would go. Soon he launched a website. Then he hit the front page of the Wall Street Journal in a feature on fidgeters who play with putty. Who was your target audience? People working at a desk just like me. Adults. Adults.

But today fans of all ages are putty in his hands. What exactly is it? From a chemistry standpoint, it's a silicone rubber. This is some pretty gnarly stuff. On any given day you'll find 25 tons of it oozing around his factory near Philadelphia. At up to 15 bucks a tin, Aaron's putty is a multi-million dollar worldwide business. Oh, it's beautiful. So metallic and reflective. The best seller? Liquid glass.

That's clear. The more than 50 varieties include, kids sometimes use it as a nightlight. Glow in the dark.

I could do my snake charmer trick. And magnetics. How do you think of this stuff? But perhaps Aaron's most magical moment was his decision to employ people with physical and intellectual disabilities.

Some 800 of them. We were able to make it work. You have people that really love what they do.

And now you have a loyal team. A very nice twist to an unlikely success story. When somebody asks you what you do for a living, what do you say? Putty maker. Professional kid.

Professional kid. I like that. I'm going to use that. Even when it's not your birthday, you can expect to hear many happy returns at plenty of retailers. It's a policy that makes a lot of sense and dollars too.

Tracy Smith does the math. If you've ever bought khakis or a school uniform, you probably know Land's End. Was there anything wrong with them?

No. And if you've ever tried to return something there, you know their policy too. Love it forever or get a refund.

No time limit. Seems like it'd be hard to make any money that way, but Land's End has turned a corporate policy into an empire. How big is this facility? It's over a million square feet. Thank goodness for the golf carts if it's a million square feet.

The sprawling company headquarters in Dodgeville, Wisconsin has a kind of airplane hangar quality to it. Here, customers worldwide can order up, let's say, a pair of pants, get them custom hemmed, even monogrammed with their name. And if they ever fall out of love with it, they can mail it here where someone like Marie Miller will take it back, even if it's been, well, used. It's our policy, so, you know. You mean to tell me I could buy a swimsuit, wear it for 10 years, and then return it? Absolutely.

Kelly Ritchie is VP of customer services. But you can't resell it. In some cases, no. So do you think that the customers feel so loyal that they don't want to cheat you? Our customers are incredibly loyal, and we have such strong relationships with our customers that our return rates are really within industry standards.

So it is just not a problem. Return policies in general can be opportunities for the unscrupulous, like people who buy something, wear it once, and return it, something known as wardrobing. The National Retail Federation says return fraud cost companies more than $9 billion last year, and companies like L.L. Bean are reportedly rethinking their generous return policies. Land's End says they're staying the course. I'd like to believe that our return policy builds trust and loyalty with our customers, but they don't abuse it, surprisingly.

But they've tested the limits. For instance, this black cab was offered in the 1984 Christmas catalog, an authentic London taxi stuffed with a grand worth of goodies. It sold quickly, but 20 years later, the owners wanted to return it. Yep, they took it back and refunded their money, $19,000.

Impressive, sure, but there's psychology behind all this. Would you tell a story it's a good idea to have a liberal return policy? Yes, I would. What's more, says USC marketing professor Valerie Folks, the more liberal the return deadline, the better. If you're on deadline, you're more likely to return it than if you're not on deadline?

If you have a close deadline, yes, but if you're thinking about this deadline as being six months in the future, you don't think about these things as much, and after all, let's face it, oftentimes we don't follow through on what we plan to do. So, for certain companies, easy return policies make sense, and some have become the stuff of legend. Outdoor gear seller REI reportedly took back a used baby carriage because the mom said her children had outgrown it. A Costco customer is said to have successfully returned an empty bottle because the wine inside had given her a headache, and the story goes the luxury department store Nordstrom once took back a set of snow tires to keep a customer happy. And they don't even sell snow tires. Is the snow tire story true?

That is a true story. We opened a store in Fairbanks, Alaska in the 70s in a building that had previously been a hardware store, and a customer came to return some tires that they bought in that hardware store, and we said here you go, here's your 50 bucks back. Jamie Nordstrom is the company's president of stores. He says that his employees are allowed to do whatever it takes, within reason, to keep shoppers happy. I think part of having a more liberal return policy conveys to the customer that we trust them, and we appreciate their business, and we're loyal to them. I mean, it almost sounds like Nordstrom believes in the good of mankind.

Well, we do think people are generally good and fair, and that's been our experience for a long, long time, and we think that if we do our part in doing a good job for them, that they'll return it by being loyal to us. Retailers also know that once you actually get something home, you're much more likely to keep it. It's called the endowment effect. In the sense that there's an endowment effect which says that losses loom larger than gains. What that basically means is that if you have something, it hurts to lose it, and that's where returning an object that you own feels a bit like a loss. So once I have that blouse in my closet, I feel like it's mine, and I'm losing it if I give it back, even if it's still got the tags on it. Yes, exactly. Yes. And of course, once you're in the store returning something, you'll probably buy something else.

So go ahead. You can always take it back. Take it back.

That gives you that slam. Just ahead, slice of life. Welcome to Play It, a new podcast network featuring radio and TV personalities talking business, sports, tech, entertainment, and more. Play it at

Now trending is what social media watchers say when a video goes viral, and where there are viewers, there's money to be made, as Barry Peterson demonstrates. Oh my God, I see it. I see it.

It's right next to me. You may have seen this one. Look at that.

A girl freaked out by a manatee, or the baby slathered in peanut butter. Does it feel good? Yeah. And surely you've seen mom in a Chewbacca mask. That's not me making that noise. It's the mask.

Here, listen. And it received over 150 million views, and there's no doubt about it. I bet you that Chewbacca mask will be in the Smithsonian someday. While we had fun watching, Jonathan Skogmo was striking gold, turning viral videos from Big Laughs into Big Bucks. Five years ago, he founded Jukin Media.

His team works 24-7 in Los Angeles, New York, and London. When it's good, Jukin finds who shot it and makes an exclusive deal. Next thing you know, they've marketed the video to late night talk shows, or the local news. The checks come in and Jukin splits the fees with the video makers. As little as a few hundred dollars to thousands and thousands of dollars.

We've paid for people's colleges, family vacations, family trips, holiday gifts. How many months or years do you want to own this stuff? Perpetuity. You will be paid every single time someone else licensed that video. We've paid over 10 million dollars to video owners.

What's with the... So every time we get a really popular video in, we start ringing bells and there's a lot of activity that goes on. Yesterday, the internet blew up over this video of a rat carrying a whole slice of pizza down the stairs of a subway station. This did feel like lightning in a bottle to me.

Just aspiring actor and comedian Matt Little made viral history in September 2015 when his iPhone captured just another surreal New York City moment. It instantly became Pizza Rat. It did give me more money for the least amount of work that I've ever done in my life. Money still coming in? Yeah, there's still some money coming in. It was in the new Teenage Mutant Ninja Turtles movie last year.

Yep, Pizza Rat got a movie cameo, something Matt still hopes to get. Keep in mind, these videos have a global audience. It's language agnostic at the end of the day.

Language agnostic. What does that mean? What's a good example of that?

A good example is that a cute kid here in America is going to be a cute kid in Germany. By now you're asking, can I turn my cat video into money? These videos are raw, they're organic. You can't remanufacture these moments. These are real life moments. And the competition is beyond fierce. 400 hours of new videos are uploaded every minute.

Every minute. On YouTube alone, correct. And Jukin is not the only company doing this. To Jukin co-founder Josh Entman, that means the hits just keep coming. Everyone literally in the world with a cell phone camera works for you. To an extent, that is true. Think of it as democracy meets storytelling. Anyone, anywhere can capture a moment, make us laugh, make us cry, and make some money.

This is the best birthday present ever to myself. The clothes in Jade Meyers' closet just hang out, eagerly awaiting their next closet. Everything I own, I sell. Everything you own, you sell. Yeah, I rotate everything through. Meyers calls herself a professional thrifter.

Sold it. What exactly is thrifting? Thrifting basically means you're going to go and find second-hand clothing that's been donated, and generally you find a really good deal. So you don't see this as just a bunch of old clothes?

No, I see it as treasure. Her hunt for literally buried treasure takes her to thrift stores like this one in Brooklyn, New York. Finding the time to do this meant quitting her day job. What was the decision to go out on your own with old clothes? Well, they're not old. They're pretty old. But Meyers knows exactly what she's looking for. Somebody in the 80s totally rocked this. Would you take something like this?

Absolutely, any day of the week. This is for hunting season. It's 25 bucks for all the stuff you can stuff into a single bag.

Jade left with three. What's your first outfit going to be? First, she cleans, sizes, and with the help of a friend who's a model, photographs each piece.

So I think that's good. Then up it goes on Poshmark, an app started by Manish Chandra in Redwood City, California. There's almost a trillion dollars worth of clothes that are sitting in people's closets. And so we wanted to make it super easy for anybody to sell and open up a boutique. It's easy enough that Poshmark says some two million people are now using the app to sell discarded duds. Meyers herself has more than 50,000 followers. Do you have in your mind a profile of who your best customer is?

The one who buys from me again. She says she nets up to six grand a month. I had a fur coat that I actually found once for four dollars. And I think I sold it for about a thousand. Wow.

Talk about rags to riches. Kitokato is more than the Japanese name for the candy we all know as KitKat. It's Japan's national obsession.

Here's Moraka. At a shop in Tokyo's bustling Ginza district, luxury KitKats are on full display. That's right, luxury KitKats. And the mastermind behind these $5 KitKat confections is pastry chef Yasumasa Takagi.

In general, says Chef Takagi, the Japanese prefer mild flavors rather than aggressive flavors that hit you over the head. Takagi's concocted KitKats with flavors like matcha green tea, butter and strawberry maple. Cedric Lacroix is KitKat's man in Japan. How big is the KitKat in Japan? KitKat is very, very big. We consume up to five million KitKats a day in Japan. You might call its popularity a case of KitKat kismet. Kitokato, the Japanese pronunciation of KitKat, sounds an awful lot like Kitokatsu, which in Japanese means you surely will win. You surely will win, which explains why for Japanese students during the high pressure exam season, the Kitokato has become a kind of edible talisman. When it was discovered that the name meant surely you will win, then the company shrewdly decided to capitalize on that.

Absolutely, absolutely. And it became part of the company mission to play this lucky charm. So KitKat's mission in Japan is really to encourage people. And to sell some not so mildly flavored KitKats to tourists. Anyone in the mood for a purple sweet potato KitKat? Or a bite of a refreshing apple KitKat?

Say a KitKat a day keeps the doctor away. Or perhaps you'd like to spice things up with a wasabi KitKat. Hey buddy, go easy on that sake KitKat. It really does taste like sake. We appeal more and more to foreigners because they have read on Facebook or social media that the Japanese KitKat was fantastic. So when they come here, they want a taste. KitKat diplomacy.

Right. United color of KitKat. Back in his patisserie, Chef Takagi indulged me as we went about creating a new premium KitKat. I know it sounds crazy, but could we mix the pistachio with the raspberry? Shall we give that a try? The color will probably be ghastly, but it smells good, doesn't it?

The color is awful, isn't it? Try a taste. It's very good. It's very good. Try it. Very good. That means delicious. Behold, the raspachio KitKat. I believe I have passed my exam. Kitu katsu.

I got a Kitu katsu. Help you, mister? I'd like to see Mrs. Lemaire. Is she in?

The Money Issue, a special edition of Sunday Morning. Here again is Melody Hobson. Jacqueline Smith was one of TV's Charlie's Angels a few decades back. Fast forward to today, and you could call her Angel Inc. And with John Blackstone, we watch her at work.

And three, two, one, action. At her home in Los Angeles, Jacqueline Smith is right at home, shooting a commercial for the clothing line she helps design for Kmart. This is it. The ad is a family affair with roles for Smith's daughter, Spencer, and even her six-month-old granddaughter, Bea. Is this your favorite?

Can't I be your favorite? It's all part of Smith's very personal involvement in building her brand with Kmart since the 1980s. All I can say about branding, if you do it for the paycheck, walk away.

It doesn't work. It is the day-to-day details. It's becoming a part of that company. And Smith is very much a part of Kmart. We're surrounded by Jacqueline Smith.

We are surrounded, yes. And here's one of my best-selling blouses, which I love. And as I've said, we've sold about $400,000 last year.

$400,000 of these? Of blouses. Her clothing line is just the beginning.

And then here are my slinky tees, $700,000. The discount chain sells everything from shoes to sheets that carry Jacqueline Smith's name. Walking around the store here, I'm trying to figure out what percentage of this store is filled with Jacqueline Smith.

It's a big percentage. You know, well, after 32 years, I deserve it, right? Smith almost turned down Kmart's offer in the mid-1980s when celebrity branding was something few celebrities did. You were the first, weren't you? Well, I was the first celebrity brand in Kmart. You were almost the first celebrity brand anywhere? Right in 1985.

Yeah, I mean, I was kind of, you know, teased about it and made fun of. Back then, Jacqueline Smith was famous for being an angel, one of Charlie's Angels. No, no, don't.

Okay, don't get nervous. Charlie's Angels went on the air in 1976 with Smith, Farrah Fawcett, and Kate Jackson playing daring private detectives who sometimes had to fight crime in bikinis. Who's that? Certainly Charlie's Angels, I think, was seen by some as a real feminist show. Others called it jiggle TV, right?

Right, right. I think they liked to think it was jiggle TV, but it was so mild. Growing up in Houston, Smith never intended to be an actress. She trained to be a dancer. How'd you like to have a facial all over your body? But when she moved to New York, she was soon in front of the camera shooting commercials. When you rinse, a trace of the cream lingers. Of those first commercials, Kamei was the first one? Kamei, Listerine, Woolite, you know, we just did like 100 commercials.

But it was a great training ground because it really teaches you about camera and projecting on camera. There's no reason why your hand shouldn't look as good as your face. Her perfect looks were perfect for selling soap and skin cream.

Her flowing hair, ideal for shampoo. Brett gets out the dirt, but leaves the natural shine. A producer noticed me by the name of Glenn Larson and gave me a starring role in McCloud. Mr. McCloud, you're bad news. And I got to do McCloud and that opened up another show. So I did really quite a few shows before that one special show.

With Charlie's Angels, she was no longer just a pretty face in commercials. We were in people's living rooms every week. We were household names.

So it opened up doors that we never dreamed about. Hi, I'm Jacqueline Smith. She still made ads, but now her name was as prominent as the product. I'm Jacqueline Smith and Max Factor understands. But Max Factor didn't understand when Kmart came calling. Max Factor did not want me to join with Kmart. They said it's not your customer.

So on the first meeting after that, I turned it down. The discount retailer didn't seem like the right match for Smith's image. But Kmart wanted more than her face and her name.

They wanted her ideas, too. I've always loved design and I thought, well, this is unknown terrain, but this is going to be a challenge. This is going to be fun. And on instinct, I changed my mind and said, this is something I want to do. Bear in your closet here.

Let's go. In the 32 years since, Smith's designs have filled women's closets, including her own. And I think one of the best sellers are always my little shart jackets that you can wear with jeans, you can wear with a pencil skirt. Kmart research shows that her brand is well recognized among women between 35 and 60. 80% recognizability. So that puts me as one of the most recognized brands in the country.

100 million women today have purchased some of my clothing or accessories. And while products with Smith's name fill many aisles in Kmart stores, those stores aren't nearly as busy as they once were. Sears Holdings, which owns Kmart, warned investors there's substantial doubt the company can continue as a going concern. You see Kmart as the home for your brand. It must be difficult, however, to see those stories. Sears Holdings owns Kmart in big trouble.

Absolutely. Despite what you read, despite what you hear, we're still out there working hard, producing new things. In spite of the challenges, she continues to look to the future, working with Kmart designers on a new line of infant's clothing. You know what I would love to add to? Some little coordinating bows. Could we do that? Do you have any idea how much money you've been worth to Kmart?

A Texas girl never talks about money. But it's a good feeling to know that we've reached so many people. And she is still reaching out, diversifying with fabrics, wigs, and skincare products.

This is a history of time, though. As an actor, she was an angel. So in business, she seems to have all the angles covered. What do you think? Love it? Ahead.

The most important thing for me was to preserve their dignity in these pictures. Life on a dollar a day. Welcome to Play It, a new podcast network featuring radio and TV personalities talking business, sports, tech, entertainment, and more.

Play it at However serious your money problems may be, would you trade them for the challenge of living on just one dollar a day? For millions, Tony DeCopel tells us, that's the reality every day. Think about this. One out of every nine people on earth gets by on less than $2 a day. I want people to go and look at those images and immerse themselves as if that was their reality.

It just begs the question, why? Pulitzer Prize-winning photojournalist Renee Beyer has spent years photographing a world we don't often want to see. Those photographs and the stories they capture were part of a recent exhibit, Living on a Dollar a Day. The most important thing for me was to preserve their dignity in these pictures.

How did you do that? To show how hard working they were, to let their life unfold in front of me, and to document that life. She does it by documenting not just their lack of food, clean water, and health care, but their smiles too. If you were to take that child out of that house, you wouldn't be able to do that. If you were to take that child out of that house, you wouldn't be able to do that. That's just like an everyday slice of life for a child, just running, smiling. Globally, the poorest of the poor total more than $800 million. One of the myths about poverty is that people who are poor are lazy, and I have to say that in all of my travels through, you know, four continents, that that couldn't be farther from the truth. To get to the truth, Beyer took time off from her newspaper job at the Sacramento Bee.

You can say your name, very good English. She traveled to 10 countries, taking 15,000 photographs. You can see the fire here. Even his eyelashes are singed from the fire, from working so close, and digging, you know, with his bare hands in this toxic waste.

In Ghana, children in flip-flops sift through the burning fragments of old computers searching for metal they can sell. That's where Beyer met Fadi, age eight, stricken with malaria and crying as she worked. I said, what's the matter? Why is she so sad? And they said, that's because she wants to go home with you.

Broke my heart. The number of people living this way is actually dropping. It's down more than half since 1990, thanks to foreign aid and new investments in health and education. And, yes, thanks to some of Beyer's photos, too. All of these children are now in school, helped by people inspired by her photographs. I want to show you a picture of her. Wow.

Fadi? Wait a minute, I need to get you next to the picture here. She's now at boarding school. And she has the most amazing smile. Of course, there are still millions out there who aren't as lucky, which Beyer hopes to change one photo to another. Beyer hopes to change one photo at a time.

Coming up, it's a date. Anytime I tell someone about the idea, they immediately rattle off what they hate. Brendan Alper is no psychologist, but he does seem to know what makes people tick.

Everyone likes to complain. That truth led the former Goldman Sachs finance associate to quit his job and launch a dating app like no other. Hater is the dating app that matches you based on what you hate. You swipe on more than 3,000 topics, loving or hating as many as you want. Alper thinks mutual dislikes are a better sign of compatibility than mutual likes.

And two studies seem to back him up. So what have you discovered that people hate the most? The presidential election of 2016.

Just the whole thing. Exactly. But it's not just politics. It's everything.

Bad Wi-Fi is up there. Oh, I'm with them. Man buns is pretty unpopular. As it should be. When people celebrate their birthdays for an entire week. Unless it's me. This person has a problem.

Everything. Alper knew he was on to something soon after he launched the app last February. But we already have 350,000 users all around the world. Wow.

Yeah, so it was quick. But the competition is steep. Online dating is a roughly $2 billion industry. I read somewhere that one in 10 Americans spends an average of an hour a day on a dating app. It's becoming more and more about the dopamine rush of getting a match.

Perhaps seeking a dopamine rush. You can like it. 50% of people like it. I gave Hater a try. People who start an Instagram for their dog. Hate, hate that.

People who collect Mardi Gras beans. That's pretty high in the hates game. Hate, yeah? You soon discover there is a lot to hate.

Comic book movies. Oh, hate. Only 8% of people agree. I'd never get a date. But then again, if Alper is right, hate may be the first step to lasting love.

Have you had any highly successful matches out of this so far? Yeah, we have this one couple. They both hated the Super Bowl. But they loved queso dip. So during the Super Bowl, they got together and made queso dip and they didn't watch the Super Bowl. True love. Yeah, exactly.

That's it right there. Bodega is a Spanish word for a neighborhood store. A small store that plays a large role in many communities.

Here's our newest Sunday morning contributor, NPR's Maria Hinojosa. From the outside, this place looks like a nothing special corner grocery, but a bodega. A real New York City bodega. The best coffee.

Is so much more. When you walk into bodega, you feel like you're at home. Diana Rodriguez would know. I can go back as far when I was born because I lived on top of a bodega. And started working here at the age of six. A bodega is a place where you might find ripe avocados right below the Jackson Ball set and where the pantyhose sit next to the glue traps, confusing to the outsider maybe.

But neighborhood folks come here day after day for all of those things. Plus a breakfast sandwich. Diana's favorite. A bacon, egg and cheese on a hero. Variations on egg and cheese.

Un sandwich de huevo con queso. So good. Can be found all over the Bronx. And there are more than 10,000 bodegas throughout New York City's five boroughs. For you, what is the heart of a great bodega? The person behind the counter. At Pamela's Green Deli, that person behind the counter is Nina Baez.

She's been a fixture at this location for nearly 30 years. This bodega is owned by Diana's father, Bradames Rodriguez, who came to the United States from the Dominican Republic in 1985. I love the bodega because first of all, I make money.

And second of all, I like be with people. He and his two brothers now own 12 bodegas where shoppers find something you can't buy. Have you ever helped somebody get a plumber or an electrician? Yes.

Have you ever helped somebody with a loan? Yes. So it's no surprise that there's no shortage of good luck dollar bills.

That's a good luck. The whole neighborhood. Yes. It means that you feel like your customers love you? Yes. As much as you love your customers?

Yes. But along with the good, there's a little bad. It's really hard to prevent people from buying things that aren't as healthy. According to New York City health officials, poor neighborhoods suffer from high rates of diabetes and obesity and bodegas are hardly known for stocking nutritious foods. I live for pork skins when I come to the bodega. Right here, no sugar.

Fantastic for my pre-diabetic condition. That's because there's only enough room for what sells. The snack cake food group. Which is why Dallas Penn, comedian and blogger, created his special bodega food pyramid. Without the snack cakes, without the potato chips, and the quarter waters and the 40 ounces, no you're not a bodega, I'm sorry.

You're just a grocery store. To be certain, there are signs of change on the shelves of some bodegas. The first step is for bodegas to be courageous.

The second step is let's educate the consumers on the other products that are going to be of value to them. The thousands of bodegas throughout New York are owned by Dominicans, Puerto Ricans, Yemenis and others. And for 19-year-old Diana Rodriguez, someday running a bodega of her own defines the American dream.

Still, her father is hoping she aims higher. You kept saying that bodega is the best thing to have, but every time I say I want to have a bodega, you're like... But I don't want you to go through all the things that I went through. Okay, but now we don't have to start from day one, you know. It's like I have to take advantage of the fact that you've made it so far. All the same, Diana knows that while her college degree is still a few years off, she already has a higher education in bodega. I understand I'm going to school for bio and pre-med and hopefully I do go into medical school and stuff like that, but that's not me. Business runs in my family, it runs in my blood.

So it's like, if I can do more, I will. Have a good one. You too.

Bye. For folks on one sunny island, give them credit is more than an expression. It's how they get a lot of day-to-day business done. Seth Doan traveled to Sardinia to bring us this report. An artichoke farmer, a cheesemaker, a tile manufacturer, a butcher. They're all part of a network of thousands of businesses on the island of Sardinia that are not using traditional money to buy, sell, or pay salaries. We realized in 2009 that there were goods available, services available, resources were there. The only missing thing was money. Giuseppe Littra is one of the founders of a virtual currency called SARDEX.

What is SARDEX? A network of companies who do exchange goods and services among each other in Sardinia without the need for cash. This stunning Italian island seems far from Wall Street, but the 2009 financial crisis rocked this picturesque place. Companies couldn't get credit and went out of business.

Unemployment hit 18 percent. Littra and a group of friends hoped they might spur growth here by developing a system that would allow businesses to earn and spend without relying on the euro or banks that wouldn't lend. We give you a credit line based on whatever product I have.

Yes. We also, I mean, ask you, what do you need from the market? Because you might have cheese, but you might need uranium. We don't have uranium in Sardinia. Sorry, you cannot join. But if I have cheese and I want fruit.

Then there's a match, but it can be more than that. You might have cheese, but you might need dentists for your daughter and you don't have the euros to pay for your dentist. But by selling cheese, you might get credits and pay the dentist. Sardex is creating new business for you. Mario Mele grows a special Sardinian spiny artichoke at the farm, Sa Marigosa, and does about 10 percent of his business in Sardex.

We saw it as a way to get a new slice of the market and new clients, he explained. Props he might not otherwise sell can now be traded for other goods. He's used Sardex to buy plastic containers and air conditioners. One Sardex unit is equal to one euro.

It's electronic, there is no hard currency, and each transaction is taxed like regular money. This tile company, Ceramica Mediterranea, was in financial crisis two years ago when Annalisa Aru arrived. She says Sardex was a lifeline. Sardex gave us the liquidity that we needed when banks didn't help us, she explained.

Tommaso Fogu's family business specialises in making Sardinian pecorino cheese. Initially you were sceptical about using Sardex. Now you accept it and you pay your employees in it.

Yes, but with time we've seen good results, she said. Now a good number of our employees choose to receive part of their pay in Sardex. Two of those employees, the Messini sisters, use Sardex for nearly anything, including meat at the butcher.

Today there are 3,000 businesses using Sardex, with more than 100 million dollars in transactions annually. How can you be certain that if I come to you and say I have 10,000 euros worth of cheese, that I really have that much cheese? There's a liability here. Wherever there is credit, there is trust.

This Mediterranean island is creating new wealth, not by relying on banks, but by connecting the community and businesses just next door. A report from Seth Doan. We have more on many of the stories you've seen here this morning, and I have some thoughts about how, once again, we're living above our means on our Sunday morning website. And next week, here on Sunday morning.

Now that I have kids, I feel like every time I, every now and then I go, I have to apologize to my mother because what they're doing to me, I did to her. We catch up with the lovable Ray Romano. I'm Melody Hobson. Please join Jane Pauly here again next Sunday morning. For more from this week's conversation, follow the Takeout with Major Garrett on Apple podcasts or wherever you get your podcasts.
Whisper: medium.en / 2023-01-26 07:23:45 / 2023-01-26 07:46:08 / 22

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