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July 31, 2022 5:11 pm
Hosted by Mo Rocca. Mo Rocca visits the "wildflower capital" of Colorado; Plus, John Dickerson breaks down the U.S. economy's mixed signals; Turner Classic Movies host Ben Mankiewicz talks with actor James Hong; Rita Braver pays a visit to a Wisconsin home appliance company behind the Rolls Royce of refrigerators; Robert Costa lays out the opportunities and pitfalls each party faces in the 2022 midterm elections; and Jonathan Vigliotti serves up a very different kind of ice cream treat.
CBS Sunday morning podcast is sponsored by Edward Joe 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 Joe's 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 bigger small, you're ready for it. Life is for living. Let's partner for all of it. Learn firstname.lastname@example.org morning Jane pulled off this weekend my maraca in this is Sunday morning. Unemployment is down, inflation is up, the economy is in uncharted waters. And no one seems certain about what's next or what to do. We've asked John Dickerson to help us add it all up here and everywhere recession recession are we in a recession will get the big picture her body is saying where's the economy going and I think a good point to make is it's hard to put the future but right now it's hard to predict the present and will boil it down for the little guy what you can do to protect yourself when you're done screaming head on Sunday morning and Mankiewicz catches up with one of the busiest man in show business actor James Hong Robert Costa looks ahead to November's critical midterm elections plus a story from Steve Hartman and let's just say there's something fishy about the Alaskan ice cream Jonathan Bigley Oddi will be sampling. It's the final Sunday morning of the month July 31, 2022 will be back in a moment you've heard all about inflation, recession and economic future. That's uncertain at best. We asked our John Dickerson returned to the pros in the world of economics, there is the macro I would say for sure, the economy has overheated and the micro this is a tracer you can understand why so many people.
The big picture. Everybody is saying where's the economy going and I think a good point to make is it's it's hard to predict the future but right now it's hard to predict the present and the smaller picture for each household you're doing well. When you hear recession when you hear flechette a 40 year high. That makes you feel like well with me to look into the economic fog from different angles.
We talked with Lloyd blank find formerly the CEO of Goldman Sachs, now senior chairman and Michelle Singletary, author and Washington Post personal finance columnist. My colleagues and I are acutely aware that high inflation imposes significant hardship, Jerome Powell, chairman of the Federal Reserve announced on Wednesday that the Fed is again raising interest rates to combat inflation, which in June stood at 9.1% over a year ago. The biggest increase in more than 40 years. It is essential that we bring inflation down to our 2% goal. If we are to have a sustained period of strong labor market conditions that benefit all. And on Thursday the government reported that the gross domestic product fell for the second straight quarter of signal that the economy may be in a recession, though, will have to wait months to see if the economists assign that formal term. There is a not insubstantial chance that we have a recession. I don't think it's baked in the cake. Some people say were already in recession. A lot of people say a soft landing is very very unlikely soft landing.
That's what the Federal Reserve is trying to engineer raising rates to cool the economy without initiating a job killing recession.
It's very hard to do in most recessions, you don't have a soft landing.
The Fed tightens and jobs are lost. Companies know not only reduce their hiring plans. They shrink from a different place financial system is in good shape. There's more jobs than there are people to fill those jobs constantly.
People are hearing about how bad things are, how much attention should they pay to the Federal Reserve does what the gross national product is when they're making their financial decisions is important to pay attention to what the Fed is doing is trying to back inflation by raising rates, costing more if you need a mortgage to cost you more if you need auto loan to cost you more if you are carrying credit card debt. So how did we get here.
Do you think we're in a classical economics 101 moment or use the current situation, the economy, the result of pandemic supply chains that were disrupted because the pandemic or are those really the same thing will 50 years from now when they write about the history of the.
Those that put it in its place and fit nicely neatly in the pattern where I'm sitting now it seems quite different. We shut down the economy people are kept out of their jobs. It was like a shut off valve. It wasn't the natural order of things. The unemployment rate now stands at 3.6% about where it was before the pandemic and almost 50 year low. Yet, 58% of Americans are believed to be living paycheck to paycheck category that is the most difficult makes me tear up because you like what you said that I wish I had a packing answer, but I don't other than you got us saying what you can and perhaps you know housing.
That's one of the biggest areas of people's budget.
If you can have a roommate Singletary and her family live that advice her three twentysomething kids live at home, saving their money instead of putting it toward rent. But if you're feeling comfortable so Singletary don't take rash action selling stock that over time will rebound.
If you keep it and keep spending. She worries the public might slip into a doom loop which will scare the country into an even worse economic spot that the restaurant is pulled back.
We are trying to avoid, which is a deep recession will be my going to recession, we might not, but if I were managing the risk in my old job managing the risk of the building or my household if I thought there was a 30% chance little on a 60% chance of the severe slow down you know I'd be starting to get very conservative about what I spent what to make whether Lloyd blank find thinks is a 70% chance of a 30% chance a 30% chance is a very big risk to go to sleep with every night and worry about what might happen in the next week or the next couple of months.
Singletary is the director of a ministry at her church where she helps parishioners with their finances.
Recession or no recession.
She has one consistent sermon that we line the only type of economy is not rely so much we I'm living the American dream. We borrow fractals and file clockwise a forest that he is about to go on vacation with borrower to eat a meal out, we put it on the credit card and then when we have an economic downturn. People have a cushion and so I try to get people to hate that I hate debt I hate debt so much if it was a person as tough as I could. Recession actually cause a recession right now we are on a recession on the front end of the recession. I'm tired Singletary and blank Flynn agree on this.
There is a glut of economic and political punditry that makes people generate while you're living in the micro they advise taking the macro long-term view because over time, the US economy has always recovered the system we have is kind of nimble and resilient.
You're always anxious about things that are unresolved compared to things that happen in the past that are already in the canon or in the history books and you know the world and come to an end one now you know what tell people not to pay its panic when you see all these headlines double done that in a way that will be worse for you to control again deliberately disobeyed me and cause another by the compromise.
You know what we must do. That's actor James Hong in his most recent movie. One of literally hundreds of film and TV credits to his name and Ben Mankiewicz tells us 93. James Hong shows no signs of slowing down the sitdown interview with James Hong unexpectedly to an episode of dancing with the character actors to breakdance a little adept and looking forward to that that Mallory dancing now after the think this is James Hong can dance all he wants at 93 is nearly 70 year Hollywood career is certainly worth celebrating. I've been an actor things 1953 04 probably the only living guy that has worked with Groucho Marx.
That's where it began with Groucho will get to that minute. Today, 445 screen credits later Hong has been in Chinatown Blade Runner Bonanza, the Big Bang theory that a memorable episode of Seinfeld Volvo.
You know I was to swear and I might have been more movies and TV shows that anyone else ever. I would think so. The major movies and TV.
Some guys that have been in space play no role to play. Forget hundred 45 grid that he even has four credits is a tribute to his fierce determination son of Chinese immigrants. Hong was born in Minneapolis in 1929 N. Chinatown, but in Minneapolis Chinatown consist of tool trying to still one of them was your dad you have an herb store and we live on the second floor is young boy on didn't speak much English made of a targeted school. I think my class with the probably 500 kids.
I was the only Asian student so the bullies would pick on me and beat me up, so the casino bullies are bullies right there. Just pick on the underdog. Hong's parents wanted him to be an engineer.
That's what he studied in college that he was drafted to fight in the Korean War.
What was it like to be Chinese-American in the Army one on my arm. Fellow mates there are said to me on no James, I think you might have a problem because if if you are in the American Army also charge the Korean they will shoot you because you're an American, and if you retreat Americans will shoot you also pick specific think you are a kook, just an American outfit so it got me a little bit perturbed with that statement in all Hong entertain troops by doing impressions.
He got laughs and then he got 90 after the war he moved to Los Angeles where he pursued his new dream, show big break came when he appeared on Groucho Marx's radio show on final next game. Small parts on TV all the demeaning Chinese soldier Chinese prisoner guy running a Chinese laundry unit and playfully rounded characters you played stereotypes and that's it.
If you didn't play the roles that were given to you you you would be not working at all. So in a sense, in order to keep up my craft. I had to pick these roles as the Chinese real railroad worker or laundry men and so forth. Though he was getting more work. Hong was also forced to confront racism. One incident still stinks.
That's a very hurtful thing. I was in London during the son of Charlie Chan with the rifle shot right to Carol Nash with the child they can no everyday have to push his eyes up like this and we have to push aside, it gets that peace so that he wouldn't see the space between the pieces of his own lot.
I everything. Now I'd that got under his skin. So one day he was on camera. I was off-camera.
I miss one line he says what is this a school for Chinese actors and you know I was shocked to know what to do. He started to advance me. I I had my fist clenched I thought he was going to slug me with something in all.
He walked past and have been fired and I went to his dressing room and apologizes. I'm sorry Mr. national. I miss the line. He wouldn't forgive me. Had me fired. Don't talk about it just hurts too much.
So essentially he got fired because you had the audacity to be Chinese descent and a movie filled with Chinese people. That's right.
I think with very prejudice by the 1970s.
Hong it already amassed a few hundred credits including playing Faye Dunaway's butler in Chinatown is also the sci-fi classic trouble in Little China role happily calls you and I satisfied enough to embrace the day when I found more recently he's been in every iteration of kung fu panda in just a few months ago and finally received the stall on the Hollywood walk of fame. He is a living character actor legend and a champion for standing up against racism and fighting the stereotypes faced by Asian Americans in Hollywood and beyond in every role I played. I tried to make it a human being and I that's why I think I kept working because I think not only the studio but the people saw that James was portraying the Chinese as a real person and not just a cliché character is not easy to do to impart humanity into a character that is written so stereotypically just that through the characters keep coming at it. 93. Hong already has projects lined up to add those 445 Chris, are you gonna retire, whether through snow finger in the mind to suffer the slings and of outrageous fortune. Okay, what with the question, no I think we have our answer. You're not that you're not retiring with that word. If I were making a movie I'd hire you for some real first person I thought it has to be at least double scale will then you're out. I know it tree Barry mar all my goodness, I want to tell you about our new shout to Disney's podcast and in each episode mean a weekly gas that can cover all the quirky find inspiring and informative stories that exist on the ball because well I and maybe you do to the newest interior design trend Barbie car to the right and wrong way to wash her armpit. Also get into things that you just kind of well probably not able to do in daytime television. So watch out. Tristan is ever you get your podcast.
It's a good news on the got. This is intelligence matters with former acting Dir. of the CIA. Michael Morel bridge Colby is cofounder and principal of the Marathon initiative project focused on developing strategies to prepare the United States for an era of sustained great power competition states put her mind to something, we can usually figure it out what people are saying and what we can know analytically and empirically as our strategic situation or military situations not being matched up with follow. Intelligence matters were ever you get your podcasts Steve Hartman this morning has proof that the skies the limit. I chose to tell the story mainly for an audience of one. This is my nephew Ted, as I first reported a few months ago. Ted says at times. His blindness feels insurmountable.
I felt like I was sent a little mature but woe is me, feeling yes I really want to be like everybody else. Sometimes that's why when I heard about this drag race attempting to set a new world speed Ted and others like had to meet the driver in 2012 Dan Parker of Columbus Georgia got the crash. He suffered a traumatic brain injury so severe it blinded.
I never Robin Rice of all life as a machinist by trade, got adaptive equipment so he could make parts in the design.
This entire race, like mustache and beard and mustache see listeners the web back towards the dam was attempting to set the Guinness record for fastest car driven blindfold course blindfold was needed for special audio guidance system. In for safety purposes cited driver.
Next, with hands hovering over the steering wheel just in case it wasn't necessary and went 211 miles an hour set a record. More importantly example Ted I want you know that blindness is not one stop. Surround yourself with believers and go for your dreams. You can make excuses or make it happen.
Dan says inspiring the tents of the world is the main reason he did this. My nephew is dictation. It was well worth the drive that well then I think I could easily pursue my dream of flying our original story I did with that lightbulb moment and among those watching with Sidney Eilers of Roosevelt offered to give the kid who once thought he was due just because he couldn't see the kind inspiration of others is clearly opened his eyes and explain how much fun this on this last day of national ice cream month I were Jonathan Binkley Adi is serving up a very different kind of frozen treat morning rush-hour moves at a different goalposts vessel Alaska more than 100 miles from Anchorage. The only way to get there is by boat or plane, but in Bethel travel is still an obstacle. The main road is a frozen River. Six months out of the year. In the long. That seasonal path leave Alaska boil Brian tracks in search of the key ingredient to her generations old dessert will we drill a 4 foot baited hook and then waited for a bite first, but takes this not exactly something you'd expect to find in the desert but he ingredient in a good, also known as Eskimo ice cream like most traditional native dishes. It features only ingredients hunted and gathered doing since I was born. How many years you for maybe four years old village elder Esther Greene still uses a recipe passed down by her mother. What is used for dessert eat fish not only helps you for sticking to skin.
Of course, no two households make a good the same way boil. Brian has her own approach is going nice well know someone who knows ice cream is now China. No, this the first tedious steps are boiling and deboning the fish. Once clear, the mixing begins seal oil and reindeer fat. After about 30 minutes. Lori adds our catch of the day and locally picked salmon berries name for their color not taste the final ingredient is snow from the backyard. So here is surprisingly sweet but very efficient as it is not. It can't be found, like Häagen-Dazs either where it goes back to your senses and your mother made it brings you back to those connections back to your history. If you know your food, how to wear how to you and hopefully plenty of Eskimo ice cream midterm elections are just 100 days away. We asked Robert cost for a status report.
Conventional wisdom says midterm elections are no fun for the party in power boaters are typically grumpy Newt Gingrich and decide to toss a mall or at least some of them out in the house Democrats hold a nine seat majority in the 50-50 split Senate 35 seats are in play in the states. Republicans control the majority of governors, mansions with 36 of them in contention with people looking to the proverbial crystal ball, they often say Democrats have really no shot this time around, but there's a risk in making a prediction 100 days and there's always MS gray. I think we all remember the cover 2016. How many prognosticators assumed that Hillary Clinton was good to be the president of the United States and should things have the potential always to change NPR's Osma Holly covers the Biden White House and cohost NPR's politics podcast says recent Supreme Court decisions have put abortion rights and gun safety on many voters minds, but the dueling threats of inflation and recession remain front and center consistent theme for months I've heard from debtors is a frustration around rising prices and these are sky high levels of inflation not in my lifetime. Also on the ballot American democracy itself. The January 6 hearing to have drawn millions of viewers for three hours.
He refused to call off the attack and the Justice Department has been probing former president trumps inner circle. And as we learn this past week asking witnesses about Mr. Tromp himself. I would say I ran the first time and I one that I ran a second time that I did much better. We got millions of Tromp is even teasing an early entry into the 2024 presidential race to the chagrin of some Republicans who fear drums. Continued focus on his 2020. Loss change them to a losing issue yet Republican election deniers are running across the country.
As for Pres. Biden by some estimates, his approval rating is on par with Donald Trump's back in the darkest days of covert around 40%.
This boom will reduce inflationary pressures on economy but a breakthrough climate and spending bill backed by West Virginia Sen. Joe mansion could give Democrats a shot in the arm. Says NPR's Osma Holly punctually boosted Democrats chances in November. I really do think it is giving members of Congress something to take home to their districts. IMO Rocco thanks for listening. Please join us when our trumpet sounds again next Sunday morning progress and crazy time returns for its final season is the point is we need people in the best way to protect people's final season Millstream exclusively on