John Ydstie

John Ydstie has covered the economy, Wall Street and the federal budget for NPR for two decades. In recent years NPR has broadened his responsibilities, making use of his reporting and interviewing skills to cover major stories like the aftermath of 9/11, Hurricane Katrina and the Jack Abramoff lobbying scandal. His current focus is reporting on the global financial crisis. Ydstie is also a regular guest host on the NPR news programs Morning Edition, All Things Considered, Weekend Edition and Talk of the Nation.

During 1991 and 1992 Ydstie was NPR's bureau chief in London. He traveled throughout Europe covering, among other things, the breakup of the Soviet Union and attempts to move Europe toward closer political and economic union. He accompanied U.S. businessmen exploring investment opportunities in Russia as the Soviet Union was crumbling. He was on the scene in The Netherlands when European leaders approved the Maastricht Treaty, which created the European Union.

In August 1990, Ydstie traveled to Saudi Arabia for NPR as a member of the Pentagon press pool sent to cover the Iraqi invasion of Kuwait. During the early stages of the crisis, Ydstie was the only American radio reporter in the country.

Ydstie has been with NPR since 1979. For two years, he was an associate producer responsible for Midwest coverage. In 1982 he became senior editor on NPR's Washington Desk, overseeing coverage of the federal government, American politics and economics. In 1984, Ydstie joined Morning Edition as the show's senior editor, and later was promoted to the position of executive producer. In 1988, he became NPR's economics correspondent.

During his tenure with NPR, Ydstie has won numerous awards. He was a member of the NPR team that received the George Foster Peabody for its coverage of 9/11. Ydstie's reporting from Saudi Arabia helped NPR win the Alfred I. duPont-Columbia University Award in 1991 for coverage of the Gulf War. Prior to joining NPR, Ydstie was a reporter and producer at Minnesota Public Radio. While there, he was awarded the Clarion Award for his report "Vietnam Experience and America Today."

A graduate of Concordia College, in Moorhead, MN, Ydstie earned a bachelor of arts degree, summa cum laude, with a major in English literature and a minor in speech communications.

Ydstie was born in Minneapolis, and grew up in rural North Dakota.

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.

On Thursday, President Obama named Daniel Werfel, 42, acting IRS commissioner. The announcement comes a day after the resignation of Steven Miller, who got caught up in the controversy over the IRS targeting Tea Party groups.

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Japan's economy is finally getting a lift. The stock market is soaring there. Companies like Toyota and Sony are seeing a surge in profits. And today, Japan's government reported the economy grew a three-and-a-half percent annual rate in the first three months of the year, a significant improvement.

The government's employment report for April comes out Friday. It's an important measure of the economy's health and the advance signals have been mixed. One report this week showed layoffs falling to a five-year low, but another suggests disappointing jobs creation.

At least one sector is providing some positive news for the job market: housing.

Consumer advocates call them "debt" traps. The banks that offer them call them direct-deposit advances and describe them as available funds for short-term emergencies.

But the cash advances have many of the negative characteristics of payday loans. And on Thursday, U.S. bank regulators took a step toward protecting consumers from the risks they pose. The regulators proposed standards for "deposit-advance products."

Currency traders were stunned last week by aggressive action from Japan's central bank. The Bank of Japan embarked on a bond-buying program that, by one measure, is twice the size of the extraordinary moves by Ben Bernanke and the Federal Reserve in the United States. The BOJ's move is an effort to shock the Japanese economy out of more than a decade of sluggish growth and deflation.

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NPR's business news starts with high debt and low wealth.

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INSKEEP: Since the financial crisis, many Americans have been saving money and paying down debt. Many are in better financial shape than a few years ago. But when you look at the longer term, it is clear that Americans as a whole have not regained all the ground they lost.

The Census Bureau compared Americans in 2011 with their wealth and debt burdens in that seemingly long-ago year, 2000.

NPR's John Ydstie reports.

Amid Washington's dysfunction, one issue has united some liberal Democrats and conservative Republicans: a common concern that "too big to fail" is alive and well.

Despite the Dodd-Frank financial reforms, these lawmakers believe the nation's largest banks still pose a threat to the economy and that the government will step in to bail them out if they get in trouble.

The stock market's long climb from its recession bottom has some people concerned it may be a bubble about to burst — a bubble artificially pumped up by the Federal Reserve's easy-money policy. That's led to calls — even from within the Fed — for an end to the central bank's extraordinary efforts to keep interest rates low.

The Congressional Budget Office estimates the automatic budget cuts that go into effect Friday will shave 0.6 percent from the economy's annual growth rate. That might not be a big worry if the economy were growing at 3 or 4 percent. But growth is a paltry 2 percent, so the impact may be noticeable.

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Some reassurance today for investors who worried the Federal Reserve might reverse course and start raising interest rates. Today, in testimony on Capitol Hill, Fed Chairman Ben Bernanke gave a full-throated defense of those low rates. They're a centerpiece of the Fed's effort to stimulate the economy.

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You might've chuckled a bit this week, if you heard about the trillion-dollar platinum coin plan, to perhaps address Washington, D.C.'s debt ceiling stalemate. But it will certainly be no laughing matter if the U.S. Congress refuses to raise the borrowing limit, and the U.S. government defaults on its debt. Global financial markets would likely plummet.

NPR's John Ydstie reports on some of the options the president has if he and Congress cannot reach an agreement.

Outgoing Treasury Secretary Timothy Geithner has had a bruising four years. He took office when the U.S. economy was plunging into the worst recession since the Great Depression.

Nominating Jack Lew as Geithner's successor Thursday, President Obama praised his departing Treasury secretary for helping to get the economy back on track.

Businesses complained that the uncertainty surrounding the "fiscal cliff" froze their decisions about hiring and expanding, which hurt the economy. Washington has now managed half a deal, which settles tax issues, at least for the time being. But has that removed enough uncertainty to boost some business hiring and investment?

The U.S. economy was a bit of a disappointment in 2012. During the early months of the year, job creation was surprisingly strong, but by the end of the year, uncertainty about the election and the "fiscal cliff" slowed the economy's forward motion. So will 2013 look any better?

Mark Zandi of Moody's Analytics says that while Washington likely will steer us away from the fiscal cliff at the last minute, some elements of the deal will be a drag on the economy early in 2013.

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This is WEEKEND EDITION, from NPR News. I'm Scott Simon. Turns out that Superstorm Sandy didn't do as much damage as many expected, to the nation's unemployment predicament. At least, that's what the government's monthly data on the jobs market told us yesterday. As NPR's John Ydstie reports, analysts and businesses are already looking past that report, to the dangers to jobs posed by the fiscal cliff.

President Obama is lobbying the CEOs of the nation's largest companies to support him as he tries to reach a budget deal with Republican lawmakers. The president met Wednesday with members of the Business Roundtable. The group urges the extension of Bush-era tax cuts for everyone, including the wealthy.

The Republican plan to avert the "fiscal cliff" that the White House rejected Monday includes at least one element that's likely to produce controversy: a proposal that would, among other things, affect the cost of living adjustment for Social Security.

As negotiations continue in Washington over a plan to avoid the fiscal cliff — that combination of tax hikes and spending cuts scheduled for Jan. 1 — one big sticking point is whether to raise tax rates for high-income Americans.

Congress and the White House constructed the cliff last year, thinking it would force them to focus on solving the deficit problem. But they're still battling over what approach makes the most sense.

Securities and Exchange Commission (SEC) chairwoman Mary Schapiro is stepping down. She took over the agency in 2009 as it was reeling from criticism over the financial crisis and the Bernard Madoff's Ponzi scheme. Schapiro is credited as a consensus builder who restored some stability to the SEC. She is being replaced by SEC commissioner Elisse Walter.

Airlines are always crowded during the Thanksgiving holiday. But if you've had the feeling they're becoming more crowded all the time, it's not just your imagination. On average, more than 80 percent of airline seats have been filled and plenty of flights have been packed to capacity.

A second term means some new Cabinet appointments for President Obama, including at the Treasury. After four pretty grueling years, Secretary Timothy Geithner has made it clear he will be leaving Washington.

White House press secretary Jay Carney said last week that Geithner would be staying on through the inauguration. He's also expected to be a "key participant" in "fiscal cliff" negotiations.

Now that the election is over, Washington is transfixed by the fiscal cliff, the automatic tax increases and spending cuts due to take effect Jan. 1 if nothing is done.

The sudden shock could seriously damage the economy.

But some Democrats and policy analysts are suggesting that going over the fiscal cliff could help break the political logjam.

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We're going to spend a few minutes now discussing possibilities. Regardless of who wins today's presidential contest, there are reasonable expectations that there will be new faces on the horizon. We've asked NPR reporters who cover some of the key Cabinet-level positions in the U.S. government to tell us about some of the names on that horizon. Let's start with NPR's State Department correspondent Michele Kelemen. Good to have you with us, Michele.

By this point in the campaign season, the presidential polls may have your head spinning. Romney's up 7 points in one, Obama's up 3 in another ... and on any given day, a dozen other polls are swirling, each offering a different take.

As part of Solve This, NPR's series on major issues facing the country, we're examining the presidential candidate's approach to boosting employment. After looking at President Obama's strategy, it's time to examine the plan of GOP nominee Mitt Romney.

In the next two installments of Solve This, NPR's series on the major issues facing the country, we'll examine each presidential candidate's approach to boosting employment. First, President Obama's strategy, then Mitt Romney's.

Job creation is the centerpiece of President Obama's campaign speeches.

Federal Reserve policymakers are meeting in Washington, trying to decide whether — and exactly how — to boost the sluggish economy. Many analysts are expecting the Fed to take action, but they're also beginning to question whether another stimulus program will have any effect.

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And I'm Melissa Block. The U.S. government made a big chunk of money in the stock market today. It sold more than 630 million shares in AIG, the American International Group. The government reluctantly acquired the shares when it injected billions of dollars into the insurance giant to keep it from collapsing. The Treasury Department says the government turned a $15.1 billion dollar profit on the deal. Here's NPR's John Ydstie.

Paul Ryan has a reputation as a deficit hawk. Mitt Romney's running mate has proposed budgets that cut non-defense spending significantly, and advocated controlling Medicare costs by making it a voucher program. But critics argue there's a lot in the Wisconsin congressman's record that undermines his deficit-hawk reputation.

When Ryan gave the GOP response to President Obama's State of the Union address last year, he restated his commitment to debt and deficit reduction.

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