American Morning
Free store! No, really!
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/16/ogunnaike.freestore.art.jpg caption=" Crowds line up to shop at a store where everything is free."]
It was a frigid morning in downtown Manhattan. A day made for blankets and good books. But instead of hibernating at home, dozens of people were shivering in front of the Free Store, waiting to walk away with the ultimate bargain. The old adage says that “nothing in life is free”, but at this New York City store, that couldn’t be further from the truth. Everything—and I do mean everything—is F-R-E-E, Free.
Naturally I was skeptical when I walked in, after all, I’m a journalist, paid to be skeptical. I was pleasantly surprised to discover that nothing in this place had a price tag. The store’s “owners,” Athena Robles and Anna Stein, don’t have to worry about turning a profit because the space is actually an art exhibit funded by grants. Instead, they just do their best to manage the frenzied customers.
Minding Your Business
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/16/minding_your_busi_art.jpg caption=" CNN Business Correspondent Christine Romans is Minding Your Business everyday here on amFIX"]
Somehow over the past week, we've taken the edge off the desperation in the markets and economy.
Let me be clear: there is a lot of work to do and many difficult months ahead. I'm not ready to say confidence has returned, but certainly the gloom is not so thick.
Why? A more unified message is emerging (either by accident or by design) that yes, there IS a road to recovery and yes, we are trying to get on it.
The chairman of the Federal Reserve, Ben Bernanke, sat down with 60 Minutes because, he said, he wanted to speak directly to the American people. His message? The Fed is doing everything possible to support the economy. A recovery doesn't happen until the banks are stabilized. There is a plan for that but it will take time and patience.
Dental Gold for Cash
As the economy sours, Americans are finding surprising and novel ways to just to get by. In pawn shops, shopping malls and jewelry stores across the nation people are parting with sentimental and not-so-sentimental gold jewelry to pay off the bills. Helping all this along are scores of television ads from “cash for gold” companies that promise to pay up.
In Wauwatosa, Wisconsin this week, Lyssa King of Gold Buyers set up a booth in the Mayfair Mall and was overwhelmed by long lines of customers. At two in the afternoon she ran out of cash and was forced to go to the bank to pay off people wanting to trade in their rings, necklaces, and bracelets.
Steel Town Trying to Rebound From Decades at the Bottom
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/12/art.braddock.cnn.jpg caption=" Braddock, Pennsylvania, has suffered since the steel mills went out of business in the 1970s and 1980s."]
What happens when business and government turn their collective back on a town and just walk away? Braddock, Pennsylvania, is what happens. Braddock, Pennsylvania, has suffered since the steel mills went out of business in the 1970s and 1980s.
When steel was king, the population of Braddock surged to more than 20,000 people. With its proximity to Pittsburgh and its location on the Monongahela River, it was an ideal location for a steel town.
When steel mills began closing in the 1970s and 1980s, Braddock was not immune. In 1982, Braddock's main mill, the Carrie Furnace, closed its doors, putting thousands of people out of work.
Madoff: Where's the Money?
CNN's Allan Chernoff reports.
Bernard Madoff is expected to plead guilty today to running the biggest investment fraud in history, which could send him to prison for the rest of his life.
He's charged with robbing investors of billions of dollars. For many of them - their entire life savings. But if Madoff thought pleading guilty would end the investigation... he thought wrong.
Right now federal investigators are ripping apart 25 years of fraud inside Madoff's firm to find out where all the money went.
Hard queries for CNBC's Cramer
It's been a "must Tivo" – all week long.
The ongoing grudge match between Daily Show host John Stewart, and CNBC's Jim Cramer. All the buzz is only encouraging the folks at Comedy Central.
Some people have some serious questions for Jim Cramer – about things he said – the advice he gave – and the role he might have played in manipulating the markets.
About this Show
Welcome to the American Morning blog where you can get daily news updates from American Morning's reporters and producers. Join us for "the most news in the morning," weekdays from 6-9 a.m. ET, only on CNN.
On Twitter
