Many of us were introduced to the term LIBOR for the first time this week, when it was revealed that some banks might have been manipulating the dull but vital interest rates to gain an edge in the market.
Avi Avital is one of the world's leading classical mandolinists, gracing concert halls from Tel Aviv to Munich to New York. But the young Israeli says he discovered the mandolin only by coincidence.
"When I was a kid, I had a neighbor who played the mandolin — the neighbor from upstairs," Avital tells NPR's Guy Raz. "It was one of those buildings where all the doors are open and all the neighbors are friends and more close than relatives. It was like one big family.
"I will be outspent." This simple phrase headed an email President Obama recently sent to supporters.
"We can be outspent and still win," the message read. "But we can't be outspent 10 to 1 and still win." Obama asked for donations of as little as $3 to compete against the deep pockets of Republican challenger Mitt Romney and the super political action committees that back him.
The city of Scranton, Pa., sent out paychecks to its employees Friday, like it does every two weeks. But this time the checks were much smaller than usual. Mayor Chris Doherty has reduced everyone's pay — including his own — to the state's minimum wage: $7.25 an hour.
Doherty says his city has run out of money.
Scranton has had financial troubles for a couple of decades — the town has been losing population since the end of World War II. But the budget problems became more serious in recent months as the mayor and the city council fought over how to balance the budget.
So, another month passes with U.S. stuck in a jobless recovery. Yet many major businesses are reportedly doing well. Their stock price is up. They have cash on hand. So why aren't more companies hiring?
I'm joined now by two chief executive officers. Christopher Gorman is the president of Key Corporate Bank and the CEO of KeyBank in Cleveland. He joins us from his office there. Mr. Gorman, thanks for being with us.
This is WEEKEND EDITION from NPR News. I'm Scott Simon. Eight-point-two percent, that's the number economists and politicians are looking at closely. It is the unemployment rate for the month of June. The U.S. Labor Department reported that the economy added only 80,000 jobs last month. As the economy continues its very slow recovery, it's worth asking, is the jobs report always the best indicator? NPR's Sonari Glinton has more.