Joseph Weisenthal leaves Business Insider to join Bloomberg

NEW YORK (CNNMoney)

The move is surprising considering that Weisenthal was one of the first members of Business Insider and is a prominent part of the site's newsroom and operations.

It also comes during a hiring spree and new strategy at Bloomberg, which is grabbing up high-profile talent for coverage across all platforms.

Bloomberg TV did not specify a launch date or time slot for Weisenthal's show, but afternoon is likely, given his focus on market news.

It is expected to hire roughly a dozen people to work with Weisenthal on the markets section of its web site.

In recent months, Bloomberg has hired The Verge's co-founder Joshua Topolsky. It has also upped its political coverage by bringing on journalists John Heilemann and Mark Halperin, who head up the company's digital coverage while hosting a politics show for Bloomberg TV.

Related: The Future of Media

Known on Twitter by his handle "The Stalwart," Weisenthal is well known for his prolific work ethic usually starting everyday with his signature tweet, "what'd I miss?"

"We are sad to say goodbye to Joe, but we will always encourage our colleagues to pursue great opportunities," Business Insider CEO Henry Blodget said in an e-mail to staff.

Blodget also announced the news to Business Insider's New York staff, prompting a round of applause for Weisenthal. The site has not identified a replacement for him.

A statement from Bloomberg also mentioned Weisenthal's dedication to breaking news and legendary competitiveness, which I experienced firsthand as a former employee of Business Insider.

"I had no interest in leaving Business Insider, and I'm incredibly proud of what's being built there," Weisenthal said in a statement. "But what's going on at Bloomberg is truly exciting. I couldn't pass up the opportunity."

First Published: October 21, 2014: 8:42 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are four things you need to know before the opening bell rings in New York:

1. Market moves: U.S. stock futures are looking soft after markets posted a sharp rally over the past four trading days.

Stocks have been extremely volatile this month as a range of concerns have shaken investor confidence. Slower economic growth and spreading Ebola are among the factors spooking investors.

Gold prices are dipping and oil prices are edging up.

The CNNMoney Fear & Greed index shows investors are still feeling extremely fearful.

Related: Fear & Greed Index

2. Yahooooo!: Shares in Yahoo (YHOO, Tech30) are set for a 3% pop after the Web giant said profit soared in the third quarter. It earned $6.3 billion from selling part of its stake in Alibaba (BABA, Tech30), the Chinese e-commerce giant. Alibaba debuted last month on the New York Stock Exchange in the largest IPO in history.

3. Earnings and economics: A slew of big companies are reporting earnings. Boeing (BA), Tupperware (TUP), Xerox (XRX), Northrop Grumman (NOC) and Stanley Black & Decker (SWH) are among the big names reporting before the open.

AT&T (T, Tech30), Yelp (YELP) and Cheesecake Factory (CAKE) are reporting after the close.

On the economic front, investors are waiting for the Bureau of Labor Statistics to release its latest monthly inflation data for September at 8:30 a.m. ET.

Related: CNNMoney's Tech30

4. International markets overview: European markets were slipping lower in early trading, while nearly all major Asian markets closed with gains. The Nikkei in Japan was a standout performer, rising by 2.6% Wednesday after dropping 2% on Tuesday.

First Published: October 22, 2014: 5:15 AM ET

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Election issue: Why people still feel the economy stinks

NEW YORK (CNNMoney)

Things are improving, yet Americans are still worried. The economy is voters' top concern ahead of the midterm elections next month, ranking ahead of national security, according to a recent Politico poll.

Only 42% of those surveyed by CNN late last month thought the economy was in good shape. While that's the highest share since January 2008 and an improvement from the 29% who felt this way a year ago, it's still weak overall.

Let's take a look at what's going right: The unemployment rate is below 6% for the first time since 2008. Job openings are back to 2001 levels. Consumer confidence is at its highest point since before the recession, and inflation remains a tame 1.7%.

Related: What do women want in a husband? A job!

Sounds great, but it's taken the country a long time to get to this point, said Richard Curtin, chief economist of the Thomson Reuters/University of Michigan Survey of Consumers.

The recovery has also been stronger for some than others. Young adults are still having a tough time starting their careers, while older Americans are having difficulty shifting into retirement after their nest eggs were destroyed during the Great Recession.

"It's taking so long to recover and it's been so uneven," he said. "It's been more than five years since the end of the recession."

Related: Obama's midterm message: Believe me, we're better off

Although the unemployment rate has fallen rapidly in the past two years, it remains at a relatively elevated level, said Justin Wolfers, a senior fellow at the Peterson Institute for International Economics. The average jobless rate in the decade before the Great Recession hit in December 2007 was 4.9%.

Americans also don't feel any better off. While more people may have jobs, they aren't bringing home fatter paychecks. Wages and income have remained stagnant for years, making it tough for folks even though inflation is low. Median household income, which stood at $51,939 last year, is back to 1995 levels.

Consumers expect a median income boost of 1.1% over the next year, Curtin said. But that won't keep up with their inflation expectations of 2.8%.

"American households, on average, are still struggling with their living standards slowly eroding," he said.

Not everyone, however, is suffering from flat-lining wages ... and that's also why the average American remains worried about the economy. The rich are seeing both their income and wealth rise. The wealthiest 5% of American households held 63% of all wealth in 2013, up from 54% in 1989, according to a recently released Federal Reserve survey.

"Rising inequality is why Main Street doesn't feel like it's benefiting from the full fruits of the recovery," Wolfers said.

First Published: October 22, 2014: 7:04 AM ET

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Wealth is outpacing income...and that's a scary sign

NEW YORK (CNNMoney)

The ratio of wealth to income has hit a recent record, according to Credit Suisse.

The last time it was this high was during the Great Depression. And it came close two other times: 1999, the year before the dotcom bubble burst, and leading up to 2007, before the housing market crash.

Wealth has skyrocketed, driven mainly by the soaring stock market, and that has mostly benefited the rich. Income for the average person, meanwhile, hasn't been growing much.

Credit Suisse analysts found that the ratio of wealth to income is 6.5. For more than 100 years, it has typically fallen between 4 and 5.

"This is a worrying signal given that abnormally high wealth income ratios have always signaled recession in the past," the Credit Suisse report said.

Wealth per adult in the U.S. has risen every year since 2008. In fact, average wealth is now 19% above the pre-crisis peak hit in 2006, the report stated. And $31.5 trillion household wealth has been added to the U.S. since 2008.

Related: Billionaires are hoarding more cash

While experts said it's normal for wealth to outpace income, especially after a recession, it becomes a problem when it rises so fast that people feel overly optimistic about their wealth.

Tim Yeager, chair of the Arkansas Bankers Association, said when wealth inequality increases, the likelihood of asset bubbles also rises.

"Stock market and financial industry wealth are always moving around looking for the highest returns and makes bubbles more likely," he said. "When the stock market gets hot, more people pour in and that amplifies the creation of a pending bubble."

Related: The richest person in all 50 states

Russell Price, senior economist at Ameriprise, is hopeful the income side of the equation will balance out soon. "The pockets of slack in the labor market are evaporating and job growth is very encouraging - both are needed to increase wages."

The fact that there's been three periods of high wealth to income ratios in 15 years has Yeager concerned. "These asset bubbles are becoming more frequent and that causes financial instability."

Federal Reserve Chair Janet Yellen said in a speech Friday the increasing inequality could dampen the economy. "It is no secret that the past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority," she said.

First Published: October 21, 2014: 7:57 AM ET

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'Simpsons' go streaming: Al Jean talks new site

With the new "Simpsons World" streaming site you may no longer need a TV to watch Springfield's favorite family.

NEW YORK (CNNMoney)

Now we don't even need a TV to watch.

On Tuesday, 21st Century Fox is debuting "Simpsons World," a web site that lets fans stream every single one of those episodes. "The Simpsons," which in season #25 is the longest-running sitcom of all time, is embracing a mobile and on-demand world that was scarcely imagined when the show came onto the airwaves in 1989.

All that's needed is a subscription to a participating cable or satellite provider.

Fox's cable channel FXX bought the cable and online rights to past episodes of "The Simpsons" from Fox's studio division last year. The price tag was reported to be $750 million.

First FXX held a popular "Every Simpsons Ever" marathon in August. And now it's rolling out "Simpsons World," which will exist at SimpsonsWorld.com and through FXX's app.

The new site will go beyond binge-viewing or cherry-picking of favorite episodes. It will also allow fans to interact with the show in multiple ways -- from cutting and sharing clips to getting behind the scenes information.

Ahead of the site's debut, we spoke to "Simpsons" executive producer and showrunner Al Jean about the new site, the marathon and a potential ending to the series.

So now, with "Simpsons World," will the show's famous couch gags have the Simpson family rushing home to watch shows on their computers and tablets?

I guess we'll do one. That's a good idea. [laughs]

It's so funny because, honest to god, this show predated Google. It kind of predated Word processing. The fact that now we're on this app where you can just access everything, cross-reference everything, it's boggling my mind.

Speaking of, the site goes live Tuesday.

Yeah, but we warned everybody it's not complete -- but I think it's very good. It will be updated and improved continually. It should be pretty final next year.

There are a lot of streaming TV sites now, so what makes "Simpsons World" stand out?

It offers, to my knowledge, much more than any other. Most sites will give you episodes of [a] show, and maybe some background, or additional material. This gives you everything.

The whole run of the show, the information from our various books and research that we've done. Every script page can be accessed.

When the app is fully complete there's going to be cross-referencing, so if you want to see every appearance of Moleman, you can do that. I don't think there's anything now that remotely approaches what this is going to do. I definitely think it's a window into the future.

What's your favorite aspect of the site?

It's two things. It's the ability to research. I mean, we already can do an amazing amount through YouTube or Google, but this will really be the ultimate for finding out about "The Simpsons." Then the ability to cut and paste clips I think is something. It's just so funny, we can be having a debate on did Homer straggle Bart when he was a baby? Now we can find the answer very quickly.

Also, it's a two-way experience. It gets feedback and input from the users and the whole point of it is to make this something people feel apart of.

Did you ever expect these older episode would be shown in this type of format on-demand?

Nothing I would expect ever corresponds with what happens with "The Simpsons." I hoped it would run for five years back in the early nineties [laughs].

The fact that we're on 25 years later, we just did our 25th Halloween show, we had a movie, we just did a show at the Hollywood Bowl, we had a short that was nominated for an Oscar.

The show just seems to me to be on a huge... I don't know if you'd call it a second wind? Fifth wind? Whatever. It's all amazing. Hollywood loves a comeback, especially for something that never vanished [laughs].

What does it mean to have such a popular and highly lucrative on-demand library after decades as a simply linear TV show?

Well, I can't really speak to the term "lucrative," because a lot of this has been a huge development with money they've poured into the web site.

Also, when FXX aired the marathon, they had very few commercials because they wanted to really show everybody it was on FXX.

Of course, "The Simpsons" makes money and of course "The Simpsons" originated as something that was designed to be a business as well as entertaining, but a lot of it, I swear to god, is trying to give people what they want, trying to encourage the fan-base.

FXX's "Every Simpsons Ever" marathon was very social with #EverySimpsonsEver all over Twitter. Did you feel it was the first social media event for "The Simpsons?"

Yeah, it was definitely the first time it really succeeded. If you tweet a scripted show you tend to do it with something like "Mad Men," which has revelations and hidden details which we generally don't. So, in that sense, yeah the marathon was the first thing.

I've been here 25 years, so it was literally like seeing my life flash before my eyes. It was amazing that people who hadn't worked here but just watched the show could have a similar feeling.

Since we've been looking back, let's instead look forward. Have you ever imagined an ending to the show?

Well, the first thing I should say is I think we're one of the highest-rated shows on the network, so it's not like there's an ending coming soon. [laughs]

However, there is an ending I've always had in mind, which was, I thought it would be cool if in the last episode they're getting ready to go to a Christmas pageant, and they go to the Christmas pageant that opens up the first episode, "Simpsons Roasting on an Open Fire," so the entire series is a loop with no end.

That would be my way of concluding the run, but nobody has asked me for it yet.

Related: New way to watch CBS shows, for $6 a month

Related: HBO to sell subscriptions via the Internet

First Published: October 21, 2014: 8:18 AM ET

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Slave labor in America today

A new study examines labor trafficking in the United States - and its victims' plight - in agriculture, construction, hotels, restaurants and domestic work.

NEW YORK (CNNMoney)

Foreign workers, lured by false promises of good jobs in America, soon find themselves enslaved in plain sight as victims of labor trafficking, according to a new report published by the nonpartisan Urban Institute.

About half of these workers pay "recruitment" fees to traffickers -- often thousands of dollars -- that can leave them stuck in debt for years. And while some victims are smuggled here, a majority - or 71% - actually enter the United States with a visa, the report found.

The International Labour Organization estimates that there are roughly 21 million people worldwide who are victims of forced labor, but there are no official estimates of how prevalent labor trafficking is in the United States.

Urban Institute researchers found, however, that "there's a system in place to facilitate this exploitation."

In some cases, U.S. employers "turn a blind eye to how workers are recruited; in other cases they were more intimately involved in fraud and coercion during the recruitment process," the report noted.

Funded by the U.S. Department of Justice, the report details the way in which victims get ensnared by labor traffickers and how difficult it is for them break free. Here's how it can happen.

The bait: Victims often hear about a job opportunity from someone they know in their home country. They then meet with a recruiter who is often from an employment agency seeking workers for U.S. employers.

The pitch: "Employment in America would offer them a unique opportunity at a better life for both themselves and their families," the report said.

Related: The underground sex economy

In 93% of the cases that the Urban Institute reviewed, the recruiter misrepresented some key element of the job: the nature of the work, the hours, the benefits (health insurance, tuition, vacation) and the perks (e.g., free housing, or even legal permanent residence in the United States).

In terms of pay, the report found that the wages promised by recruiters are "not outlandishly high relative to the federal minimum wage." But in light of all the benefits and perks promised, they seem more generous.

The switch: Once the pitch is made, the recruiter may then pressure victims to quickly sign contracts they don't understand and pay a high recruitment fee.

Of the cases studied and the trafficking survivors interviewed, nearly half the victims paid such a fee. The average fee was $6,150, which is more than the annual per capita income in many of the countries that the victims came from. But, in some cases, the fees ran as high as $25,000.

In order to afford the fee, victims often sold family property, mortgaged their land or took out high-interest loans.

Related: CNN's Freedom Project

For the 71% of victims who came to the U.S. legally, the last step in the recruitment process was to take workers to the U.S. embassy or consulate to obtain a visa. Often, the traffickers coached them on what to say.

"Information regarding a worker's rights and numbers to call in case of an emergency were not communicated [by embassy staff,] and in some cases, workers were interviewed in the presence of traffickers or not interviewed at all," the report found.

The real nightmare: Once here, labor trafficking victims are subject to multiple forms of mental, physical or financial abuse at the hands of their employer or the subcontractor that brought them into the country.

Among the most common abuses reported: Being paid less than promised or having pay withheld; being threatened with violence or otherwise demoralized; being forced to work more hours than advertised; and having their movements to and from work controlled - that is, if they aren't forced to live at the work site.

Besides taxes, the employer or subcontractor issuing workers' paychecks may also take out money for supplies, housing, food, utilities, transportation, health insurance (never provided), plus state, paperwork or immigration-status "fees." After all the deductions, the amount of money left over is often not enough to help trafficked workers pay down their debt the way they had planned.

Related: Big business fights human trafficking

And since the workers' visas are tied to their jobs, traffickers use their debt and immigration status to force them to stay.

What should be done: While trafficking is illegal, the report found that law enforcement, embassy officials, communities and the victims themselves aren't educated enough about those laws.

Survivors who escaped were often on their own for months or years before finding help. And where law enforcement was investigating labor trafficking, it wasn't made a priority.

The authors of the report recommended, among other things:

• Better educating border officials, embassy employees, immigration attorneys, law enforcement and others to recognize the signs of trafficking;
• Raising awareness and outreach to immigrants about their rights;
• Strengthening trafficking laws, to prohibit recruitment fees and make companies ensure that neither they nor any agency they use charge them;
• Requiring companies to certify there is no slavery in their supply chains;
• Raising awareness in communities about how to help potential victims of trafficking. A good first step is to call the hotline at the National Human Trafficking Resource Center at 1-888-373-7888.

First Published: October 21, 2014: 7:29 AM ET

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IBM shares down after it dumps chip unit, posts disappointing earnings

NEW YORK (CNNMoney)

IBM shares were sharply lower in premarket trading after the company dumped its chip unit at a loss and said it was disappointed with its earnings.

The computing company, a component of the Dow Jones industrial average, will take a $4.7 billion charge to sell its chip unit to Globalfoundaries, which will be a supplier of chips to IBM for the next three years. The chip unit lost another $100 million in the most recent quarter, roughly the same as the loss a year earlier.

To shed the money-losing unit, IBM will continue to invest $3 billion in chip research and development over the next five years, with Globalfoundaries benefiting from the results of that research. In return for that, Globalfoundaries will pay IBM only $1.5 billion over the next three years.

Related: IBM builds a brain out of computer chips

IBM also reported lower earnings and revenue that were sharply below forecasts by Wall Street analysts. It said the poor results were due to a "marked slowdown in September" in sales and that the results "point to the unprecedented pace of change in our industry."

"We are disappointed in our performance," said CEO Ginni Rometty.

The fall in IBM (IBM, Tech30) shares took Dow futures, which had been positive earlier, into negative territory.

First Published: October 20, 2014: 7:51 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Stock market moves: U.S. stock futures are all edging up Monday, but this follows a dramatic week where fear gripped the markets and the Dow Jones industrial average erased all its gains for the year.

Even though equities posted a big comeback on Friday, the latest reading on the CNNMoney Fear & Greed index indicates investors are feeling very fearful.

Investors are expected to be on edge as they await earnings from multinational giants this week.

Related: Nightmare on Wall Street: Is it over?

2. Earnings parade: Apple (AAPL, Tech30), IBM (IBM, Tech30) and Chipotle (CMG) will report quarterly results at the close.

IBM said that in addition to releasing results, it will also make "a major business announcement." Bloomberg reported that IBM was about to pay Abu Dhabi's GlobalFoundaries $1.5 billion to take its unprofitable chip making unit off its hands.

As for Apple, it's launching Apple Pay Monday, allowing customers to pay for items with their iPhone 6s.

Firms reporting before the markets open include toy-maker Hasbro (HAS), newspaper publisher Gannett (GCI) and drug company Valeant (VRX).

Related: CNNMoney's Tech30

3. International markets overview: European markets are all declining in early trading after a slew of major European firms reported disappointing earnings. Many of the main indexes were down by about 1%.

Adidas (ADDDF) shares jumped 5% on a Wall Street Journal report that a consortium of investors was interested in buying its Reebok unit. Lufthansa (DLAKY) fell 1.3% as it was forced to cancel 1,500 flights due to a pilots' strike.

Asian markets all closed with gains, inspired by a Friday market rally in the U.S.

Japan's Nikkei surged by nearly 4%, supported by reports saying the country's massive public pension fund would funnel more money into the domestic stock market. There were also reports that the government may postpone a second increase in sales tax.

4. Friday market recap: After a week of steep declines, the Dow rose 263 points, or 1.6% Friday. The S&P 500 was up 1.3% and the Nasdaq jumped by about 1%.

First Published: October 20, 2014: 5:08 AM ET

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Russia's crusade to banish McDonald's

This McDonald's restaurant at Pushkin Square in Moscow was the first to open in the city at the end of the Cold War, but it has been shuttered by Russian authorities since August.

LONDON (CNNMoney)

Officials are continuing their crackdown on McDonald's (MCD) by forcing the closure of nine restaurants and investigating roughly half of the country's 446 locations.

The string of closures began in late August when authorities shut down four McDonald's locations in Moscow, including the city's first that opened nearly 25 years ago. As many as a dozen McDonald's locations were closed, but some have recently reopened.

It's widely believed the shutdowns are part of a retaliatory plan to punish American businesses after the U.S. and Europe issued harsh sanctions against Russia over the Ukraine crisis.

Local media had previously reported that "sanitary violations" were the reason behind the closures.

"We disagree with the court's decision and will appeal," said McDonald's in a statement.

Related: Jack Daniel's getting smacked in Russia

McDonald's isn't the only consumer company that's suffered since tensions between the West and Russia flared up.

The firm behind Jack Daniel's whiskey also reported struggles in the country.

Brown-Forman (BFB) was targeted by the same consumer watchdog as McDonald's. A report from the organization in late August said dangerous substances were found inside samples of the company's whiskey.

Brown-Forman said it "vehemently" denied that there was anything harmful in its products.

First Published: October 20, 2014: 8:20 AM ET

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For $65 million, you can buy Miami's most expensive home

Miami's most expensive home for sale has a graceful, Mediterranean style.

NEW YORK (CNNMoney)

Called La Brisa (The Breeze), the Coconut Grove compound sits on 6.9 acres, with more than 200 feet of waterfront property along Biscayne Bay.

The nine-bedroom Mediterranean-style home, which was first built in the 1920s, has undergone a major facelift. It last sold in an estate sale six years ago for $11.5 million.

Related: Mansions for under $1 million

"The [current] seller, an architect, did everything he could to restore it to its original state," said Coldwell Banker agent William Pierce.

The result? Nearly 17,000 square feet of completely renovated and restored living and outdoor space that includes original woodwork, restored windows and natural woods like Brazilian, teak and pine.

The seller tried to keep as much original detail as possible.

There's also Spanish tile roofs, balconies, walkways and patios galore, with almost every interior space opening up to the outside or providing views of the water.

A 500-foot canal borders the north end of the property and includes a docking slip that can accommodate a 70 foot yacht. The manicured grounds are filled with 100-year-old trees, tropical vines and a large lawn. There's also a shaded, spring fed pond.

The Munroe spring is named for an early owner.

A large, coral stone patio with a fire pit and sitting areas shaded by tall palm trees surrounds a large pool. There's enough room to entertain a couple hundred guests for outdoor parties.

The cool pool catches Bay breezes.

Where the seller didn't attempt to return the house to an earlier time were the kitchen and baths, both of which are modern and sleek.

Walk through the arched kitchen doorways right onto the patio.

As for the rest of the property?

"It's like traveling back in time," said Pierce.

First Published: October 17, 2014: 5:21 PM ET

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