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.

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It's All Politics
4:23 pm
Fri November 30, 2012

Raising Taxes On The Rich: Canny Or Counterproductive?

Sen. Charles Schumer, D-N.Y. (right), shown at a news conference Thursday on Capitol Hill with Senate Majority Leader Harry Reid, is arguing for raising taxes on the wealthy as part of a deal to avoid the fiscal cliff.
J. Scott Applewhite AP

Originally published on Fri November 30, 2012 4:44 pm

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.

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It's All Politics
3:04 am
Fri November 30, 2012

How Much Income Taxes Could Rise: A Breakdown Of The Options

House Speaker John Boehner of Ohio speaks to reporters on Capitol Hill Thursday after private talks with Treasury Secretary Timothy Geithner.
J. Scott Applewhite AP

Originally published on Fri November 30, 2012 8:46 am

"No substantive progress has been made." That's what House Speaker John Boehner had to say Thursday about efforts to avoid automatic spending cuts and tax increases at year's end.

The administration's lead negotiator, Treasury Secretary Tim Geithner, met with congressional leaders from both sides of the aisle Thursday, looking for an agreement on the hazard Congress and the White House created last year to focus their minds on deficit reduction.

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Business
2:48 pm
Mon November 26, 2012

Head Of SEC To Step Down After Four Years

Originally published on Mon November 26, 2012 4:18 pm

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.

Business
2:43 am
Thu November 22, 2012

More And More Airline Flights Are Filled To Capacity

Originally published on Thu November 22, 2012 2:52 am

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.

It's All Politics
1:25 am
Mon November 19, 2012

In Fiscal Cliff Talks, Higher Taxes Vs. Closing Loopholes

President Obama, accompanied by House Speaker John Boehner of Ohio, speaks to reporters at the White House on Friday during a meeting to discuss the fiscal cliff.
Carolyn Kaster AP

Originally published on Tue November 20, 2012 8:38 am

The White House and Congress continue to work on a deal that avoids the fiscal cliff and cuts deficits in the long run. One of the biggest hurdles is President Obama's proposal to raise tax rates for the wealthy.

Republicans think a better course would be to raise revenue by closing loopholes and limiting deductions for high-income people. The question is, could that method raise enough money.

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Economy
3:06 am
Thu November 15, 2012

Studies Vary On How Many Jobs Will Be Lost If Taxes On The Wealthy Ride

Originally published on Thu November 15, 2012 5:07 am

Republicans claim President Obama's plan to raise taxes on the wealthy will cost the economy 700,000 jobs. Another study from the Congressional Budget Office puts the number of lost jobs as 200,000. But both studies also assume millions of new jobs will be created.

Politics
1:49 am
Mon November 12, 2012

Lew, Bowles Rumored To Replace Treasury's Geithner

Originally published on Mon November 12, 2012 3:43 pm

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.

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It's All Politics
4:12 pm
Fri November 9, 2012

The Upside To Plunging Off The Fiscal Cliff

With Congress on the edge of a fiscal cliff, set to occur Jan. 1, some say a fiscal plunge is exactly what's needed to break the political logjam.
iStockphoto.com

Originally published on Fri November 16, 2012 10:17 am

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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U.S.
1:26 am
Thu November 8, 2012

Opening Lines Set For A Deal To Avoid Fiscal Cliff

Speaker John Boehner, R-Ohio, said Wednesday that House Republicans are willing to accept new revenues "under the right conditions."
J. Scott Applewhite AP

Originally published on Thu November 8, 2012 2:50 pm

With the election over, attention in Washington has turned to the nation's debt and deficit challenges — most immediately the looming fiscal cliff. That's the $600 billion worth of expiring tax breaks and automatic spending cuts set to start taking effect Jan. 1.

The president and Congress agreed to those automatic measures to force themselves to find a more palatable compromise to rein in deficits. On Wednesday, there was an attempt to jump-start that process.

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Solve This
2:53 am
Tue October 9, 2012

Romney's Jobs Plan Relies On His Tax Proposal

Republican presidential candidate Mitt Romney shakes hands during a rainy campaign rally Monday in Newport News, Va.
Evan Vucci AP

Originally published on Tue October 9, 2012 9:25 am

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.

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Solve This
2:30 pm
Mon October 8, 2012

Obama's Jobs Plan Focuses On Federal Investment

President Obama speaks during a campaign event at George Mason University in Fairfax, Va., on Friday.
Pablo Martinez Monsivais AP

Originally published on Tue October 9, 2012 5:48 am

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.

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Economy
1:24 am
Fri September 28, 2012

Easy Money May Boost Economy But At What Cost?

Specialist David Pologruto works at his post on the floor of the New York Stock Exchange on Sept. 13, as Federal Reserve Chairman Ben Bernanke holds a news conference in Washington. The world's central banks are easing credit, putting more money into the global economy.
Richard Drew AP

Originally published on Fri September 28, 2012 10:31 am

The world's central banks are pumping cash into their economies, pushing down interest rates in hopes the ready cash and lower rates will boost borrowing and economic activity. Everyone agrees the action is dramatic and unprecedented, but there's disagreement over whether they will do more harm than good.

Economists know very well the trillions of dollars being added by the central banks to the global economy can be risky.

"These are risks about long-term rises in inflation, housing bubbles potentially building up," says Jacob Kirkegaard of the Peterson Institute.

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Economy
2:49 am
Tue September 25, 2012

IMF's Lagarde: Uncertainty Slows Global Recovery

International Monetary Fund Managing Director Christine Lagarde delivers remarks at the Peterson Institute for International Economics on Monday in Washington, D.C. Lagarde said there are a number of factors eroding growth.
Paul J. Richards AFP/Getty Images

Originally published on Tue September 25, 2012 10:00 am

Managing Director of the International Monetary Fund Christine Lagarde says recent actions by the European Central Bank mark a positive turning point in Europe's financial crisis. But she warned that uncertainty elsewhere will continue to slow the pace of the global recovery.

Back in July, the IMF was forecasting world growth of just under 4 percent for next year. The group's economists will issue a new forecast in a couple of weeks. Lagarde said the new projection still foresees a gradual recovery, but it will shave a few tenths of a percent off global growth.

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Business
4:43 am
Fri September 14, 2012

Fed's New Plan Focuses On The Housing Market

Originally published on Fri September 14, 2012 9:43 am

Transcript

STEVE INSKEEP, HOST:

The Federal Reserve in this country is embarking on another unconventional program to strengthen the sluggish economic recovery. This time, the Fed is focused on the housing market, as NPR's John Ydstie reports.

JOHN YDSTIE, BYLINE: At the end of their two day meeting yesterday, Fed officials said they intend to buy $40 billion a month of mortgage backed securities to help the struggling housing market.

Fed chairman Ben Bernanke explained the rationale at his post meeting new conference.

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Economy
12:03 am
Thu September 13, 2012

Fed Stimulus Expected, But Remedy May Not Be Right

Federal Reserve Chairman Ben S. Bernanke in a hearing of the Joint Economic Committee on Capitol Hill in June.
Brendan Smialowski AFP/Getty Images

Originally published on Thu September 13, 2012 7:02 am

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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Economy
3:02 pm
Tue September 11, 2012

U.S. Treasury Cuts Stake In AIG With $18 Billion Sale

Originally published on Tue September 11, 2012 7:57 pm

Transcript

AUDIE CORNISH, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.

MELISSA BLOCK, HOST:

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.

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Election 2012
12:59 pm
Sun September 9, 2012

Critics Say Ryan's Record Belies Tough Deficit Talk

Paul Ryan waves as he takes the stage at the Republican National Convention in Tampa, Fla., on Aug. 29. Ryan has been celebrated as a deficit hawk with bold vision, but some critics have called his record on deficit-reduction "dismal."
Chip Somodevilla Getty Images

Originally published on Sun September 9, 2012 3:08 pm

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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Economy
3:01 pm
Fri September 7, 2012

New Unemployment Report Weaker Than Expected

Originally published on Fri September 7, 2012 4:18 pm

The jobs report released Friday morning came in weaker than expected. Employers added 96,000 jobs to payrolls. The unemployment rate did fall to 8.1 percent, but that was because so many people left the workforce.

Business
3:14 am
Thu August 23, 2012

Federal Reserve May Move To Boost Economy

Fed policymakers appeared to move closer to a decision to add more stimulus to the economy. That's according to minutes released of the Federal Open Market Committee's meeting. The minutes didn't say what the Fed is likely to do next, but indicated many officials supported keeping the federal funds rate at "exceptionally low levels" at least through late 2014.

It's All Politics
2:49 pm
Tue August 14, 2012

Ryan's Mission For Fed: Focus On Prices, Not Unemployment

House Budget Committee Chairman Paul Ryan, R-Wis., shakes hands with Federal Reserve Chairman Ben Bernanke at the close of the committee's hearing on the state of the economy in February 2011.
J. Scott Applewhite AP

Originally published on Thu August 16, 2012 11:07 am

Mitt Romney's new running mate has authored some provocative policy proposals to cut budget deficits and overhaul Social Security, Medicare and Medicaid. But Rep. Paul Ryan has also been an advocate for a different course for the central banking system of the United States, the Federal Reserve.

For the past 35 years, the Fed has had a dual mandate from Congress: to set interest rates at levels that will both foster maximum employment and keep prices stable. Put another way, the Fed's goals are to get unemployment as low as possible while keeping inflation in check.

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U.S.
4:14 pm
Tue July 24, 2012

Offshore Jobs Play Role In Campaigns And Economy

Originally published on Wed July 25, 2012 3:46 pm

President Obama and Republican challenger Mitt Romney have been trading attacks over the issue of American jobs being moved overseas.

The president has pounded Romney for the investments made by his former firm Bain Capital in the 1990s. Not to be outdone, the Romney campaign has suggested most of the money from the president's stimulus program went to create jobs overseas.

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Economy
2:33 am
Wed July 18, 2012

Fed Chief Gives Gloomy Economic Review

Originally published on Wed July 18, 2012 7:57 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION from NPR News. Good morning, I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

We begin our program with two very different views of the economy. Two observers of the economy think the long-term looks very good, as we'll hear in a moment.

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Business
3:52 pm
Fri July 13, 2012

Documents Lift Veil On Bank-Rate-Rigging Scandal

Police wait for protesters to appear at a branch of Barclays Bank in London on July 4.
Olivia Harris Reuters/Landov

Originally published on Fri July 13, 2012 8:24 pm

As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.

Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.

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Economy
1:22 am
Wed July 11, 2012

Euro Currency Still Faring Well, For Now

Over the last 13 years, the euro has been worth on average $1.21, only a penny less than its current price of $1.22 per euro.
Michael Probst AP

Originally published on Wed July 11, 2012 10:42 am

The euro touched a two-year low against the dollar Tuesday, as concerns about the eurozone debt crisis continued.

Despite a recession across much of the eurozone and even predictions of the currency's demise, however, the euro has held up relatively well during this crisis.

Over the last 13 year, it has taken on average $1.21 to buy a euro. Now, even in this midst of this crisis, it's worth virtually the same ($1.22).

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Europe
3:13 pm
Wed June 27, 2012

European Union Tradeoff: Sovereignty For Stability

Originally published on Wed June 27, 2012 4:50 pm

In order to salvage its common currency, Europe is working toward a tighter fiscal union. That will require a tradeoff — sovereignty for economic stability. Over the next two days European Union leaders will try to come to an agreement to boost growth.

Economy
3:34 pm
Wed June 20, 2012

Federal Reserve Cuts Back U.S. Growth Forecast

Originally published on Wed June 20, 2012 4:23 pm

Transcript

ROBERT SIEGEL, HOST:

From NPR News, this ALL THINGS CONSIDERED. I'm Robert Siegel in Washington, D.C.

MELISSA BLOCK, HOST:

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Economy
2:46 am
Wed June 20, 2012

Investors Look To The Fed For An Economic Boost

Originally published on Wed June 20, 2012 7:59 am

Transcript

(SOUNDBITE OF MUSIC)

RENEE MONTAGNE, HOST:

NPR's business news starts with the Fed in the spotlight.

U.S. stocks rallied yesterday largely on a belief among investors that the Federal Reserve will take further action to stimulate the economy. The Fed concludes a two-day meeting around noon today. Afterwards, Chairman Ben Bernanke will hold a news conference to explain the Fed's strategy.

As NPR's John Ydstie reports, there are several things the Fed could do to try to boost growth, but whether they'd be effective is debatable.

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Economy
3:24 pm
Fri June 1, 2012

New U.S. Jobs Report Sends Dow Sliding

Originally published on Fri June 1, 2012 4:13 pm

The government's monthly employment report Friday morning was a big disappointment. The economy added just 69,000 jobs in May and the unemployment rate ticked up a notch to 8.2 percent. The stock market also reacted negatively to the news.

American Dreams: Then And Now
2:22 pm
Tue May 29, 2012

On The Economic Ladder, Rungs Move Further Apart

Kevin Hill, a San Diego landscape designer, was doing well financially before the downturn. Now, he says he feels "lost."
John Ydstie NPR

Originally published on Tue May 29, 2012 6:45 pm

America is the land of opportunity — that's the bedrock of the American dream. Many expect each generation to do better than the last.

That dream of economic mobility is alive and well for Pam Krank and her husband, Brian McGee. The two are proud owners of The Credit Department Inc., a successful business in the Minneapolis suburb of Mendota Heights.

"Mostly manufacturing companies around the world will hire us to study their customers and tell them how much ... unsecured credit they should grant to each customer," Krank explains.

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Europe
1:31 am
Thu May 17, 2012

'Dire Consequences' If Greece Exits Euro

People walk past the Bank of Greece headquarters in Athens.
Louisa Gouliamaki AFP/Getty Images

Originally published on Thu May 17, 2012 8:46 am

Euros are being drained out of Greek banks at a rate of up to $1 billion a day this week. In the wake of the country's election turmoil, depositors are nervous about the heightened possibility of a Greek exit from the euro. If that were to happen, euros left in Greek banks could be worth much less than euros outside the country.

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