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Fears Of Marijuana 'Monopoly' In Ohio Undercut Support For Legalization

Ohio's proposal to legalize recreational and medical marijuana is being met with opposition from residents who generally support legalizing pot.
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Ohio’s proposal to legalize recreational and medical marijuana is being met with opposition from residents who generally support legalizing pot. iStockphoto hide caption

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Yellow Springs is a small college town in Ohio that has more than one head shop and a lot of tie-dye and hemp.

Many would consider it ground zero for likely supporters of the referendum on the ballot this November that could make Ohio the fifth state to legalize recreational and medical marijuana.

But the proposal is drawing some unusual opposition — and it’s coming from residents who generally support legalizing marijuana.

Samantha Van Ness is among them. While she’s all for legalizing marijuana, the 25-year-old says she’s dead set against the amendment that will be on the ballot.

“I would rather take the minor misdemeanor fine than let someone have such a massive monopoly in my state,” she says.

And that’s the word lots of liberals and old hippies in Yellow Springs don’t like: monopoly. Many people who generally support legalization have a problem with the group ResponsibleOhio that’s pushing this initiative.

That’s because it specifies just 10 locations in the state where growing pot would be allowed. And 10 groups of investors already have dibs on those sites.

These same investors are sinking $20 million into the campaign. So in essence, they are paying to try to amend the Ohio Constitution to grant themselves pot growing rights.

‘Middle-Of-The-Road Approach’ For A Purple State

Ian James, ResponsibleOhio’s director, says there’s a reason for this structure.

“There are other folks that say, ‘I think we should treat marijuana like lettuce and tomatoes,’ ” he says. “Well, lettuce and tomatoes don’t impair you. Marijuana does.”

James says limiting the proposal to 10 sites makes it easier to regulate and monitor, and a state-run control board will be able to increase that number later on.

And the big money, he says, allows them to run a big campaign.

“We are Ohio, folks. We’re not a blue state or a red state. We’re a very purple, middle-of-the-road state,” James says. “And that requires that you have a middle-of-the-road approach that doesn’t always sit well with the right and it doesn’t always sit well with the left.”

The investors are a notable group: It includes former NBA star Oscar Robertson, NFL player Frostee Rucker, Nick Lachey from the boy band 98 Degrees and two Cincinnati-based relatives of the late President William H. Taft.

Sri Kavuru, president of Ohioans To End Prohibition, says he agrees that it’s time to legalize marijuana — but thinks this is the wrong approach.

“I don’t think auctioning off the Ohio Constitution is the only way to do that,” Kavuru says.

So his group of would-be supporters is trying to pass a different amendment next year, one that would create a free market for growers.

Big Money In ‘A Few Pockets’

And pot opponents likely won’t embrace either move. Republican Secretary of State Jon Husted included the word “monopoly” in the issue title that’s supposed to go on the ballot this fall.

“You could call it a duopoly, a oligopoly or a cartel, which are other words that we could’ve chosen, but we figured that monopoly was the most easily understandable,” he says.

ResponsibleOhio has taken that wording to court. James, the group’s director, argues it’s an unfair characterization.

“It’s certainly not a monopoly when thousands of Ohioans will be able to own and operate their own retail stores, their own testing facilities, their own manufacturing facilities,” he says.

If the measure passes, James says, the amendment will create 10,000-plus jobs, and more than $500 million a year in tax revenue for the state.

Samantha Van Ness — the young pot supporter who’s against the amendment — says she’d love to see the tax revenue from a thriving weed business, too.

But “not at the cost of putting that squarely into a few pockets. That’s just as bad as it is right now, where the money’s already in a few people’s pockets,” she says.

The big money in this campaign is already showing up: The TV ads have started, and they even have a mascot: Buddie, a muscular green guy who’s touring college campuses in a bus.

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U.S. Stock Markets Tumble By Nearly 3 Percent As China Worries Renew

Both the Nasdaq and the Dow Jones index were hit by losses Tuesday, as concerns again rose about China’s economy. The Dow is now down nearly 10 percent in 2015, after falling 469 points Tuesday to close at 16,058.

Markets in Europe and Asia also suffered, after renewed worries about a slowdown in China, the world’s second-largest economy.

“The latest evidence is China’s purchasing manager’s index,” NPR’s John Ydstie reports, “which shows the country’s manufacturing sector contracting.”

John says, “Another jolt for the market was a comment from the head of the IMF that growth in Asia could slow even more. The irony is that while U.S. stocks are tanking, estimates of U.S. growth have been upgraded, U.S. auto sales are strong and consumer spending is rising.”

For U.S. stocks, today’s losses were spread around many sectors. Bloomberg News reports:

“Energy shares fell for the first time in five sessions as oil retreated after the commodity’s strongest three-day rally since 1990. Exxon Mobil Corp. and ConocoPhillips slumped more than 2.8 percent. Banks were among the hardest hit, with Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. losing at least 4.1 percent. Apple Inc. and Microsoft Corp. sank more than 3.9 percent to drag down technology shares. Copper producer Freeport-McMoRan Inc. dropped 8.2 percent.”

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Uber Faces $300,000 Fine, Court Case From Philadelphia Regulators

Despite being declared illegal in the city, Uber has been operating in Philadelphia for 10 months.

Despite being declared illegal in the city, Uber has been operating in Philadelphia for 10 months. NPR hide caption

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The ride-hailing service Uber has served more than 1 million customers in Philadelphia, despite operating under disputed terms for nearly a year. Now the city’s regulators are taking the company to court.

Uber says it doesn’t plan to stop operating in the city where it first launched service last October.

Last November, Pennsylvania’s Public Utility Commission went against the preliminary recommendation of two judges to grant Uber a two-year license in the state. Philadelphia’s regulators didn’t agree with that — and they’ve imposed a $1,000-a-day fine on Uber for operating in the city.

From Philadelphia, Bobby Allyn of member station WHYY reports for our Newscast desk:

“Uber is legal everywhere in Pennsylvania but Philadelphia, where authorities are calling the app-based taxi enterprise an ‘illegal hack cab company.’

“Vince Fenerty, who heads the Philadelphia Parking Authority, says the city has impounded dozens of Uber vehicles in undercover stings.

” ‘The cars are not inspected; the drivers are not vetted,’ he says. ‘We don’t know who’s driving the cars; the criminal histories have not been checked by any regulatory agency.’

An Uber spokesman says city regulators are trying to ‘protect an entrenched taxi system that doesn’t want to compete with change.’

Uber says it plans to fight the $300,000 fine, which has accumulated since city officials have been trying to shut down the company for the past 10 months.”

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The Bloody Mary Meat Straw: An All-American Story

This Bloody Mary served at the Nationals Park in D.C. came with a meat straw, which infuses each sip with an umami flavor. Ben Hirko first came up with the concept while tending bar one snowy night in 2009. The straws have become a hit.
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This Bloody Mary served at the Nationals Park in D.C. came with a meat straw, which infuses each sip with an umami flavor. Ben Hirko first came up with the concept while tending bar one snowy night in 2009. The straws have become a hit. Tamara Keith/NPR hide caption

itoggle caption Tamara Keith/NPR

This is a story of American ingenuity and entrepreneurship. It is the story of the meat straw. Yes, you read that right.

“It is a straw made out of pork,” explains Ben Hirko of Coralville, Iowa, the man behind Benny’s Original Meat Straws.

It’s a half-inch in diameter, the same length as a standard plastic straw. And it has a hole running down the middle of it, through which you’re meant to slurp up Bloody Marys.

Like many good stories, this one involves a snowstorm — and maybe one beer too many. Back in February 2009, Hirko was tending bar, and there was only one couple there to drink, so as the snow piled up outside, he poured himself a beer. The bar didn’t serve food, but the couple brought a bunch of meat sticks to snack on.

“After a few beers, I reached over and grabbed one of the snack sticks,” says Hirko. “And I was like, ‘You know, this would make an amazing Bloody Mary garnish.’ It just had great flavor.”

But there was a problem: Only the bottom of the meat stick was soaking up the spicy tomato juice and vodka.

“And so I grabbed a plastic straw out of one of the dispensers, and I grabbed a new stick from them. And I literally started digging a hole in it and eating the meat out of it until I got all the way through,” says Hirko, recounting the moment his meat straw concept was born.

And right there, Hirko had created his first prototype.

“I held it up to the guy that was there,” Hirko says. “And I looked him in the eye, right through the hole, and I said, ‘That’s awesome.’ And he looked at me and said, ‘Yes, it is.’ “

Now, if you are thinking, “Does America really need meat straws?,” you’re not alone. Even Hirko’s father had doubts. “He didn’t really say it, but he looked at me like, ‘You know you have a family to support now, don’t you?’ ” Hirko recalls.

But it turns out, Bloody Mary meat straws actually can support a family. For Hirko, the big break came when he got a call from the Detroit Lions football team, which serves a Hail Mary Bloody Mary drink.

“We serve it in a plastic mason jar,” says Joe Nader, executive chef for Levy Restaurants at Ford Field, home of the Detroit Lions. He oversees food service at the stadium. “So it’s a pretty good-sized portion, and it’s got a bunch of other garnish with it. The meat straw is kind of the piece de resistance.”

Last year, the Lions sold 30,000 Bloody Marys with meat straw garnishes. The meat straws are also sold in grocery stores and bars, and on the Benny’s website.

And the hankering for meat straws has spread. At a recent Washington National’s baseball game in D.C., meat straws were prominently displayed at a “make-your-own-Bloody-Mary” bar in one of the luxury lounges.

Jonathan Stahl, executive director of ballpark operations and fan experience for the Nationals, demonstrates a meat straw in action, using it to stir horseradish into the Bloody Mary mix.

“As you can see, it comes straight through the meat straw,” says Stahl, taking a gulp to demonstrate. “There you go.”

The straw infuses each sip with a hint of meaty, umami flavor. And by the time imbibers have finished guzzling the drink, the meat straw is well-soaked in Bloody Mary and ready for snacking. Stahl says they’ve been a hit.

“We couldn’t get them one time, and so people were asking where the meat straws were,” says Stahl. “We never have a Bloody Mary bar unless we have the meat straws available now.”

Nat’s fan Bill Foster sits on a patio overlooking the ballpark, testing out a meat straw Bloody Mary. He isn’t convinced this product is really answering a great need.

“Sometimes, as Steve Jobs pointed out, we don’t know what we needed until he put it together, so maybe enough people will think we need this,” says Foster. “I don’t know. I doubt if I’ll be in that crew, but maybe others will.”

The Steve Jobs of meat straws, Ben Hirko, recently sold his company to a larger firm with better distribution channels, but he stayed on. So now he can spend all his time convincing people that meat straws are the answer to a problem they didn’t know they had.

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With Futures Tied To Mining, Some Montana Towns Seek New Ways To Get By

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Mining moves in boom-and-bust cycles. It’s busting right now as metals prices are the lowest they’ve been in years. In states like Montana, that means small mining towns are looking for other options.

Transcript

ARUN RATH, HOST:

Mining for metals like copper, gold and platinum has long been a story of boom and bust, and it’s busting in the U.S. right now. Metals prices are the lowest they’ve been in years. In states like Montana, that means small towns with their futures tied to mining are looking for other options. Montana Public Radio’s Eric Whitney reports they’re hard to find.

ERIC WHITNEY, BYLINE: Buddy Hanrahan runs a one-man computer services business in White Sulphur Springs, Mont., population 900.

BUDDY HANRAHAN: Bring ’em over. They can come down…

WHITNEY: Hanrahan’s also president of the local chamber of commerce. He’s trying to stay on good terms with other local businesses. So when I ask him how the local economy’s doing…

HANRAHAN: Oh boy, I’ve got to be careful what I say just ’cause I don’t want to offend – steady, level, but at a very low level.

WHITNEY: Way lower than when Hanrahan was in high school. Back then, White Sulphur Springs still had three thriving timber mills. But when federal forest management policies changed in the ’90s, the mills closed, and two-thirds of the town’s residents moved away. That’s why Hanrahan and a lot of other Main Street businesses here now have signs in their windows saying they support opening a new copper mine nearby.

HANRAHAN: Any industry right now is an improvement. I mean, agriculture’s great, and tourism is great, but it’s – it’s tough. It’s a hard road to hoe when you just have that.

WHITNEY: When a Canadian mining company set up a storefront here about four years ago, copper prices were up, and prospects looked good for it to open the mine and create about 200 good-paying jobs. Kim Deal, who’s been here 41 years, would love to see that happen.

KIM DEAL: I moved away after I graduated out of high school, was gone for nine years, and I come back. It’s home.

WHITNEY: Deal spent 31 years tending bar in White Sulphur Springs because she says it’s one of the few steady jobs available here. But she just bought a property management business and is hoping something will come along so her family can stay, too.

DEAL: There’s just nothing here for people to do. There’s no work. You know, and it’s sad when your kids don’t have the option to graduate and say, oh, you know, I’m going to stay at home for the summer and work, or, you know, I don’t want to go to college so I want to get a job, and they can’t do that here. There’s nothing here for them to do that with.

RATH: The proposed copper mine is near the Smith River, one of Montana’s most prized boating and fishing experiences. Environmental groups are trying to stop the mine, but a pretty effective barrier right now could be that the price of copper is only about half of what it was in 2011. K.C. Chang, an economist with the financial research firm IHS Global Insight, says that’s mostly because of China’s economy. It’s shifting away from the rapid industrialization that caused a spike in prices for raw materials.

K.C. CHANG: That shift towards a market that’s more driven by their domestic consumer means that there’s going to be an overall lower copper demand in terms of the global picture.

WHITNEY: A weak forecast for rising copper prices means hopes for another natural resources boom in towns like White Sulphur Springs are fading.

HANRAHAN: Yeah, that three screens really does people in sometimes.

WHITNEY: Back in Buddy Hanrahan’s computer shop, he says local leaders have no choice but to keep looking for other economic options.

HANRAHAN: The mine is a possibility. It may never happen. So we’re just rolling the way things need to roll to survive, not necessarily depending on the mine. It’d be great if it happened, but we’re not going to rely on it.

WHITNEY: Right now, Hanrahan thinks his town’s best hope still lies underground – but not in copper ore. Federal subsidies helped lay fiber-optic Internet cable to White Sulphur Springs, and Hanrahan’s trying to lure some telecommuters who want to be surrounded by the great outdoors. For NPR News, I’m Eric Whitney in Missoula.

(SOUNDBITE OF SONG, “MINING ALL DAY LONG”)

MIRACLE OF SOUND: (Singing) And I feel good ’cause I’ve been mining all day long. Hey, hey, hey, I’ve been mining all day long. I feel…

Copyright © 2015 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

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On Wall Street: Not Much Fun, But It Sure Was Interesting

There was good news along with the bad at the New York Stock Exchange this week.

There was good news along with the bad at the New York Stock Exchange this week. Richard Drew/AP hide caption

itoggle caption Richard Drew/AP

This week on Wall Street, investors experienced thrills, chills, tears and giggles as their investments plunged, soared, dropped, rose, dipped, moved sideways — and then ended about where they started.

On Friday, the Dow Jones industrial average inched down 12 points to 16,643 for the day, ending a bit higher than last Friday’s 16,459 close.

So if you just got back from spending a week on a tiny desert island with no smartphone, you might look at the Dow’s close and think it was a pretty tame week.

You would be very, very wrong.

This was one of the most volatile weeks in years for markets all over the world. Stocks, commodities and currencies whipsawed up and down as investors tried to make sense of conflicting economic news. On one side of the seesaw, there was terrible news out of China, suggesting that manufacturing there was slowing much more than economists had thought.

If China, the world’s second-largest economy, really is slowing dramatically, then it will be buying far fewer commodities, like coal, copper, iron ore and so on. Reduced demand would beat down the developing countries that produce many commodities, and that in turn would slow the whole global economy and hurt a lot of currencies.

So panic selling broke out everywhere on Monday morning — in Asia, Europe and the U.S.

But wait.

On the other end of the seesaw, the U.S. economy started moving up. A revision of the second-quarter gross domestic product turned up evidence of much stronger growth. And other reports showed durable-goods orders and consumer spending rose in July. Personal income was up too.

So through the week, the global investing narrative kept shifting from a scary story about China to a cheery one about the United States.

Also contributing to the ups and downs were conflicting rumors about whether the Federal Reserve would raise interest rates next month. All of this caused big stock-price swings, often within the same hour.

There’s a measure of market shifts, based on S&P 500 options. It’s called the CBOE Volatility Index, or VIX, and it rose 5.5 percent to 27.53 on Friday. That was well above its 10-year average of about 20 for the sixth straight session.

As the week’s dust settled, the winners were the U.S. and European markets, which both rose a bit. But Chinese stocks, as measured by the Shanghai Composite, had lost nearly 8 percent for the week.

If you want quiet, steady growth in your retirement savings, then you might want to close your eyes and brace yourself: Analysts are saying the volatility will continue, at least until the Federal Reserve’s intentions are clear.

Those coming market swings may have negative effects on the broader economy.

As measured by the University of Michigan Consumer Sentiment Index, Americans’ confidence is starting to falter, dropping 1.2 points to 91.9 this month, a report showed Friday.

Americans are becoming “more pessimistic in their economic and financial outlook due to the volatility in equity markets and worries over the financial issues in China and Greece,” IHS Global Insight economist Chris Christopher said in his analysis.

“If the U.S. stock markets stabilize, consumer sentiment is likely to respond to fundamentals — lower energy prices, improved job prospects, a housing market that is gaining traction, and modest consumer price inflation. Looking ahead, we expect consumer confidence to rebound in the coming months, if and only if, financial markets cooperate,” he wrote.

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New Tesla Breaks Consumer Reports' Ratings Scale, Bolsters Company's Stock

Tesla's Model S P85D, seen here at a car show in April, scored 103 on Consumer Reports' 100-point ratings system.

Tesla’s Model S P85D, seen here at a car show in April, scored 103 on Consumer Reports’ 100-point ratings system. Johannes Eisele/AFP/Getty Images hide caption

itoggle caption Johannes Eisele/AFP/Getty Images

With a rare mix of blazing speed, safety and energy efficiency, the new Tesla Model S P85D left the folks at Consumer Reports grasping for ways to properly rate the car, after it scored a 103 — out of 100. “It kind of broke the system,” says Jake Fisher, director of the magazine’s auto test division.

Listing the all-electric car’s attributes, including its improved handling and stopping power, Fisher says, “We’re seeing numbers that we haven’t seen before. So this kind of blew out the system. We’re giving it a score of 100.”

That final rating came after the product testing organization adjusted its metrics a bit (but it says it won’t now grade all other cars on the P85D’s curve). It posted the results online Thursday — and in a rare move, Consumer Reports didn’t require a subscription to see the Tesla ratings (that move very likely played a part in the company’s trouble with its Web servers).

In a video discussion of the Model S P85D, Fisher says, “We’re not used to seeing large cars go 0-60 in 3.5 seconds. We’re not used to seeing large cars that get an equivalent of 87 miles per gallon, and are that fast. So it really blows apart a lot of things.”

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Consumer Reports’ experts note that the score doesn’t mean the car has achieved perfection — for one thing, there’s the $127,820 price tag of the tested model. That makes it the most expensive car that the magazine has ever tested. And then there’s the base model’s estimated range of about 250 miles on a single charge.

But the magazine’s autos editor, Mark Rechtin, also notes that the Tesla is impressive for its quickness in applying power to the road — and pushing its occupants back in their seats.

“This car goes from 0 to 1.02 G’s in less than a quarter of a second,” Rechtin says, “which is almost as fast as the human brain can react.”

That rush of speed happens silently, Rechtin added. He said, “The only other way that you can feel that, in a legal setting, is to basically jump out of an airplane.”

We’ll note that those speeds reflect a car outfitted with the “Insane” driving mode. The quicker “Ludicrous” mode gets to 60 mph in 2.8 seconds, according to Tesla.

The glowing review generated intense interest in the car Thursday (as of this writing, the Consumer Reports website has crashed); it also propelled Tesla’s stock to an 8 percent gain, to a close of $242.99 on the Nasdaq market. That’s quite a bounce for a stock that, at the opening of Monday’s trading session, could be had (briefly) for $202.

On the performance of Tesla’s stock, The Wall Street Journal notes, “at midday, Tesla’s market value stood at $31.7 billion, up $2.5 billion from Wednesday’s close.”

In its first years in the auto market, Tesla has focused on high-priced cars. The Model S cost more than $50,000 when it was introduced, and the new Model S P85D has a base price of $104,500. But earlier this year, the company announced plans to produce a more affordable car called the Model 3, with a list price of $35,000.

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Wal-Mart To End Sales Of Some Semi-Automatic Rifles, Citing Low Demand

This fall, Wal-Mart will end sales of military-style assault rifles like the AR-15.

This fall, Wal-Mart will end sales of military-style assault rifles like the AR-15. Joe Songer/AL.COM/Landov hide caption

itoggle caption Joe Songer/AL.COM/Landov

Wal-Mart, thought to be the largest seller of firearms in the U.S., will stop selling military-style modern sporting rifles, such as the the AR-15, this fall.

Wal-Mart spokesman Kory Lundberg said the decision to phase out the controversial semi-automatics was based in business, not politics, citing declining demand.

“If you have a product customers aren’t buying, you phase it out,” he said, according to Bloomberg.

He added that Wal-Mart shoppers “were buying shotguns and rifles, and so we are increasing assortment in that.”

Lundberg tells NPR the move is happening now because of the change in seasons:

“As our Sporting Goods departments are resetting this week from Summer to Fall, the MSRs are being taking out of the assortment and replaced with new rifles and shotguns.”

The soon-to-be phased out AR-15 was used in several high-profile shootings over the past few years, including the 2012 shooting at Sandy Hook school in Newton, Conn., and the movie theater shooting in Aurora, Colo. Gun control advocates support bans on these types of weapons and welcome Wal-Mart’s decision to remove them from the shelves.

Spokeswoman Lori Haas from the Coalition to Stop Gun Violence, based in Washington, D.C., praised Wal-Mart’s decision.

“I think it’s a great idea. I think it’s a great signal that things are changing and that we have responsible citizens reacting to the gun violence in our country,” Haas told NPR.

But while Haas embraced Wal-Mart’s move, she questioned its claim that demand had indeed dropped. Wal-Mart does not disclose gun-sales figures.

“It would be lovely if there had been a decrease in demand,” Haas said, adding, “I would be very interested to learn of the gun manufacturer’s sales.”

According to a spokeswoman for the National Rifle Association, Amy Hunter, the AR-15 is highly popular in the U.S.

“The AR-15 is America’s most popular general use rifle,” Hunter told NPR.

In Hunter’s emailed statement, the NRA called Wal-Mart’s recent move disappointing.

“While we’re disappointed in Wal-Mart’s decision, we appreciate the firearms retailers who continue to carry these firearms and enable law-abiding citizens to purchase the firearm of their choice.”

In 2006, Wal-Mart also cut back on gun sales, removing firearms from about a third of its stores, again chalking the decision up to “diminished customer relevancy.” But then in 2011, it reintroduced guns to more stores around the country.

According to CNN Money, a Wal-Mart spokesman said at the time that the retail giant “realized there is broader appeal for guns in some areas because of sporting needs.”

Wal-Mart will be selling the discontinued rifles at steeply discounted rates as it phases them out.

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Online Magazine Searches For The Worst Store Name Puns

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NPR’s Ari Shapiro and Audie Cornish talk to Reyhan Harmanci of the website Atlas Obscura about its reader contest to select the worst businesses that use puns in their names.

Transcript

AUDIE CORNISH, HOST:

There is a subset of puns – businesses that name themselves based on a pun. You know, the kind of thing you see on a storefront sign that makes you groan or maybe laugh, depending on your mood.

ARI SHAPIRO, HOST:

So, for example, I’ve been living in East London for the last couple years in the neighborhood where actually Jack the Ripper operated, and there is a hair salon near my apartment called Jack The Clipper.

CORNISH: That’s a very good one. Another good one is an e-cigarette emporium named Darth Vapor.

SHAPIRO: You know, if there were only a map of businesses with names like this so you could seek them out or maybe steer clear of them.

CORNISH: Well, Ari, it’s happening.

SHAPIRO: Yes.

CORNISH: Reyhan Harmanci is on the case. She’s with the online magazine Atlas Obscura, and she’s asking for you or anyone to submit your favorite punny business names. Reyhan Harmanci, welcome to the show.

REYHAN HARMANCI: Thank you, guys.

CORNISH: First, tell us how this idea came about.

HARMANCI: Well, it’s been a source of much discussion in Atlas Obscura group chat room, and being a place called Atlas Obscura, we traffic in a lot of maps. So this has been a pet project for the last few months.

CORNISH: It’s like lunchroom chatter, basically, you guys going back and forth about maybe business names you’ve seen that you thought, oh, that’s a groaner.

HARMANCI: Yeah. And one of the reasons why we decided to it is when we would bring it up to other people, their response was like, oh, man, there was a place in my hometown or I just drove by a weird nail salon. It felt like it was ripe for some mapping.

SHAPIRO: What kind of trends are you seeing with the submissions you’ve gotten so far?

HARMANCI: Well, it’s funny you mentioned a hair salon in London. I just looked today. We have had already over 600 submissions, and there’s at least 10 different Curl Up And Dyes.

CORNISH: (Laughter).

SHAPIRO: Oh, D-Y-E, Curl Up And Dye.

HARMANCI: Yes, D-Y-E, yeah. So we’re seeing – I mean, I think the bulk have been categorized as restaurants – a lot of Thai restaurants in there. Washington, D.C., is extremely well represented. I think it’s the city with the most submissions thus far.

SHAPIRO: Here in D.C., we have a Bow Tie. We have a Titanic.

HARMANCI: Yes, yes.

CORNISH: Oh, Titanic, yeah, I never thought about that.

HARMANCI: Yes. Other places have a Thaiphoon, appeThaizing. For Vietnamese restaurants, there’s also a lot of submissions involving pho.

SHAPIRO: P-H-O – the Vietnamese soup.

HARMANCI: Yes, exactly, the soup. Beverly Hills apparently has a 9021Pho.

SHAPIRO: Pho.

CORNISH: Very nice.

SHAPIRO: Reyhan Harmanci, how do you anticipate people using this map? Are they going to seek these places out or are they going to avoid them as best they can?

HARMANCI: I will leave that to the discretion of the reader. I think that puns – it’s a funny thing. It’s not like a ha ha thing. It’s kind of like a gut feeling of, like, oof.

(LAUGHTER)

SHAPIRO: Can you distinguish between a great pun and a terrible pun, or are they actually the same thing?

HARMANCI: I think they’re actually the same thing.

CORNISH: Really?

HARMANCI: Yes. I think that the feeling you get from a great pun and a terrible pun is quite similar.

CORNISH: (Laughter).

SHAPIRO: I saw a falafel shop called Pita Pan.

(LAUGHTER)

SHAPIRO: Isn’t that good?

CORNISH: I see how you’re…

SHAPIRO: Pita Pan.

CORNISH: You’re amused. I’m appalled. You’re right. It’s kind of like two sides of the same coin.

SHAPIRO: Two halves of the same coin.

(LAUGHTER)

CORNISH: Reyhan Harmanci – she’s from the online magazine Atlas Obscura. She’s partnering with the news aggregator Digg to create an interactive map of American businesses with pun-based names. Thank you so much for speaking with us.

HARMANCI: Thank you guys so much.

CORNISH: And for people who still want to sneak in some of their top choices, how can they submit to the map?

HARMANCI: You can go to AtlasObscura.com/puns.

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A Nasty Place On Wall Street: What Kind Of A Dive Is This?

Trader William McInerney keeps an eye on developments at the New York Stock Exchange, Monday.

Trader William McInerney keeps an eye on developments at the New York Stock Exchange, Monday. Richard Drew/AP hide caption

itoggle caption Richard Drew/AP

Stocks opened Monday with a swan dive: The Dow Jones industrial average plunged about 1,000 points, or 5 percent, in just minutes.

By midday, enough brave buyers had waded back in to push up prices — up to where losses were only around 1 percent or so.

But that didn’t last. Around 3 p.m., the Dow dropped again, sliding nearly 700 points.

Stress-filled minutes ticked down until 4 p.m.: CLANG, CLANG, CLANG.

The closing bell rang. Brows were wiped, and commentators scrambled to explain why investors had seen both panic selling and panic buying.

The Dow ended down 588 to 15,871, a drop of nearly 3.6 percent. The S&P 500 index closed off 3.9 percent, at 1,893.21, and the Nasdaq ended down 3.8 percent to 4,526.25.

Given the earlier free falls, that seemed somehow not so terrible.

But really, the day was bad. The closely watched S&P 500 measure is now down 11 percent since its May peak, well into “correction” territory.

When stocks are down at least 10 percent, Wall Street analysts use that bland term, “correction,” to characterize what has happened.

Workers who have just seen their retirement savings shrink may use less polite language.

During the financial crisis of 2008-09, many families lost a great deal of their savings. So the bull market of the past several years was merely restoring what had been lost. Having that restoration now “corrected” is painful.

Monday’s misery began in China. The main Shanghai stock index fell 8.5 percent. Then the selloff rolled over to Europe, where most stock indexes closed down about 5 percent.

By the time trading began in New York, everyone was expecting a drop. They got a doozy.

Why is this happening? Most analysts are pointing to China. For years, China had been growing rapidly, driving up demand for raw materials like steel, aluminum, corn, copper, oil and so much more. That demand buoyed the global economy.

But now, China’s blistering growth pace is slowing.

It’s clear “that the past decade has been China’s ‘Roaring 20s’ — and that the chickens are now coming home to roost,” said Robert Hockett, a Cornell professor.

And here’s what made that worse: The low interest rates of recent years had allowed many companies around the world to expand, so more grains were planted, more iron ore was mined, more steel was poured.

Now the world has too much supply and too little demand. That imbalance has sent commodity prices plunging, collectively down by about a third from last year. In turn, investors are dumping stocks in commodity-producing companies.

So investors have to decide: Is this selling wave a short-term correction? Or is this the start of a long-lingering bear market?

For workers who someday would like to retire and go fishing, the answer really matters.

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