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☆ It’s not just Bob Menendez: Americans really love gold bars
▼ + stars: | 2024-07-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Menendez maintains his innocence and plans to appeal the verdict, he told reporters outside the Manhattan courtroom on Tuesday. The discovery that Menendez owned a hoard of gold bars stunned many people. And now even Costco sells gold bars. The two kilograms and 11 ounces worth of gold bars Menendez and his wife possessed would have been worth over $185,000 as of Tuesday, according to Goldprice.org data. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.

Persons: Sen, Bob Menendez, Menendez, Jonathan Rose, ” Rose, ’, ”, Rose, it’s Organizations: New York CNN, Bank, Genesis Gold, Western Alliance, CNN, Costco, Dow, IRS Locations: New York, Manhattan, Beverly Hills , California

☆ The big change that could come for the economy in September
▼ + stars: | 2024-07-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. Some economists worry that if the Fed doesn’t cut rates by then, cracks could begin to deepen in the labor market. A September rate cut “may not be the magic elixir some investors are seeking,” wrote Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, in a Monday note. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.

Persons: ”, Ron Temple, Jerome Powell didn’t, Brent Schutte, Alicia Wallace, —, Elisabeth Buchwald, McDonald’s, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Lazard, Northwestern Mutual Wealth Management, Bureau of Labor Statistics ’, Taco Bell Locations: New York, Burger

☆ Why fast food value menus aren’t as good a deal as you might think
▼ + stars: | 2024-07-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But just how much value is there in these kinds of “value” meals? Well, actually, not as much as you may think, since prices for many key ingredients used in value meals are coming down. Cheese, potatoes and tomatoes are getting cheaperMany of the recently announced value meals use cheese, potatoes and tomatoes. Meat eaters benefit the most from the value meal warIf you eat meat, you’re more likely to benefit from some value menu items. Given that meat prices are rising at a faster pace than most foods, it’s no wonder most fast-food chains are only offering value menus for a limited time.

Persons: McDonald’s, Joe Erlinger, ” Organizations: New, New York CNN, Taco Bell, Bureau of Labor Statistics ’, McDonald’s, Wall Locations: New York, Burger, McDonald’s USA

☆ Costco membership fees are going up for the first time since 2017
▼ + stars: | 2024-07-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —It’s soon going to cost more money to get your foot in the door at Costco. The retailer is raising membership fees by $5 to $65 a year in the US and Canada, Costco announced Wednesday. This marks the first time in seven years Costco is raising membership fees. The company estimated that 52 million memberships will be impacted, a little over half of which are Executive members, Costco said. Last year, Costco earned $4.6 billion in revenue from membership fees, an 8% increase from 2022.

Persons: New York CNN — It’s Organizations: New, New York CNN, Costco, Sam’s Club, Amazon Locations: New York, Canada

☆ Americans are suddenly finding it harder to land a job — and keep it
▼ + stars: | 2024-07-08 | by ( Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com time to read: +5 min

Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers. The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed. The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. Since 2022, the temporary help sector has added jobs in only four months.

Persons: It’s, Luke Pardue, switchers, David Tinsley, Jack McIntyre Organizations: CNN, Aspen, Bank of America, Bank of America Institute, “, of Labor Statistics, Labor Department, Brandywine Global

☆ Why you’re seeing lots of teens at work this summer — but still so many empty lifeguard chairs
▼ + stars: | 2024-07-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

New York CNN —Your kid’s summer camp is likely fully staffed. The shift is a refreshing change after the pandemic drove many teens away from working during their summer breaks. “Now I’m seeing parents pushing their kids to work again,” said Pritikin, who employs around 350 staff members each summer. Ten years ago, high school-aged camp staff made around $1,000 for an entire summer. Lifeguards prepare for the opening of the Astoria Pool in the New York City borough of Queens on June 27, 2024.

Persons: They’re, ”, Paul Harrington, That’s, it’s, Eric Brotherson, “, Brotherson, he’s, Andy Pritikin, Pritikin, weren't, Frank Burkhauser, Harrington, ” Andrew Challenger, Joshua A . Bickel, Eric Adams, Spencer Platt, Gregg McQueen, We’ll, ” McQueen, Adams, Tom Gill, ” Gill Organizations: New, New York CNN, Rhode Island College, Glenwood, Colorado Rockies, Liberty, Challenger, YMCA Camp Kern, American Lifeguard Association . New, New York City, CNN, United States Lifesaving Association, “ Lifeguard Locations: New York, Glenwood, Glenwood Springs , Colorado, rollercoasters, Liberty Lake, Bordentown, Mansfield Township , New Jersey, Oregonia , Ohio, American Lifeguard Association . New York City, New York City, Queens

America’s job market remains solid, but it has lost momentum over the past year. The Federal Reserve is watching closely to see if it will continue to hold up or weaken more than expected. Fed Chair Jerome Powell said this week at an economic forum in Portugal that the risk of inflation reaccelerating has come into better balance with the risk of the job market unexpectedly deteriorating. Fed officials indicated in their latest economic projections that they expect to cut interest rates just once this year, which have been at a 23-year high for a year now. It rose to 4.1% in June, according to the Labor Department’s latest tally.

Persons: Jerome Powell, ” Powell, ”, Mary Daly Organizations: Federal, ” San Francisco Fed, Labor Locations: Portugal, ” San

☆ The Boeing saga has reached a new level of absurdity
▼ + stars: | 2024-06-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —If you’re a PR person, I can’t possibly think of a harder job right now than working at Boeing. Boeing held a press conference from a factory in Renton, Washington, on Thursday to talk about quality improvements. But strangely enough, Boeing sharing that information itself got Boeing in trouble with the NTSB. Clean up, clean up everybody everywhereWhen the NTSB’s statement went out, Boeing’s PR team went back into crisis clean-up mode. At the same time, rules are rules no matter how hypocritical they are.

Persons: It’s, they’d, Max, Elizabeth Lund, Lund, Gregory Wallace, Chris Isidore, ” Lund, “, that’s Organizations: New, New York CNN, Boeing, Alaska Airlines, Senate, National Transportation Safety Board, NTSB, ”, Department of Justice, CNN, Boeing’s PR Locations: New York, Renton , Washington

☆ What to know about the economy ahead of the presidential debate
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s because the economy has consistently ranked among the top — if not the very top — voter issues in presidential election after presidential election. Unemployment: Low, but with warning signs aheadThe nation’s unemployment rate stayed below 4% for 27 months, its longest such streak and a match for a period in the 1960s. That streak ended last month, when the unemployment rate rose to 4% from 3.9%. That means job seekers might find it harder to get hired. The number of job openings in the US economy recently fell to a three-year low.

Persons: Bill Clinton’s, Joe Biden, Donald Trump, David Paul Morris, Joe Raedle, they’ve, Frederic J . Brown Organizations: New, New York CNN, ABC, CNN, Bloomberg, Getty, of Labor Statistics, Target, Walmart Locations: New York, AFP

☆ The biggest US banks are more vulnerable than they were last year, Fed’s stress test shows
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —America’s biggest banks are well positioned to survive a severe recession while continuing to lend to households and businesses, the Federal Reserve said Wednesday in its annual bank resilience test, commonly referred to as a stress test. However, banks could suffer higher losses, if a significant economic downturn were to hit now versus a year ago. As a result of the banking crisis that fueled the Great Recession, the Fed conducts stress tests to monitor and uncover potential signs of weaknesses in the financial system. At the same time, banks’ income from fees was lower, giving them less of a buffer to absorb those losses. “The goal of our test is to help to ensure that banks have enough capital to absorb losses in a highly stressful scenario.

Persons: New York CNN —, they’ve, Michael Barr, “, ” Barr Organizations: New, New York CNN, Federal Reserve Locations: New York

☆ Think the CDK outage is just about cars and dealerships? Think again
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Last month there were $122 billion of transactions at car dealerships, according to Commerce Department estimates. That accounts for 17% of all retail sales in May. An outage lasting through June 30 would mean 10 days without dealership access to CDK. Now here’s where it gets even more glaring: Retail sales aren’t just some minor part of the economy. Consider yourself warned: You may want to hold off on looking at your 401(k) on July 25, when the government releases second-quarter GDP estimates.

Persons: Ramishah Maruf, Peter Valdes, CDK, Russell Price, ” Price Organizations: New, New York CNN, North America, Commerce Department, Ameriprise, CNN Locations: New York

☆ Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers
▼ + stars: | 2024-06-25 | by ( Elisabeth Buchwald | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. But a memo released by the court on Tuesday said that she was “not likely to grant final approval” to the preliminary settlement absent any changes. The proposed settlement would have lowered those fees by at least 0.04% percentage points for a minimum of three years. What the preliminary settlement entailedThe proposed settlement, which hinged on final approval from the Eastern District of New York, resulted from a longstanding antitrust class-action lawsuit in 2005.

Persons: Judge Margo Brodie, “, colluded, —, Christopher Jones, ”, ” Jones, Tuesday’s, Judge Brodie, RILA Organizations: New, New York CNN, Mastercard, Visa, Court, of, Merchants Payments Coalition, Main, Retail Industry, Association, Target, Dollar Locations: New York, Eastern, of New York

☆ Outrage over an $18 Big Mac sparked a consumer revolt that finally got companies to listen
▼ + stars: | 2024-06-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New CNN —Pop quiz: How much does a Big Mac, fries and a fountain beverage – also known as a Big Mac combo meal – cost? In a recent letter, Joe Erlinger, president of McDonald’s USA, said $18 for a Big Mac combo was the “exception” and not the norm across all 13,700 restaurants in the country. The thing is: It doesn’t really matter that virtually no one is paying anything close to $18 for a Big Mac combo. “The average price of a Big Mac in the US was $4.39 in 2019,” Erlinger said in his recent letter. Behold: Price cuts and value menusI’d be willing to bet Erlinger was made aware of the viral $18 Big Mac combo post not long after it took off.

Persons: It’s, Joe Erlinger, Erlinger, it’s, They’re, ” Erlinger, aren’t, haven’t, Price, Christopher Kempczinski, they’ve, Ian Borden, they’re Organizations: CNN, McDonald’s, Mac, Consumer, Walgreens, Walmart, Wendy’s Locations: Connecticut, McDonald’s USA, Amazon

☆ How Nvidia is now worth more than Apple
▼ + stars: | 2024-06-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But these multigenerational brand names are now trailing behind Nvidia, suddenly the most-valuable public company in the world. With a market value of over $3 trillion, Nvidia is worth more than most countries’ entire economies. All that demand for Nvidia chips surely must’ve increased competition, right? All that means is demand for Nvidia chips isn’t going away any time soon but that competition will continue to grow more fierce. Before we know it, another company with a name most people can’t pronounce will be referred to as the next Nvidia.

Persons: New York CNN —, chipmaking, “, Jensen Huang, Huang, OpenAI, it’s Organizations: New, New York CNN, Apple, Microsoft, Google, Nvidia, Meta, IBM Locations: New York, Denny’s, Silicon Valley

☆ Biden nominates Christy Goldsmith Romero to lead FDIC at pivotal time for the banking regulator
▼ + stars: | 2024-06-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —President Joe Biden has nominated Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corporation. Goldsmith Romero, a Democrat, served as special inspector general for the Troubled Asset Relief Program at the Treasury Department that was borne out of the Great Recession. As incoming head of the FDIC, she will largely be viewed as the figure responsible for fixing the longstanding problematic culture at the agency. An independent investigation commissioned by the FDIC released in early May confirmed the Wall Street Journal’s reporting from last year. Gruenberg’s exitUnder pressure from the top-ranking Democrat on the Senate Banking Committee, Sherrod Brown of Ohio, Gruenberg announced he would vacate the position once a new chair is confirmed.

Persons: Joe Biden, Christy Goldsmith Romero, Martin Gruenberg, Goldsmith Romero, Goldsmith Romero “, ”, “, wrongdoers, Sherrod Brown of, Gruenberg, Travis Hill Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Democrat, Troubled Asset, Treasury Department, FDIC, ”, Senate Banking, Republican Locations: New York, ”, Gruenberg’s, Sherrod Brown of Ohio

☆ PPI report: Another positive sign for consumers after wholesale inflation ticked down last month
▼ + stars: | 2024-06-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Economists polled by FactSet had anticipated a 0.1% rise in monthly wholesale inflation. Excluding food and energy prices, so-called “core” producer inflation rose 2.3% on an annual basis, the same level seen in April. PPI captures average price shifts before they reach consumers and serves as a potential bellwether for retail-level inflation in the months ahead. The new inflation data follows May’s Consumer Price Index released Wednesday, which showed that the pace of price increase consumers see across goods and services cooled to 3.3% from 3.4% in April. But others expressed concerns that the fall in producer prices may actually represent a negative consequence.

Persons: FactSet, Price, Jerome Powell, he’d, ” Clark Bellin, ”, Christopher Rupkey, ” Rupkey Organizations: New, New York CNN, Federal Reserve, of Labor Statistics, PPI, Fed, FwdBonds Locations: New York

☆ Where’s inflation really heading? Traders and economists are using this real-time inflation gauge to get ahead of the curve
▼ + stars: | 2024-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The inflation rate the government arrives at also impacts how much you receive in Social Security benefits and likely is a factor in determining your pay. The government also has a much longer history of producing inflation reports with extremely thorough standards. Like PCE and CPI, Truflation assigns relative importance values to categories to mirror how an average consumer’s income is allocated. That’s why small increases in the cost of housing can end up having big impacts on the overall inflation rate. How Truflation data is being usedWall Street traders were the first group drawn to Truflation, Rust said.

Persons: Truflation, Hilton, Stefan Rust, Rust, “, ” Danielle DiMartino Booth, Richard Fisher, Booth Organizations: New, New York CNN, Index, Federal, Social Security, PCE, CPI, Amazon, Walmart, Nielsen, Bureau of Labor Statistics, Labor Department, CNN, Dallas Fed, QI Research Locations: New York, Zillow

☆ The Fed is winning its battle against inflation. So why isn’t it cutting rates?
▼ + stars: | 2024-06-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why it is crucial for central bankers to insist on 2%. “By communicating an explicit inflation target — and then delivering inflation consistent with that target — central banks earn credibility with the public,” New York Fed President John Williams said in a recent speech. Stripping away highly volatile categories such as food and energy — a measure referred to as “core” inflation — won’t quell central bankers’ concerns. The Fed can’t ignore CPIAlthough CPI isn’t the inflation gauge the Fed targets, central bankers don’t write it off. It was, however, welcome news to Fed officials that Consumer Price Index-measured inflation fell to 3.4% in April from 3.5% in March.

Persons: Frank Robinson, “, they’re, Jerome Powell, ” Powell, Ben Bernanke, they’ll, John Williams, hasn’t, ”, Tom Barkin, don’t, Christopher Waller Organizations: New, New York CNN —, Federal, Fed, New York Fed, ” New York Fed, ” Richmond Fed, CPI Locations: New York

Nearly 78% of foreign-born men were in the labor force, compared to about 66% of native-born men. Foreign-born men had weekly earnings of $1,051, compared to $1,238 for native-born men, while foreign-born women had weekly earnings of $899, compared to $1,025 for their native-born counterparts. The foreign born were more likely to work in service, construction and maintenance jobs, among other occupations, which often pay less. Some 3.6% of the foreign born were unemployed last year – the same share as the native born. Just over 15% of foreign-born workers were White, and nearly 11% were Black.

Persons: Mario Tama Organizations: Getty, Foreign, of Labor Statistics, Labor Force, - Locations: American, Los Angeles , California, America

☆ The college job market offers a warning sign to the US labor market
▼ + stars: | 2024-05-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —It’s almost laughable at this point when Bryn Savidge gets a job rejection email. But she is relieved to have at least secured a summer internship at an environmental science publication. But after applying to more than 100 jobs since fall, the Kenyon College grad is having second thoughts. Courtesy Bryn SavidgeOn paper, the job market looks like it’s hardly ever been better. But zooming in on the job market for recent college graduates paints the economy in a much less rosy light.

Persons: New York CNN — It’s, Bryn Savidge, “, ’ ”, Savidge, we’ve, ”, Savidge hasn’t, Bryn, Kory Kantenga, Kantenga, Angela Mangione, Mangione, Angela Mangione “, I’ve, Biden, Moises Brito, Chapman, he’s, Brito, he'll, doesn’t Organizations: New, New York CNN, Kenyon College, Kenyon College grad, of Labor Statistics, “, Colgate University, CNN, Deloitte, Society, Chapman University in Locations: New York, Columbus , Ohio, Buffalo , New York, Chapman University in Orange , California, Orange County , California

☆ Cleveland Fed taps Goldman Sachs veteran Beth Hammack as new president
▼ + stars: | 2024-05-29 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: 1 min

Washington CNN —The Federal Reserve Bank of Cleveland announced Wednesday that Beth M. Hammack will be its next president and chief executive officer after current president Loretta Mester retires at the end of June. Hammack, 52, joins the Cleveland Fed after three decades at Goldman Sachs. She is slated to vote on monetary policy decisions as of August 21, when her term officially starts. For the July meeting of the Federal Open Market Committee, Cleveland Fed Vice President Mark S. Meder will be voting. The central bank is currently mulling when to begin cutting interest rates after raising them to a two-decade high last summer.

Persons: Beth M, Loretta Mester, Goldman Sachs, Mark S Organizations: Washington CNN, Federal Reserve Bank of Cleveland, Cleveland Fed, Federal, Market, Fed Locations: Hammack

☆ What’s really happening in America’s economy (Trump and Biden spin aside)
▼ + stars: | 2024-05-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

You’d think that would mean the economy is coasting, since periods of low unemployment are generally associated with higher rates of economic prosperity. That seems to be the case with a lot of recent economic data: No piece of good news comes without other evidence that give economists pause. “I wouldn’t give the economy a clean bill of health,” said Gregory Daco, chief economist at EY. But given consumer spending is one of the biggest drivers of the economy, a pullback can have adverse effects, too. The uglyThe biggest flashing red light in the economy right now is the level of debt people are racking up.

Persons: Zers, ”, Gregory Daco, Joe Biden, there’s, Donald Trump’s, Here’s what’s, Christopher Waller, ” Waller, ” David Alcaly, Daco, ” Sung Won Sohn Organizations: New, New York CNN, EY, of Labor Statistics, Federal, Gov, Lazard, CNN, New York Fed, Loyola Marymount University, SS Locations: New York, Wisconsin

☆ In fiery exchanges, lawmakers and university heads clashed over responses to campus antisemitism
▼ + stars: | 2024-05-23 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —The House Committee on Education and the Workforce’s hearing on campus antisemitism Thursday came with no shortage of fiery exchanges between lawmakers and the heads of Northwestern University, Rutgers University and the University of California, Los Angeles (UCLA). University heads can’t winNorthwestern President Michael Schill and Rutgers University President Dr. Jonathan Holloway negotiated with protesters rather than authorizing police to disband encampments, which UCLA Chancellor Gene Block ultimately did. Schill and Holloway were accused of being complicit with protesters, though some Democratic lawmakers found their approaches admirable. A bounty of lawyerly responsesIf you tuned in to Thursday’s hearing and thought the responses university heads gave were pre-rehearsed, it’s because they likely were. The three university heads at the hearing had the advantage of learning from the prior campus hearings.

Persons: Thursday’s, Michael Schill, Dr, Jonathan Holloway, Gene Block, Holloway, “, Pramila, Block, Elise Stefanik, Schill, Rutgers ’ Holloway, UCLA’s, Liz Magill, Michael A, McCoy, Israel’s, “ Sir Organizations: New, New York CNN, Education, Northwestern University, Rutgers University, University of California, UCLA, University, can’t, Northwestern, Republican, ”, Rutgers, University of Pennsylvania, Workforce, Capitol Locations: New York, Los Angeles, Washington, Germany, Washington , DC

☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ FDIC Chair Martin Gruenberg will resign following a scathing investigation that detailed a toxic workplace
▼ + stars: | 2024-05-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: 1 min

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