tv On the Money NBC August 21, 2016 5:00am-5:31am EDT
welcome to show show is the ballpark you monitoring your social media posts? we will tell you what it may mean. the high price of prescription drugs. why every country in the world pays less than we do and one s doing differently, how one man is redesigning his retirement step by p are reshap they do in that thing we call retirement. it is back to school shopping season. the best apps to save you money. "on the money" starts right now. >> this is "on the money." your money, your life, your future. and now becky quick. >> we begin with your privacy and social media. the next time you are on
vacation or at a ball game, everything you post on social medi monitored by the company that owns the venue. they are using an old technology in a new way. that's our cover story today. we have more from one hotel chain's high-tech command center. >> reporter: at marriott's correspondent headquarters in maryland, they call this glass-enclosed room m live. a modern day command center for the chain where employees monitor social media platforms, such as twitter, instagram and facebook. >> it's about a personal relationship we are having with our customer. >> every day 300,000 guests post on social media from a marriott property. ecexutives know this because of a technology called geo fencing. >> that means basically in the area around a hotel, the conversations that are on social media, we can tell who's around that hotel. >> marriott has geo fenced 4,000 properties worldwide, and they
watch as guests ptos about everything from the fish tacos they had for lunch to pool selfies. >> so when a guest posts about a special occasion like a birthday or engagement, the team here can notify the manager of the hotel and they can get a bottle of champagne or free appetizer or room upgrade. s designed to make the customer feel special, not spied on. >> the idea that you can see what people are posting within a geographic area, do you worry it creeps out your customers? >> we think the people on social media are delighted at the ability to amplify their conversation. the ceo of the company behind the platform, hyper says investors frequently ask about privacy concerns. heed quick with a response. >> partners are engaging and interacting publicly. marriott is not trying to sell them something but elevate their experience. >> that's marriott's goal.
geo fencing is not a new technolo years but more companies are starting to use it. >> why are we hearing about this now? >> theat da stream that makes it possible has gotten better. the idea has been around for years but the specificity increased over time. in addition it took a while for companies to create the platforms that can do this and be used by -- >> taken some time to get where we can do it. thank you very much. by the way, marriott, if you are listening, it's my birthday today. big question, is this an invasion of privacy or a way to try to improve customer services ed lee. thank you for being here. this brings up a huge issue. how does it work and should i worrybo aut how they are tapping my location. >> it feels creepy. seems creepy and for consumers first seeing this they are like what in the world is this and
how is it happening. at the same time, the idea they are pulling from or from your public feed. >> so don't do it if you don't expect someone will pick up on l them ct on it. know and companies like marriott are taking advantage of it and probably smart on their end. >> it probably is it depends where what you are getting 0 out of it. if you are responding to a criticism or making me feel better, or something i pla comp about on-line. if you are trying to mar me i may feel differently. >> i think what's interesting is that unlike calling customer phone line w to not
get great responsope pod if you complain on twitter and you ge back from the company saying we will solve the issue or we will clear it up. what it tells us is the social media aspect is a thing that is spurring companies to respond. >> i'm not just calling you and complainin bgut shaming you publicly. >> the fact i'm saying it outloud kind of forces the company to respond opposed to a one-on-one conversation where no one sees itut b you. that's the advantage of technology. the flip side is if you are going to say something nice about my company or what you are doing at a marriott i will take advantage of ttha and promote it. i think some people may like it. >> people want to be -- do you think this is all companies are getting up to speed on this because they are forced to by social m or a few enterprising companies that are ahead of the curve? >> right now i think it's a few.
i think it's the companies that tend to receive a lot of complaints, cable companies or airlines we keep bringing up. i think over longer term, yes, almost everyom cpany out there will have toe in some form or another that. is now your marketing plan, one way or the other. you can't ignore it. >> do you think customers realize they are participating in this, or do they think it is somebody happened to see it. great coincidence? >> that's a great point. a learning curve for consumers and technos them to get educated. if you want to use the internet and participate in the internet you have to learn about it, too. that's not always easy. it is always changing. i think thyeah, that's tough, hard the internet isn't really regulated. the government is trying to sort out what degree to step in and step back. the more consumers say something in terms of i didn't know this
and you should have alerted me the more government will want to step in. >> a little wild west but we are starting to learn the rules of the road. >> exactly. >> ed, thank you for coming in. >> anytime, sure. now here's a look at what is making news as we head to a new week on the money. we now know what is on the fed's mind. members said the door is still open to a rate hike this year and another increase would be soon warranted. of course, when soon is, that's the question. the fed next meets in september. the fed meeting didn't do much for the stock market but the dow put together a two-day winning streak by thursday. that was the first in 20 days. the dow closed at an all-time high on monday. the nasdaq and s&p 500 closed at all-time highs on monday as well and pretty much moved with the dow all week. stocks fell on friday, though. if you are planning to fly over labor day you won't be alone.
an airline industry trade group says 15.6 million passengers will take to the skies over the seven-day holiday trave period. that would be up 4% from a year ago and busiest days are september 1st and 2nd. so happy holidays. up next, we're "on the money." why do drug prices seem to defy gravity? up and up but there maybe a novel solution. a and now companies are easier for older employees to stay on the job. as we go to break look at how the stoc equals great rates. it's a fact. kind of like bill splitting equals nitpicking. but i only had a salad. it was a buffalo chicken salad. salad.
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prescription drug prices is 0 up.o in one the cost increased 15% last year. at the same time pharmaceutical companies are developing breakthrough medications to try to combat cancer, hepatitis and other deadly and chronic diseases. the two are certainly linked, but is there a solution to the pricing problem? i recently spoke to dr. ken davis. he's president and ceo of the mt. sinai medical center. >> the opportunity biology is providing us is giving us amazing compounds. the case studies, the hepatitis drugs, we have these drugs that can wipe out this horrible disease and wipe out an epidemic, but the cost is so prohibitive, so we will never stop the epidemic in this way if we can't afford the drugs. are the drugs so expensive? saves so much money will say
downstream, but that's a new conceptualization of how to price dr.ug imagine if we priced polio vaccin wa p if we used that as the basis to charge foe vaccine we couldn't have given it to everybody. i was in second or third grade and we got it free. what's happened is the question? how have the values of some of the companies changed so drastically that w will do good and well at the same time to we are going to do good and charge whatever we can charge because that's what the market will bear. >> it probably makes sense to ook at what's happenening a with drug companies and get ofprits from here in the united states. >> that's part of the problem. the problem is we haven't considered this as a issue. we haven't recognized that people in the u.s. market shouldn'tay p the whole price of
research and development because the rest of the world is regulated. this is unfair to this country. >> should we be able to negotiate prices here in the united states just like we do, medicare does right now for the price of a hospital stay? >> right. the drug companies would argue if we did that, they would lose their margins, their research and develocapability. others would argue that when you have multiple drugs that have fundenamtally the same mode of action for the same disease, that you should allow those to compete and medicare to say, we're going to negiaotte with drug x, with company x at a different price. that's the only one that's going to be on the formulary. >> doesn t competit i mean if you have competing drugs and we say we're only picking this one as a winner, you have that, but now you are basically knocking out competition. governme won't pay for it.
>> what you are saying unles pr going to it. >> what happens after the competition runs out. >> that's what they would argument they don't have the money for the next drug. >> when you go to new development ones, cancer drug that costs $100,000, sometimes there is no alternative. >> that's the concern. that's the issue with the hepatitis c drugs. until there are more drugs that tdohe same thing, they have a defacto monopoly. >> have you made the case to the drug companies and what's their response? >> i think they are frightened of what could happen. >> frightened enough to rein in bad behavior. >> i don't know. or frightened enough to sit down adequate. 0%eturn on investment >> thank you. it is always a pleasure talking to you. >> great to be with you. up next we're "on the money." those pesky boomers aren't the shy an retiring type.
or building the best houses in town. or becoming the next highly-unlikely dotcom superstar. and us, we'll be right there with you, helping with the questions you need answered to get your brand new business started. we're legalzoom and we've alrey adpartnered with over a million new business owners to do just that. check us out today to see how you can become one of them. legalzoom. legal help is here.
the baby boom bers are retiring each day but that doesn't mean they are taking this next step sitting down. just like they have before, this generation is continuing to shake thisng up. sharon epperson is joining us retireme used to mean trading in your briefcase for a set of golf club but that is starting toha cnge as boomers want to continue to work and as companies are finding ways to keep them on the payroll. 63-yeal enjoying to the office every day. >> there are a lot of interesting, bright people here. they are fun to be. after nearl0 years of work, the last 11 spent with the furniture designer herman miller, he says he's
ready for a change. >> i'm part of the baby boomer generation and we get to remake everything, right, so for me i use the word "retirement" reluctantly. >> baby boomer withes are known for redesigning life at every turn. it is active, engaged and continuing to work in some capacity as they age. >> i see it as a transition from the work that i'm doing now to some other kind of work. >> more than 46 million americans are already 65 or older and that age group is growing fast. about 10,000 baby boomers retire and leavehe t work force every day. it's a shift that's starting to have an effect on companies big and small. >> there's going to be a need for employers g on to these older, experienced workers because they don't want the brain drain. as you look down the pipeline there's no yyounger works coming along.
>> some companies like herman miller are being proactive trying to avoid the boomer brain drain. >> we realize that if all of those people or even half decided to leave the business it would be detrime for us. >> the company began a flex retirement proamgr open to employees who are 60 and older. it lets them slowly transition in to retirement for two years while at the same time training someone to take their place. >> capturing what that person does, how they do it, what the nuances are, the things that aren't written in a job description. so it is vitally important that uyo put something in place to catch this before it goes. once they are go, they gone. >> four years in to the program it's been a success, for the furniture manufacturer and its workers. >> i'm earning less but that gives me a chance then to look at personal finances and see, can we make it work? >> flex programs like this allow
boomers to give retirement a test run at work and home before leaving an organization for good. while only a handful of companies offer them, experts we talk to say it is likely to change. >> what happ if you are at a company that doesn't offer one. how can you negotiate to get something like this worked out? >> i think you should be up front with your boss and explain why this works for the company, not just for you. talk about what your expertise has been, what your experience has been and howou y will continue to have and use those skills to do projects an assignments. may take your place to cover the day to day that you may not be doing anymore and how to pay for all this if you do have to take a pay cut. have you saved enough to make it work? will you raietn health and retirement benefits. all of those things. up next, a look at the news for the week ahead. and the school year is about to start. theho spping list is adding up.
ho d the costs down? we have the best apps for barg like centurylink's broadband network that gives 35,000 fans a cutting edge game experience. or the network that keeps a leading hotel chain's guests connected at work, and at play. or the it platform that powers millions of ecards every day for one of the largest greeting card companies. businesses count on communication, and communication counts on centurylink. at ally bank, no branches equals great rates. it's a fact. kind of like grandkids equals free tech support. oh, look at you, so great to see you! none of this works. come on in.
♪ here are the stories coming up that may impact your money this week. on monday, the latest new home sales numbers come out. we will look at real estate again on wednesday when we get the existing home sales number. on thursday the durable goods report. that will tell us how busy factories have been. on friday, federal reserve chair
janet jellen speaks in wyoming after she skipped the scent lt t year. > and get ready for puppy love. friday is marking national dog day. buy a treats to celebrate with fido. $75.8 billion. that's how much american families plan to spend on back to school shopping. up from $68 billion last year. a lot of money by any stretch of the imagination but you can save money if you know where to look. joining us to talk about the best apps for back to school is jennifer owens the editorial director for, working mother. thank you for being here. >> thank you for having me. >> if you are a busy mom and i think every mom on th run. what's the way to go about this? are there apps to make it easier. >> my favorite is retailmenot,
all one word. you can do it on your phone when you are in a store or i do a lot of shopping on the couch, i must say. i'll check anytime i'm about to check out, check retailmenot, my son wears all old navy. they will give you promos and throw it back in your basket. you can do it as you are waiting have heard of one called snip snap. >> snip snap is like the folders that your mom carried that had all of the pieces -- >> oh, yeah. >> you can download coupons or scan them and it will sort them by expiration date, region. of . it can put the coupons to work for you and you can use them. >> what if you are the old-fashioned type that likes to go through circulars. anything that can help you? >> retail. retail, which is retale. they will colls
in your region. you can flip through jcpenney, macy's and see what is going on. it will alert you, oh, it just popped up. >> that's cool. i have used things in the past like loyalty programs in different places. is there any way i can see where i'm building up big bucks or where to get good savings. >> don't we all join loyalty programs. >> yes, every one. >> and forget we are members. flock flok, that will track your various programs you have signed up for and will help you know if you are in the region, oh, you art by the foot locker or whatever you are buying for your son. it will tell you whether they have new deal and you can set it up to send alerts. i'm personally not an alerts person because i get enough e-mails but i like to look and come out. >> i'm with you on that. for my credit card i get a cash back program and i use that
heavily. anything for that? >> my personal favorite for that is ebates. you sign up and basically they are tracking where you are purchasing and you get cash back but if you are open to that and i am, you will go to -- say i'm at old navy buying my son's swim shirt, wt had to do, i will go through ebates and they have an on-line deal for old navy or any coupons. and you don't do anything else. it will take you back to old navy an you got the cash back, 4%, 2% and every month i get literally what is a big fat check, 15, 20 bucks in our house and i will take it. >> i will too. good to see you. >> same here. that's the show for today. i'm becky quick. thank week, one way to make su you have enough income for retirement. every week keep it here "on the money." have a great one and we
today, racking up the goal, team usa picks up more medals, heading to the final day of come particular -- competition. a shooting in burlington county. we'll update the investigation. nbc 10 first alert radar is tracking a system that could bring thunderstorms later on today. wet weather comes, as it has been with us for days. good morning, this is nbc 10 news today. i'm rosemary conners.