tv On the Money NBC August 21, 2016 5:30am-6:01am EDT
. buy one get one at half price. that's something to celebrate! blinds to go. blinds for life. 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 possible ss doing differently, 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.
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 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. executives 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.
watch as guests post 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 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
>> 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? >> the data 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 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 worry about how they are tapping my location. >> it feels creepy.
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 it and act on it. l them know and companies like marriott are taking advantage of it and probably smart on their where what you are getting 0 out of it. if you are responding to a criticism or making me feel better, or something i comp about on-line. if you are trying to mar me i may feel differently. >> i think what's interesting is
phone line w to not get great response oppod 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 complaining but shaming you publicly. >> the fact i'm saying it outloud kind of forces the company to respond one-on-one conversation where no one sees it but 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 that 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?
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 every company 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 >> 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
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 increaseou 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
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 a and now companies are easier for older employees to stay on the job. as we go to break look at how the stoc at ally bank, no branches equals great rates. it's a fact. kind of like bill splitting equals nitpicking. but i only had a salad.
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 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? >> the gillead people will say
price drug. 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 that's what the market will bear. >> it probably makes sense to look at what's happenening a with drug companies and get profits 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't pay the whole price of research and development because the rest of the world is regulated. this is unfair to this country.
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 fundamentally the same mode of action for the same disease, that you should allow those to compete and medicare to say, 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
>> 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 do the same thing, they have a defacto monopoly. >> have you made the case to the drug companies and what's their response? >> of what could happen. >> frightened enough to rein in bad behavior. >> i don't know. or frightened enough to sit down and say 10% return on investmen >> 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. how they are shaking things up when it comes to the work force. later, the kids are heading
you focus on making great burgers, 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 already partnered with over a million new business owners to do just that. check us out today to see how you can become one of them.
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 things up. sharon epperson is joining us withretireme used to mean trading in your briefcase for a set of golf club but that 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
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 reti 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 noy younger works coming along. >> some companies like herman miller are being proactive trying to avoid the boomer brain
those people or even half decided to leave the business it would be detrime for us. >> the company began a flex retirement program 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 vitallymp you 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.
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 how you will continue to have and use those skills to do projects an assignments. may take your place to cover the day to day 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 retain 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. the shopping list is adding up. how do you keep the costs down? we have the best apps for barg like centurylink's broadband network that gives
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.
on friday, federal reserve chair janet jellen speaks in wyoming after she skipped the scet last 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 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
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 on-line as w have heard of one d 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.
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, 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.
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 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.
now on "today in new york," the stepmother of a 9-year-old girl charged in that child's death. new information in the investigation. and the bizarre accident that caused a new jersey roller coaster to shut down on a busy summer day. responsibility for it. i overexaggerated that story. >> and u.s. swimmer ryan lochte telling his side of the story in an exclusive interview with nbc news. "today in new york" starts now. good morning. welcome to "today in new york" it is sunday the 21st of august. i'm pat battle. >> i'm gus rosendale. that's an interview a lot of people will want to see. highlights coming up in a