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Why the Middle Class Is Rethinking Spending and Saving

Twenty-five years ago, most of the middle class wasn't involved in Wall Street affairs, and investments were for the rich. Now that's changed, in what financial journalist Joseph Nocera calls "a money revolution." Nocera has written "A Piece of the Action: How the Middle Class Joined the Money Class." The book explores how the middle class became involved in the stock market, largely, he says, through the rise of credit cards, mutual funds, and discount brokerage houses.

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Other segments from the episode on October 25, 1994

Fresh Air with Terry Gross, October 25, 1994: Interview with Joseph Nocera; Interview with John Edgar Wideman; Review of the film "Love Affair."
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15:58

Writer John Edgar Wideman on the Lesson of His Father

Wideman is the author of "Fatheralong: A Meditation on Fathers and Sons, Race and Society," which explores his relationship with both his father and his son. Wideman's earlier book, "Brothers and Keepers," tells of his relationship with his brother, who, like his son, was convicted of murder. He is also the author of novels and short stories, and is a professor of English literature.

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20:57

Joe Nocera, 'Talking Business' at Every Turn

The New York Times columnist has made his name with riffs on topics large (Boeing's comeback) and small (his own defunct iPod). A Pulitzer Prize finalist and the winner of several notable journalism awards, he's a regular contributor to NPR's Weekend Edition.

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33:45

The Case Against Microsoft.

Fortune magazine Editor-at-Large, Joseph Nocera, talks about the industry and consumer implications from the on-going trial of Microsoft. The U.S. Justice Department alleges the Microsoft engaged in illegal predatory practices against its competitors. Nocera has been covering the trial for Fortune. Nocera is author of "A Piece of the Action; How the Middle Class Joined the Money Class" by Simon and Schuster. (This book is out of print) He also is a regular business commentator for Saturday Weekend Edition on NPR.

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22:25

The Dismantling of the U. S.'s Middle Class.

Philadelphia Inquirer reporters Donald Barlett and James Steele. For the past 9 days, the Inquirer has run a series of scathing front page articles by Barlett and Steele titled "America: What Went Wrong?" In it, they examine how government policies as diverse as changes in the bankruptcy laws and the sanctioning of political action committees have worked to make the rich richer and the poor poorer.

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