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American Morning
Minding Your Business: Potato Sales Mashed
Aired September 12, 2003 - 07:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Business news today. The mashed potato is getting a bit of a makeover.
Andy Serwer is "Minding Your Business." He joins us now for that.
I think it's a great story. The Atkins Diet craze...
ANDY SERWER, "FORTUNE" MAGAZINE: Yes.
HEMMER: ... is hurting the potato business in this country.
SERWER: That's part of it. The mashed potato is getting mashed is what we really what should have said, Bill.
Mashed potato sales, potato sales are down. It's really interesting. You know, image and health-conscious America are really changing the farming business, really changing retailing, really changing restaurants. Interesting stuff.
The potatoes, yes, less people are eating potatoes in America because of the Atkins Diet, because of concern about carbs, but also, you know, increased Mexican and Asian populations are eating more rice.
Another thing is people think that it's too much time to prepare potatoes, and French fries sales, after climbing year after year after year, are down 4 percent last year.
In the 1960s, we ate about 81 pounds of fresh spuds per person in America per year, and now we're down to 49 pounds. So, a huge, huge drop off there, and obviously the potato business in Oregon, in Washington, in Idaho, in Maine trying to fight back, you know, with new kinds of gourmet potatoes. But it's a tough ride here.
HEMMER: Last week, you showed us a great series, "Where the Jobs Are."
SERWER: Yes.
HEMMER: You found some very peculiar jobs that are really booming right now in this economy.
SERWER: Right.
HEMMER: Now, we're looking at something about where the money is... SERWER: Yes.
HEMMER: ... in an area that you probably would not look to first: image-conscious.
SERWER: Well, that's right. I mean, and this stuff, plastic surgery, cosmetic surgery, white teeth -- all this stuff, Bill, is just going like crazy. Just a couple of companies here this morning, one called Britesmile. This is in the teeth-whitening business. Look at that stock. Look at that!
HEMMER: Wow!
SERWER: Five hundred eight-seven percent this year, while the Nasdaq is up 38 percent. Inamed, they make the lap-band, breast implants, wrinkle erasers. I mean, this stock is also flying. Botax, Vialergen (ph) is huge. The American population is getting older.
Breast augmentation, as they call it -- were going to go easy there -- up seven-fold over the past decade...
HEMMER: Go easy.
SERWER: ... up to 225,000 surgeries.
You know, all of these products to whiten your teeth.
HEMMER: Yes.
SERWER: I mean, this stuff is just growing like crazy. This is Colgate right here. They've got one. You just take it out. I think this stuff might be like white-out. I mean, it's like bleach. You just put it right on your teeth. Can I try it right here?
HEMMER: Yes, you can.
SERWER: Yes, yes.
HEMMER: Do you drink coffee, by the way?
SERWER: Yes.
HEMMER: You do.
SERWER: Oh, I think that works great.
HEMMER: I do, too.
SERWER: This is bleach. Is it bleach or white-out? I don't know. I'm concerned about this stuff.
HEMMER: You have to apply that over time, though, right?
SERWER: (UNINTELLIGIBLE) it's right before a meeting. I've got an important meeting on TV with Bill Hemmer. There you go.
HEMMER: Thank you. How does that taste?
SERWER: Terrible.
HEMMER: Yes, I bet.
SERWER: Yes. How does it look?
HEMMER: You know, it looks...
SERWER: Is that working?
HEMMER: Oh, a little bit.
SERWER: It's working?
HEMMER: I can see a little white coming through here.
SERWER: Yes, over on one side on one tooth.
HEMMER: Thank you, Andy.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired September 12, 2003 - 07:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Business news today. The mashed potato is getting a bit of a makeover.
Andy Serwer is "Minding Your Business." He joins us now for that.
I think it's a great story. The Atkins Diet craze...
ANDY SERWER, "FORTUNE" MAGAZINE: Yes.
HEMMER: ... is hurting the potato business in this country.
SERWER: That's part of it. The mashed potato is getting mashed is what we really what should have said, Bill.
Mashed potato sales, potato sales are down. It's really interesting. You know, image and health-conscious America are really changing the farming business, really changing retailing, really changing restaurants. Interesting stuff.
The potatoes, yes, less people are eating potatoes in America because of the Atkins Diet, because of concern about carbs, but also, you know, increased Mexican and Asian populations are eating more rice.
Another thing is people think that it's too much time to prepare potatoes, and French fries sales, after climbing year after year after year, are down 4 percent last year.
In the 1960s, we ate about 81 pounds of fresh spuds per person in America per year, and now we're down to 49 pounds. So, a huge, huge drop off there, and obviously the potato business in Oregon, in Washington, in Idaho, in Maine trying to fight back, you know, with new kinds of gourmet potatoes. But it's a tough ride here.
HEMMER: Last week, you showed us a great series, "Where the Jobs Are."
SERWER: Yes.
HEMMER: You found some very peculiar jobs that are really booming right now in this economy.
SERWER: Right.
HEMMER: Now, we're looking at something about where the money is... SERWER: Yes.
HEMMER: ... in an area that you probably would not look to first: image-conscious.
SERWER: Well, that's right. I mean, and this stuff, plastic surgery, cosmetic surgery, white teeth -- all this stuff, Bill, is just going like crazy. Just a couple of companies here this morning, one called Britesmile. This is in the teeth-whitening business. Look at that stock. Look at that!
HEMMER: Wow!
SERWER: Five hundred eight-seven percent this year, while the Nasdaq is up 38 percent. Inamed, they make the lap-band, breast implants, wrinkle erasers. I mean, this stock is also flying. Botax, Vialergen (ph) is huge. The American population is getting older.
Breast augmentation, as they call it -- were going to go easy there -- up seven-fold over the past decade...
HEMMER: Go easy.
SERWER: ... up to 225,000 surgeries.
You know, all of these products to whiten your teeth.
HEMMER: Yes.
SERWER: I mean, this stuff is just growing like crazy. This is Colgate right here. They've got one. You just take it out. I think this stuff might be like white-out. I mean, it's like bleach. You just put it right on your teeth. Can I try it right here?
HEMMER: Yes, you can.
SERWER: Yes, yes.
HEMMER: Do you drink coffee, by the way?
SERWER: Yes.
HEMMER: You do.
SERWER: Oh, I think that works great.
HEMMER: I do, too.
SERWER: This is bleach. Is it bleach or white-out? I don't know. I'm concerned about this stuff.
HEMMER: You have to apply that over time, though, right?
SERWER: (UNINTELLIGIBLE) it's right before a meeting. I've got an important meeting on TV with Bill Hemmer. There you go.
HEMMER: Thank you. How does that taste?
SERWER: Terrible.
HEMMER: Yes, I bet.
SERWER: Yes. How does it look?
HEMMER: You know, it looks...
SERWER: Is that working?
HEMMER: Oh, a little bit.
SERWER: It's working?
HEMMER: I can see a little white coming through here.
SERWER: Yes, over on one side on one tooth.
HEMMER: Thank you, Andy.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
