27 Burst results for "Jacob Goldstein"

Paper, Rocks or Digits: What Makes the Best Money?

Money For the Rest of Us

05:38 min | 3 weeks ago

Paper, Rocks or Digits: What Makes the Best Money?

"What makes the best money? I've been reading a number of books recently on money. Money the unauthorized biography by Felix Martin and money the true story of a made up thing by Jacob Goldstein. Both of these books have examples of different types of money that's been used in the past. Fascinating examples that you might not be aware of. and. We WanNa look at them and think about what is it? That makes something money. Money evolves and has evolved and will continue to evolve in what we used as money today might be very different decades from now. The first example is from the island of Yap. This is an island in the Western Pacific part of the Caroline Islands. It is now part of the Federated States of Micronesia. The people of the APP lift on the run over separated from other cultures for many many years. We'll in one, thousand, nine, three, an anthropologist who had also been trained as a medical doctor from new. England William Henry Furness went to Yep for two months and studied this people. And it wasn't a very advanced economy with. Three products, fish coconut and sea cucumbers, but they had something unique that they used for money. Furnace describes his money as large solid thick stone wheels ranging in diameter from a foot to twelve feet. Having the center a whole varying in size with the diameter of the stone wearing a poll may be inserted sufficiently large and strong to bear the weight and facilitate transportation. This was their money. It was called FAE. FBI are also it's called why are? The money was quarried in an island three hundred miles away babble up. And then it was transported on rafts towed behind canoes that had sales on them. Took a lot of effort to get this money. When furnace I saw it. He realized this really heavy and wrote when it takes four strong men to steal the price of a pig burglary cannot but prove a somewhat disheartening. These things were so big and heavy, you couldn't steal them. But then he observed as transactions took place that these stones were He wrote the noteworthy feature of this stone currency is that it is not necessary for its owner to reduce it to possession after concluding a bargain which evolves the price of a fe too large to be conveniently moved. Its new owner is quite content to accept the bare acknowledgement of ownership without so much as a mark to indicate the exchange, the coin remains undisturbed on the former owner's premises. In fact, there was one family furnace pointed out where the stone was lost from where it was quarried and had been several hundred feet at the bottom of the ocean for several generations. Yet the family that owned it everyone recognized that they still on that and that they were wealthy. Furnace wrote the purchasing power of that stone remains therefore as valid as if it were. Visibly, against the side of the owner's house and represents wealth as potentially as the horrid inactive gold of a miser in the middle, ages or as our silver dollar stacked in the Treasury in Washington which we never see or touch but trade with on the strength of a print certificate that there there. Is. The belief that it had value. Felix Martin wrote money was not the fe but the underlying system of credit accounts and clearing a which they help to keep track. The Fe would just tokens which these accounts were kept. They had an accounting system that tracked the trading of fish and sea cucumbers. And they would have outstanding balances and sometimes they will set up and maybe they would move the fe but often times they wouldn't. But there was the record that was there. Peter Bernstein in his book the power of Gold History of an obsession wrote the FE of Yep we're stores of. Wealth. Stores of wealth. Sit. Money moves it travels from one pocket to another. A store of wealth is mass. It was the transactions, the accounting record, and the trust between the participants that form their monetary system. The stones were a store of wealth, but we're just some tokens. The first documented use of money is from Sumer around thirty five, hundred BC. This is in southern, Mesopotamia. There were vast temple palace complexes there with thousands of crafts people farmers. Shepherds, bureaucrats. and. They wrote on clay tablets in cuneiform script and they wrote contracts evolving the workings of the temple debts owed rents. Effectively. It was money because it was an accounting record and you would have accounts receivable that you could trade. David Graber who recently passed away in his book debt. The first five thousand years wrote the value of a unit of currency is not the measure of the value of an object, but the measure of trust in other human beings.

Furnace Felix Martin Federated States Of Micronesia Caroline Islands Jacob Goldstein William Henry Furness FBI YAP Burglary David Graber Treasury England Peter Bernstein Washington
"jacob goldstein" Discussed on KQED Radio

KQED Radio

03:31 min | 3 weeks ago

"jacob goldstein" Discussed on KQED Radio

"And I find that interesting, You know, because the barter story is very much the like money is this cold thing associated with this sort of Non emotional marketplace. But the real story is much more like marriage and murder and family. And, like all these really intense things, which like Oh, that's why everybody gets so crazy about money. Yes, and it explains your point about how you see it is just so social money is such Yeah, social development to And so when did it become something more tangible? Was that the Greeks? Yeah, the Greeks ish. I mean, they're different places to start. But so there was a kingdom in what's now modern day turkey contemporaneous with the sort of rise of Greece you know, I don't know 600 bc ISH 6 700 BC called a Lydia And Lydia was where creases was from famous rich guy in the ancient world. Lydia was rich in Electra, Um, which is a naturally occurring alloy of gold and silver. So in the ground in Lydia was all this rock made of gold and silver. Which is great, right? It's great if your kingdom has a lot of gold and silver, but they had this sort of Ancient first world problem, which was you know, Gold was valuable by its weight by its mass and silver was valuable by its weight. But when it comes out of the ground in a mix that's like, not optimally. Convenient. Right. You gotta like test each little chunk to see. Well, how much gold is it? How much Silver is it? So what the litigants did Wass They started. Taking chunks of electron that had a standard ratio of gold to silver and breaking them into standard weight chunks and then stamping a lion. Onto the chunk. The lion was the symbol of the king. Basically, the regal symbol and so those lumps of Electra, um, with the line on him, That's the first coin. Basically, that is the protocol. And the Lydia's like them, and eventually they started making them of just silver and just gold. But really, just silver. Silver was the big one there and then they got conquered by the Persians and they disappeared. And that might have been it. But for the fact that the Greeks who were right next door, you know, racist right there next to Turkey. They discovered coins and their trade, presumably with the ladies and they loved coins. You know, the Greeks were Developing this really new kind of civilization, right? Like the classic kind of Western Civ things proto democracy is certainly bad democracies by our standards, but But you know this new thing and coins were useful for them because they were too big to have that kind of warm, fuzzy reciprocity. You know, I'm gonna marry you. When we have known they were too big for that kind of rule. Other civilizations had had a very top down sort of autocratic like that. The king or the Queen. Or the priest tells everybody you know what what to get and what to give. But the Greeks were kind of two Democratic for that. So coins, you know, money was like a great middle ground that let them have this flourishing society. Well after the break. I want to talk with you about what happens in China and how it's a harbinger of of what we see today in terms of the use of money backed by nothing. We're talking with Jacob Goldstein, co host of Planet Money and author of the new book Money, The True Story of a made up Thing, and I wanted Your Listeners to join us. How would you describe what money is? What does it mean to you? What's been your relationship? The money or what questions or concerns do you have about our nation's financial system? Give us a call. 86673367868667336786.

Greece Lydia Silver Gold murder Wass Turkey BC Jacob Goldstein China
The Birth Of The Greenback

The Indicator from Planet Money

09:56 min | Last month

The Birth Of The Greenback

"Stacey next. Jacob Feldstein. Planet money author of money the true story of amid up during a new book. Say I. brought props for us to do the indicator. I say. That's been months. It's been. That guy's been honking hall eight months. I have props came over so I could give you these troughs. Okay. Go ahead and look at them. All right. Okay. So, this is like a really high quality xerox of an old piece of money. THREE DOLLAR BILL RE dollar bill that's really a real thing. There's like a a lady standing next to in like a ball gown standing next to a cow to I chose a cow to pander to you I do love a cow keep going. Okay. The Orange Bank It's orange because this from the orange. Bank and this is a one dollar bill. So Stacey, these are reproductions of real paper money that was printed by private banks in the United States in the eighteen forties and fifties. This is one of the most interesting periods I found in the history of money when I was working on my book, it's this moment when the United States government did not print money, there was in fact, no single national paper currency but if you wanted to. Open Up Stacey's Bank of New York and print your own paper money. You could. I don't know if I would trust that dollar from that. Was a real problem that was a real problem we'll get to that. I. Mean they were just so many different kinds of money at one point the Chicago Tribune counted eight, thousand, three, hundred, and seventy different kinds of paper money in America. This sounds very confusing for everyone involved this indicator from planet money. I'm Stacey Vanik Smith and Jacob. Goldstein can we make eight, thousand, three, hundred and seventy, the indicator? Yes. Today on the show. How can you even have that many kinds of money and also just what does it tell us about money works? Let's just go. Let's just go a block away to get away from the horn. Yeah. Support for NPR and the following message come from fund. fundraise fund makes it easy for anyone to invest in high quality real estate by building you a portfolio with their more than one billion dollars in assets get started at fundraise dot com slash indicator to have your first ninety days of advisory fees. Waived. This message comes from NPR sponsor. Microsoft teams. Now, there are more ways to be a team with Microsoft teams bring everyone together in a virtual room collaborate live on the same page and see up to forty nine people onscreen learn more at Microsoft Dot com slash teams. So can we should set the scene here Jacob the nineteenth century America lots of is apparently also this was the era when gold and silver were money and Jacob say in the book that the government minted gold and silver coins, but it did not make paper money at that time. The exactly right. So the only paper money in America was printed by all of these different. Private banks people called paper money in fact banknotes, right. So they thought of it as like a piece of paper from a bank and they thought of paper money in particular as like a receipt or a coach ticket as as a thing that you could substitute for gold and silver, and in fact, if you look at at the bills I gave you all have this kind of. Writing like just grab a different one for fun. So we can say what it looks like. Okay. This is the stoning ten bank, a two dollar bill. There's a way. Moby Dick or something Wail Bell we've cow Bill Wail Bill So okay. So now look at the cursive writing see the cursive they're just blowers is stoning to. Two dollars to the bear on demand right and if you look all these different bills are different colors, they have different pictures on them, but they all say that will pay how ever many dollars to the on demand and so the second interest. Yeah it's an Iou because the interesting thing is it's telling you the paper money is not the real money. Right? They're saying we will give you two dollars in gold and silver for this paper money right? So the real money in this world is the underlying gold or silver the paper is just like. The Standard. So this is a time in history when there's not federal bank, there's not a national bank. There's like thousands of of little local banks and I guess all these banks can issue their own money. That's right and it's kind of evolving in this period at the beginning of this ehre the eighteen thirties. If you wanted to open a bank, typically you had to go to your state legislature and get special approval. Basically, they had to pass a special law that would let you open your bank and this was problematic because I was super corrupt essentially. Bank and print money. Then you're gonNA bribe whoever you have to. Say all the knee. All due respect to get them to let you open your bank. Right. So around eighteen forty, a little earlier, this new idea became popular. The new idea was called free banking. And the idea of free banking was anybody who is willing to follow a few basic rules could. Take and start printing money and literally start printing money and you know not surprisingly a lot of people wanted to print money. This is how we get eight thousand different kinds of money. Yes. How do you know if the bill that someone's handing you is real money or if it's literally just a piece of paper from the First Bank of Stacey Vanik Smith which might be real money. I wouldn't. Maybe. Add bribed senator so I love this so there arose in response to this problem these special periodicals Magazines that were privately published called banknote reporters. And what they were was these lists in tiny font of every kind of money. So I actually have a reproduction here another prop from a page. This one was called. Thomson's Bank note. Reporter. K.. So the people who subscribe to this merchants people who need to accept money. So so let's just say I'm running a bar and I got my thompsons bank note reporter and I come in I need a drink who thirsty I'm thirsty. So okay. So the page of the bank note reporter I printed out is for Orange Bank. Okay. Okay. So have that bill right here it is and it's a one dollar bill. So I find Orange Bank here in my Bengal reporter and it says Okay Orange Bank listed different bills and says ones and under wants it describes what the bill is supposed to look like says to horses check. Hey, Cart Jack Blacksmith shop male portrait Jack Girl. Check. So it's at least plausibly real. The reporter also tells me something else that's important and that explains a lot about how many works at this time. Typically would tell me whether I should accept that paper money at full face vowed I can buy my dollar whiskey with this whether you can get your dollar whiskey because remember what we care about is whether I can turn in that paper money for gold or silver, and so if the bank is shaky or even if it's just really far away. You know the reporter might say, just knock five cents off the dollar give Stacey Ninety five cents worth of whiskey instead of a dollar that took a really long time to buy that we ski. It does seem like it would have been absurdly inconvenient right and for a long time when people look back at this period, the basic story of free banking was just that was a horrible idea like that many kinds of money right but. Much, later, like in the nineteen seventies. This generation of economic historians started going back and looking more closely. At the banks and how money works in this period and what they saw when they really went through the numbers was basically like it wasn't that bad Bankston go bus that often people didn't usually lose much money when they used. We're you overall they would lose like a few percent which is. Kind of like what you pay today. So when you take money out of the weird off Brand ATM at. The corner store. which I always do. Yeah, I. Mean. That's basically like the the bartenders giving you ninety cents for your dollar when you do that, right? So. Obviously, we do not have eight thousand different kinds of money now this ended and it ended after the civil war. Yeah was the civil war. So during the civil war, that old American argument of can we have national banks or not came up again and Congress passed a few important banking laws. One of them basically taxed all those thousands of kind of state banknotes out of existence, and then the other one created these new national banks that printed much more reliable, much more uniform paper money. It's interesting because I mean, this was obviously after the civil war was the time when the United States went from like a collection of. To One Country, and it seems like the same thing happened with currency maybe not a coincidence. Your I mean, there is this idea at least in the modern world money is part of what makes a country a country and I think you do see that happening at this moment in the united. States when we go from thousands of kinds of money toward one uniform kind of paper money I'm just sad we lost the cow bills. Because you know Jacob I have a fever and the cure. This story in like a whole bunch of other like believable stories like this are in your new book money. The true story of a made up thing. This episode of the indicator was produced by Nick. Fountain fact check by Britney Cronin, the indicators edited by Patty hearst and is a production

Stacey Vanik Smith Jacob Feldstein Reporter Orange Bank Bank Of New York United States Okay Orange Bank America NPR Federal Bank Bill Wail Bill Microsoft First Bank Thompsons Bank Chicago Tribune Congress
"jacob goldstein" Discussed on This Day In Esoteric Political History

This Day In Esoteric Political History

08:07 min | Last month

"jacob goldstein" Discussed on This Day In Esoteric Political History

"That fear? Is it just simply that it's consolidated wealth and control over wealth? Or is it also something at some level people have concerned when all of a sudden you have centralized wealth has centralized political power and the worried that those are connected in some formalized way it can be that I mean it's complicated because for so long central banks were private right? Like the Second Bank of the US was private and that was part of Jackson's A. Beef with it. Language at the time and he and people talked about the centralized. The second bank has kind of like in cahoots with political powers. And and at that time I mean, you know certainly to go back to Madison and Jackson agreed were original Madison Anti National Madison it was even should the federal government have this power at? All right it was like. A federalism question, right what should be left to the states and what should be left to the federal government and that question is as you say about centralized power period. So certainly at that time, it was a lot about that. And we should say that centralized economic power still happens or you should say concentrated economic power because by the end of the nineteenth century but you have this moment but where J. P. Morgan actually bails out the federal government because he's the person who has all the money, which is one of the reasons why you get the Fed in the first place so that it's not `financiers bailing people out right the panic of one, thousand, nine, hundred, seven as this moment when jp Morgan has to like basically lock all the bankers in New York in his private library and say like solve this crisis, and after that you would think that everybody would like okay. Okay. We need a central bank but no. The people have to go sneak off and pretend like they're not starting a central bank. So this bank war sort of idea and fight just persists for you know a a century. So what is the fallout here? Jackson Threatens to disband this bank HOW DOES BILL REACT? So there's a few steps. So the first big step comes. Around eighteen thirty, two. I think where so the way companies to work including the US. Congress would give them or the state legislature would give them a charter for a fixed amount of time. Just also interesting right companies didn't used to be defacto immortal. The bank's charter was coming up for renewal in a few years and bill was like let's just push through a renewal. Now biddle was super powerful like Jackson skepticism was well-founded. He was he was paying. Daniel Webster. Famous senator he was paying him money to support the bank. Wow Webster was a senator and Webster was supporting. Thank you was giving these amazing speeches in. Congress about how important the bank was and so Congress with the help of Daniel Webster who gives a great speech passes a bill to re-charter the Bank for another twenty years and then Jackson Vetos. It and actually biddle sort of weirdly in retrospect Jackson Vetos it piddles like now I got them right where I want him and biddle reprints Jackson's veto message because it's an election year eighteen, thirty, two and biddle thinks Jackson is going to lose over this right because to be fair to biddle it seems ridiculous in retrospect we lost. He had done a good job running this bank. Right? The eighteen s were an unusually stable period. He had used it to kind of manage the economy which was like kind of a new idea, right? It's not obvious at all that you would use a bank to regulate other banks to sort of manage the economy. But that is what was kind of evolving people didn't use the term central bank yet, and of course, biddle lived in this world of elites all of whom liked the bank not in sort of Jackson's world of you know frontier populists who hated the bank it'll was wrong. Jackson won reelection. But the bank still existed still had a few years to run and it was the place where the federal government kept money. So that is why on this day in Esoteric political history Jackson. was like, okay, I don't. WanNa wait till eighteen thirty six when the charter out I want to kill this bank. Now let's take the federal government's money out of the bank, and in fact, this was a controversial decision even within his own cabinet, his treasury secretary refuse to do it and wouldn't quit accident fire him appoint another cabinet member to do it also some echoes of today and and so the next cabinet secretary did it they took the money out of. The Bank of the US and redistributed to state banks and basically then. The Bank of the US away piddled tried to fight, but he ultimately lost one really interesting thing that happened and I think it's important in like how we think about banks and centralized power is this was not a blow against banking in general right? That's how Jackson played it is like Oh. The bankers are bad at the people are good. It was a blow against the Bank of the US and the rich people who own that sucks, but it was great. For the rich people who owned all the state banks, right they got the government deposits and now that the Second Bank of the US wasn't there to sort of keep the state banks check they went wild lending lending and lending, and there was first of this boom and then this very terrible bust a crash in like eighteen, thirty, six, eighteen, thirty, seven, that was to that point the worst financial crash that the US had seen. So Jackson won but biddle was. Sort of right and Jackson didn't exactly win right I. Mean doesn't the next year he gets censured by Congress for his abuse of presidential power by pulling this move, and then the whig party emerges as a sort of an reaction to that. So seems like this just created a big a big mess. Yes that's fair and then you have this amazing moment in. History of money in America After the second bank, the US goes away where states sort of push even further they decide more or less anybody who wants to start a bank who's willing to follow a few rules can and remember this is a time when banks print their own money. So you get this incredible proliferation of all these different kinds of paper. Literally thousands of kinds of paper money across the US with every little every little printing, its own paper money, which is just so alien and a useful reminder like there are lots of ways to do money. The way we do money now is just one among infinite options. Yeah. It's so weird to think about a time when a person could kind of. On a piece of paper and that was currency. Yes. Yes. There are actually these periodical 's that merchants would subscribe to called banknote reporters that would like tell you of customer walks in with some random piece of money from some bank. You've never heard of like first of all, is it real? It would tell you what it looks like, and then second of all, you know because the notes were only as good as the bank they were issued by the Banco reporter would also tell you whether to. The note, right if it's says a dollar, should you counted as a dollar or should you count it as ninety cents and if the bank is far away or if it's about to go bust, you probably shouldn't count it as a dollar. Well, this is this is nice in that it we've kind of reached a moment that I reach basically every time. I'm reading about economics where I just somewhere in the back of my head of question pops up it's just like wait a minute hold up what is money like no matter how specific the story Like any piece of news I just always hit that moment. I'm sure Jacob you hit that all the time I'm sure that's why he wrote this book but it is like just the persistent question for me. But I am fascinated Nikki by you know something you you hinted at but like. How much financial policy was. Not. A conversation just among politicians but it just seemed to be an obsession with the country in general. Yeah. This was a backbone of American politics and to a certain extent of American political culture throughout the nineteenth century in a way that I think it's kind of hard to wrap our minds around now that like in the late nineteenth century, you would have farmers debating about whether US money should be backed by gold or buy gold and silver, and that these would be not just like. Really, intense economic arguments but the kind of thing that got people's passion so high that they would come to blows over it or you know when Nicholas biddle make some decisions, the mob comes for him because people are so upset about the economic.

Jackson US Nicholas biddle federal government Congress Daniel Webster senator Jackson Vetos Madison J. P. Morgan Jacob Fed New York Nikki cabinet Banco America
"jacob goldstein" Discussed on KQED Radio

KQED Radio

03:28 min | Last month

"jacob goldstein" Discussed on KQED Radio

"So it used to be the case that banks printed their own banknotes. What paper money was was a note issued by bank receipt a claim on gold or silver. And if you brought your note to the bank, they would give you gold or silver in exchange. Eso this period in the U. S. What happened was it was called free banking. Yeah, let's let's do it. Let's everybody wants to be a bank, a bank and there's actually this idea of like. Look, we believe in sort of free enterprise and free trade in wheat. Let's have free enterprise and free trade and money. Let's have everybody who could meet a few rules, set up a bank and print their own money. And you get this amazing proliferation. Whereas you said there are like 1000 different kinds of money. Which raises some interesting, just like how does that even work? Kind of questions? Right? Like you're a merchant and somebody walks into your store. And gives you a piece of paper that says it's from like the wop on bank in Waupun, Wisconsin, and there's a picture of Santa Claus really place. Yeah, it's a real place, but you don't know that it's 18 40. You're a merchant in Ohio or something. Right? So what you do is you subscribe to the special periodical is called banknote Reporters that exists just to tell merchants like what Bank notes are really first of all, because there's a lot of counterfeiting, obviously. The other thing, slightly less obvious, But interesting is should you If you're a merchant, except the bank note at full face value, or should you say I'll accept your dollar, but I'll only give you 90 cents worth of stuff for it. I'll discount the value of it. So this was the world for decades of American money, so We're living in a time right now. 2020 where the world is very divided. The country is very divided. I've been thinking about this since I read your book incessantly. Money might be the one thing that we all still believe in. You know, we tend to look often at money is a moral thing wanting too much. Having too much is bad. There's very little moralizing in your book, which I appreciate, but ultimately I guess what I'm asking you is is money a good thing? You know, I mean, one way to think about it is What are the alternatives to money? You know, and you can think of sort of. Maybe a spectrum like money. Is this social thing right? It's a thing that societies create to solve some set of problems, and obviously it creates some other problems along the way. But how could you not have money? Well, you could be a really, really small, like sort of clan type, self sufficient society right of a small group of people and you're all hanging out and making things and working together. Not how I'm gonna live my life. I feel like that ship has sailed for most people on Earth. Right? So that's pretty much off the table. You could go to the other end of the spectrum. You could Build a big, complicated society without money. If the government was basically taking everything everybody made and deciding exactly who would get what? And nobody got to choose what they were going to get. Also terrible. Yeah, I don't. I don't want to live there so In the middle. You need money. Money is the tool that allows us to live between those polls and I don't see any alternative and you know it's useful. It does the thing it's supposed to do, even though it creates a lot of problems. Jacob Goldstein, author of the book Money, The True Story of a Made Up Thing, Jacob. Thank you so much for being with us. So, so funny. Well, thanks. This is NPR news. You're headed out onto the highways and freeways around the Bay Area. Joe McConnell with your Bay area traffic.

Jacob Goldstein Bank Waupun Bay Area Joe McConnell NPR banknote Reporters Ohio Wisconsin
"jacob goldstein" Discussed on KQED Radio

KQED Radio

03:41 min | Last month

"jacob goldstein" Discussed on KQED Radio

"I'm Steve Inskeep, and I'm no Whale King. Good morning. What is money? Jacob Goldstein, who co hosts NPR's planet money, has spent years fixated on that question in his new book, Money. The True Story of a made up Thing, he writes, that money is a shared fiction. We all agree to believe that a paper $20 bill, or the numbers in my savings account are worth something. There are long periods in the history of money, where not much happens and Goldstein In skips those parts. But then there's a revolutionary technology or a talented hustler who changes everything like 1000 this years ago when the Mongol emperor Kublai Khan created the first paper money What happened in China is really amazing. I mean, that story really starts a couple 100 years before he showed up on the scene in a province in China, where they actually used iron coins as money. And you know this was an era when the value of the metal was basically what the value of the money was. Iron was not worth a lot. So you had to use like a pound and a half of iron coins to buy a pound of salt, which is obviously terrible. You know, it's like having a Use pennies to do your grocery shopping or something. So these merchants started letting people store their iron coins with them and then giving people a receipt. Sort of, like a coat check or something for the coins, Right? And then those receipts started turning into money. People started using just the receipts to buy stuff so that they didn't have to schlep the iron coins around. And that took off basically and China became the first place in the world as far as we know, to use paper money, and so you know, money and trade are all kind of booming in China. It's a prosperous time. Kublai Khan is like Okay, how about this? How about if the paper money is just paper, and we all agreed to use it as money? Shared fiction share fiction. And you know what? Since I'm the Kahn. If you don't believe me, I'll kill you, he says. Everybody has to use paper money, you know, upon pain of death, and and we know this in part from Marco Polo from other travelers. When Marco Polo comes back to Europe after seeing this, he is amazed. He's like you won't believe it. In China. Everybody uses paper for money and people are like no way. And you know eventually what happens sometimes when you can make money out of paper is you make too much paper money the Chinese finally, after a bunch of inflation's actually give up on paper money. That's my favorite part of the book, literally My favorite part of the book. They've done all of this. They're leading the universe. They really have an emperor. Come on the scene. He's like, No, I want to go back to green. Let's go back and this economic flourishing that had happened. He just goes away and people in China who had been getting richer, they get poorer. So I mean, one of the interesting lessons to me of that whole arc is we live in this moment now, where For a few 100 years since the industrial revolution. We have been having this kind of boom of money and markets and lots of people There has been, you know, over the long run, broadbased rise in material well being. But one of the lessons in China is that is not a one way street, right. Sometimes lots of people get better off for a long time. And then things get worse and everybody gets poorer. I was going to say this is largely an optimistic book, but you just managed used to nail down the pessimistic part of it. I want to talk about the United States in the 18 twenties. I believe when the United States had 8370 different kinds of money thiss actually, as much as I thought about money. I don't think it ever occurred to me that there wasn't Just one single American $1 Bill $10. Bill $20 Bill, So, yes, this is one of my favorite periods in the whole history of money..

China Kublai Khan Marco Polo Jacob Goldstein Steve Inskeep Kahn Bill United States NPR Europe
"jacob goldstein" Discussed on Dear Hank & John

Dear Hank & John

07:34 min | Last month

"jacob goldstein" Discussed on Dear Hank & John

"Your. PODCASTS our next question comes from Campbell, Dear Jacob John I'm currently writing a book and would like to talk about it. The only problem is that whenever I do bring it into conversation with friends, family strangers, etc. I, feel very childish I only recently gained the confidence to even be able to call myself a writer I have not yet called myself that I have coming out. Tomorrow despite writing for five years and I feel a lot of conflict in discussing things. I'm passionate about because my generation often associates passion with cringe It's been very discouraging especially since I don't really like to talk as it is dubious, advice is appreciated. Good Campbell. Yes. There is something really difficult about calling yourself a writer and I think part of it comes from the social order having all these expectations about what constitutes a writer some of it comes from the social order really wanting to put people into specific boxes and not really knowing which box to put words like artist or writer into Jacob. I wonder if it's been different or weird for you I mean you're publishing your first book tomorrow like trying to. Think of yourself or call yourself writer as you're promoting this book as opposed to I. Mean you've been a journalist for a long time yeah I yes. I'm definitely more comfortable thinking of myself as a journalist than as a writer although for no good reason. Yeah I mean for me the important thing is not the sort of identity. What am I think but rather just finding work that I like doing more or less when I'm doing it right like not every day. But basically work that like doing and in the context of the question finding people who know how to do the work that I'm doing who are struggling with similar things who I can talk to not in great big abstract ways. But he really specific ways like I'm having this particular problem where there's this narrative that's supposed to happen. But also I have to explain whatever fractional reserve banking and. So, how do we keep the story going while also explaining fractional reserve banking and people who have worked on those kinds of things and can help me solve. Those are my real people my real talk to about work people and so Campbell I hope you can find people who are in some way doing the kind of work you're doing and and talk with them about your work I feel like. That's the most promising sort of place to look. Yeah. That is so much of where I get joy in work is in collaboration and not just in collaboration with like people I. Know I mean if you think about writing a novel as an isolating or solitary experience, but really it's not because not only am I collaborating with like people in my family, my friends who were telling me stories and. Sayings me. I'm also collaborating with Watson lots of people. I'm collaborating with people who died five hundred years ago because like their thoughts are in my mindscape and that sense of like building something with people in conversation with people in response to people is so much of where the joy of making stuff comes from for me and it's why I still like making youtube videos, it's because I get to. Say this because my brother is in here because I get to collaborate with my brother, it's such a joy to have him to to talk to about work that like the work itself almost incidental the joy is is being with him and being interested in the same stuff together. All Passion. No Yeah I'm rich macron no cringe. No cringe and I know that there's a thing. Now we're sincerity or earnestness is treated as cringe or trying to harder would whatever try hard I know that that's an insult now but like Try Hard, that's great I think that should be celebrated. Jacob, we got another question. This one comes from Robin who writes John and Hank. My friend decided to throw a birthday party for her dog. The date of the party is on my birthday I have told my friends many times when my birthday but none of them care enough to remember should I go to the party and not say anything to see if any of them will remember or should I tell the host that that day is my birthday. Oh Boy Robin Dagi's I mean I don't think. Who loves me knows when my birthday is except for my spouse. Happy Birthday John let me. Say. I don't know if that's a comfort to you Robyn but like I don't know I feel like an unless you tell people that your birthday is coming up they never know or unless they're frequent facebook users. Told them though, can we go back to the tax? Any Times that's true. She did tell them many times. This one does remind me of the friend who made a lot of money one, right? It's another one where it's like here is this uncomfortable thing? Do you bring it up? Wait? What are those three ideas from that book that you didn't read I really like that exit voice loyalty exit. Voice. Loyalty I am also going to not read this book deeply inspired by right. It's like it's just there on the shelf of your mind even if it's not on your actual shelf the so what is loyalty in that I know at exit and voice our loyalty in this case means you just go to the party and you don't say anything bright saw. Bail we're not friends anymore voices like, Hey, it's my birthday like I told you so many times and loyalty is you just go I'm probably going to just go to this birthday party and going to celebrate this dog, and then I'm going to go home and be a little bit sad. But also happy that. I know I would just be sad probably like right as the day is about to end and I think I'm GonNa, make it through I'm going to break down in text one of those friends and say you know it was my birthday too not just rovers. First of all, no dogs are actually named rover anymore. I have this campaign stop generically offering the dogs rover a what's a good what's a good generic dog name? What's let's do it right now let's Rename Rover I. Mean I don't want it to jake, but it's maybe the for personal reasons. Okay. Now, I like this buddy about buddy buddy there are a lot of dogs named buddy right? There's two dogs in my neighborhood named. Maya. My that's not a dog name. No, it's a human name and I don't know I understand why to different people name their dogs. My I like bud talked about like what's the least dog name my wife I like what we've got a dog like what if we name him? Justin. Yeah I've never heard of a dog named Justin exactly Jaden. I feel like any name that starts with J and ends with an is a bad dog name and I'm not just saying that because I am named John and I don't like dogs named John Dog names tend to end with like e sounds like buddy or Maggie, or libby or things like that. Kind of diminutive right a little bit of a diminutive Iberia. That's it. Broker is over rovers definitely over we live in the buddy era. Now, Buddy September first twenty twenty the beginning of the buddy after work is going to be a turning point of to all the problems except the negligent create province friends, which I will say for another day the Buddy era is going to be so much better than the rover. We're going to look back on September first twenty twenty this is it John I've been waiting I've been waiting. It'd be honest I've been uncomfortable and a little bit scared and now for the first time in months gal I feel hopeful I do too. We're in the in the buddy era now things are going to be so much better. is definitely get happy birthday. Yeah I did all the way out. There Buddy Robin it just occurs to be that critically Jacobson. I failed to wish you a happy birthday happy birthday Robin Affi Birthday. Happy Birthday nothing to us. Yes..

Jacob John writer rovers Campbell Justin Robin Dagi Robin Affi youtube Robyn John Dog facebook Watson Robin Jacobson jake bud Hank Maggie Jaden
"jacob goldstein" Discussed on Dear Hank & John

Dear Hank & John

03:02 min | Last month

"jacob goldstein" Discussed on Dear Hank & John

"A lot of pressure to choose a car that simultaneously expresses your personality and you'll need for the next decade is a reasonable price you can afford, but also you know won't break down all the time and cost you. Lots of money in the future please help not Banana Montana Hannah. So I last purchased a car in two thousand twelve and it is at least partly because I found the process. So unpleasant that my feeling about buying a car is that I would like to delay it for as long as possible. So please tell me how to buy a car Jacob. I less bought a car in. May Oh of this year. Yes, and I loved it what I was like basically, my other job was buying a car Oh wow, I Well. So for a lot of reasons I hadn't had a car for a long time and I got so into buying that I was thrilled. To hear this question one thing i. have often wondered is like how communists buy cars like what cars do economists by like the people who know the most about that's fun utility and and and whatever one of the most famous economics papers of the last fire a fifty years or something called the market for Lemons up quality uncertainty and the market mechanism a by George Acharaf, and the the idea of this economics paper was is it was about the used car market as sort of. People of markets where one party one person one side has more information than the other song, right so in the case of used cars, the person's selling the car knows more about the car than the buyer right and the basic inside of the paper was if somebody's got a car, that's a lemon, which is but people used to call a bad car that breaks down a lot just wasn't put together well. Whatever they're going to be likely to sell that car, and if somebody has a car, that's great they're not gonNA be likely to sell that car. So like fundamentally, if you're buying a used car according to the logic, this famous paper, there's a good chance. You're going to get a bad car right the news you can use version of that what I have found useful when I have bought used cars is. Take it to a mechanic and pay the mechanic to look at it. That is the dad advice for buying a used car pay the mechanic whatever a hundred bucks when buddies car long time ago and have them look at it and tell you what's wrong with it and how much it would cost. Fix It That's a pretty good solution to the lemon. Reducing the information asymmetry, we want to use the jargon right and maybe the reason I'd have found car-buying. So stressful is that I have always bought used cars and Ben like keenly aware of that information asymmetry and that's part of what has made me feel. So uncomfortable also just like the physical process of buying a car at least as I recall, it takes six. Hours it's it's astonishingly like like like I feel like I could buy a dog or a home for like a small private island more quickly and efficiently the the than I can purchase a used.

Montana Jacob Ben George Acharaf
"jacob goldstein" Discussed on Dear Hank & John

Dear Hank & John

05:11 min | Last month

"jacob goldstein" Discussed on Dear Hank & John

"I mean, my first thought was like I went down the whole like should you take it? Should you like you know put up flyers throughout Taylor Nebraska found blue suitcase but you know Then I thought. There's a pretty high probability that whoever left a suitcase with sixty thousand dollars on it by the side of the road is not a good person was not using that money for good. So maybe the moral thing to do is keep the money. Yeah. I mean if it's me, I'm going to turn it in to some kind of official just because I've I don't WanNa get mess I don't WanNa get messed up in that but that's clearly the right move how traceable are hundred dollar bills just out of curiosity I mean not very I think you know I will say so an interesting big idea to me here is that it seems pretty likely that hundred dollar bills worldwide are certainly largely maybe mostly used for crime so. There is this like very mainstream like Harvard economist used to be the. Chief, economist, at the IMF Ken Rogoff and he wrote this book a few years ago called the curse of cash and his. was basically. Big Bills Hundred certainly fifties. Are there, just crime there just for crime right? That is the point of them and we would be better off getting rid of them. I'm loving. So I'm just going to give you like the fact about hundred dollar bills are amazing. So okay there are already hundred dollar bills four thousand dollars in hundreds for every man woman and child in America where where is that money? Nobody knows like that is the whole point of paper money right? Hold I pay for money. Right? Isn't that nobody knows where it is why else would you need hundred dollar bills? Lot of it is on the road north of Taylor Nebraska apparently yes a less. Than there used to be but yes, know I mean there are some people outside of the US who use hundreds for you know good purposes if you live in a country where the banks are unreliable where the currency is unreliable like lots of people keep hundreds under the mattress because they don't have a better option but clearly a ton of it is crime I have a vivid memory of the first time. I saw a one hundred dollar bill was eleven years old and I was at Bees Barbecue in Orlando Florida and somebody at the table next to me attempted to pay with one hundred and the waitress was like this bs barbecue. Just not. GonNa Happen. And there is a big a big upset and there was, but I don't remember anything about the fight. I just remember staring at the hundred dollar bill and thinking like Oh my God. It's. One hundred dollars all at once. In one you could fold it up in your hand and make it disappear. Yeah. And of course, like the equivalent of like maybe one hundred and eighty seven dollar bill today. So good was more money back then but still well a hundred and eighty seven by inflation. But by like how long would have worked to have to get one hundred dollars then versus now is like maybe a more meaningful comparison right when you're a kid. It's like a hundred times as thousand times as valuable. Yeah. I stole a lot of money from my brother when I was a kid. That was very recent on the show. You guys really could never steal one hundred dollars, baseball cards. We went deep on that. Here's the news you can use ash. Thank you for going with us on that journey but now I'm GonNa tell you something important and I hope it's not too late. Don't put that money in the bank Oh if you WANNA get away with it don't put in the bank banks have to report deposits of over ten thousand dollars. So what you should do is just spend it, spend it on grocery. Spend it. When you go out to dinner, you know inflation is very low. The Classic Problem Withholding Caches Inflation erodes the value of your. Cash inflation I was just barely above zero. So just keep it and for a long time, you'll be able to buy stuff in feel like you're getting it for free. 'cause you kind of our wow I didn't know Jacob. This guy was going to be how to get away with major crimes but I, guess it is literally that was basically the question is it a crime? If you find the money to keep it I. Guess If you if you find twenty dollars on the side of the road and you pick it up, no, one would accuse you of stealing twenty dollars right? I'm I'm with you. We're going to have to get a third host in here who's WHO's an expert in in law enforcement this is not legal advice. This is not legal advice. Yeah. Not Not always, it's not legal advice ash I want to be clear that this is not good advice that's not that's not our brand we're selling. We're. We are in the dubious advice business ash put all that money in the bank and tell them. Jacob Goldstein -centia money. Made Up. I think we should end every question with you a the little. At once. You've got to get good at that. That's if I have a piece of advice for you. It's you have to let go of that part of you. That doesn't want to plug your book while I'm here John John I'm here I know this next question comes from Emerson. I'm twenty three and I have a friend I've known since preschool while we've been friends off and on we've been through a lot together even moving from our small town to a big city she moved again after she got a new job and I wanNA keep in touch with her but every time we speak she won't stop talking about how much money she makes, which is about five times as much as me..

Taylor Nebraska Jacob Goldstein Harvard official US Ken Rogoff Orlando Florida IMF America John John
The Case of Palmer v. Kleargear.com

Planet Money

09:49 min | 8 months ago

The Case of Palmer v. Kleargear.com

"John and Jen Palmer love to buy each other little presence figurines desk toys. Chomsky's are their love language but a while ago this got them into trouble. What is the inciting charge? What is the charge gave? That gets this whole story going. It was basically looking for something for Gen for her desk at work. John goes online finds. This website called clear gear dot com clear with a K. Of course it's just a website that tells like little toy for grownups and John Decides to order not one but two little Chomsky's for Ya. I think one of them was a one of the ones where it's the sand art and then I think another one was one of the little perpetual motion toys that little silver ball things or something. Yeah exactly they were meant to be stocking stuffers. The total cost around twenty bucks. John pays with pay pal. Then a week goes by two weeks. The sand art thing and the little click. Click Silver Ball. Never show up so jin gets involved. She tries to call the company but she can't get anybody on the phone. She's getting the runaround on e mail. Eventually John and Jen do get their money back from pay pal and then Jen decides to leave an online review at a site called ripoff report. Just to warn other people about clear my husband ordered items from clear your dot com for Christmas presents. After several weeks went by with no delivery he attempted to contact 'em pastes in this sort of absurd email exchange had with the company into the review. Then she hits publish it goes up online and that's the end of it. Our response was okay. We've we've put our experience out there for the world to see we're good we're done. We went on with our lives. We want a house to house. Had A kid and it was three and a half years later John was working from home and I was upstairs taking care of our our toddler and all of a sudden I hear John Screaming bloody murder. Knee swearing up a storm. Yeah Jan get down here. What what what's going on gen gets downstairs and John is looking at an e mail on his computer. It basically is says it's from clear gears legal departments and it is saying that because You posted this in. It's in violation of our non disparagement clause. We are going to find you thirty five hundred dollars because you disparaged US online. So it's a letter from a lawyer saying you owe clear gear. How much thirty five hundred dollars for? What for posting the Truth About Them Online? And what is your response panic? Hello and welcome to planet. Money Jacob Goldstein. And I'm Alexi Horowitz Ghazi everyday as we make our way across the Internet. We are swimming through a sea of Legalese. Terms conditions warnings. Most of us just click accept and move on without so much as a glance today on the show what happened when Gen and John got caught in a fine print nightmare and fought it all the way to Washington support for this podcast and the following message. Come from each raid investing. Your money shouldn't require moving mountains. No matter how much or how little experience you have each raid makes investing simpler and for a limited time. Get One hundred dollars when you a new account with just five thousand dollars. It's all about helping your money work hard for you. For more information visit each ray dot com slash learn more each rate securities. Llc member SIPC. Hey Greg result ski here. I write the planet money newsletter. We'll keep you up to date with stories behind fed decisions the housing market and big scooter subscribe at NPR Dot Org Slash Planet money newsletter. Just the right amount of economics set weekly so John. Has this email. Remember from clear it saying that. He had violated the terms of service. The fine print that we all agree to all the time whenever we do anything online specifically it saying there was a clause in the terms that said you cannot leave a nasty review about US online but remember. It's been three years since they posted that review. They don't remember seeing any non-disparagement clause when they bought the Chomsky's so the US this Internet archive site to look at the old terms and conditions from three years earlier and that clause was not there when they tried to buy those Chomsky's but there is still that email from clear gear threatening to find John. Three thousand five hundred dollars. Which of course is a scary warning so John and Jen? Sorta calling lawyers and all the lawyers said basically the same thing. Oh sure you give us a five thousand dollar retainer and we'll see what we can do and I'm like dude if I don't have thirty five hundred dollars to give them. I don't five grand to give you the couldn't pay any of these lawyers so they just went on with their lives. A while later they went to buy a car and we were sitting in the in the dealership and finance manager comes over to US and Kinda loudly says okay. Well we're trying to find you financing but who is clear gear? And why do you owe them thirty five hundred dollars and both of us just face palm? Yeah because of this whole thing with clear gear. John now had this like black mark on his credit report. We fast forward to October of that next year. Our hot water heater died on us. We use our savings to get that repaired. Three days later our furnace goes out. It's going to cost them thousands of dollars to get a new furnace and they just don't have it on hint. We tried get emergency financing every company. I tried to go through turned us down so finally I am at my wit's end it's October in Utah. My House has no furnace. I have a three year old and thinking to myself. Oh my God we're going to end up with a frozen house and CPS is GonNa come and take my child away. Because I can't keep the heat on because of this stupid mark on John Credit and there's nothing we can do so finally I mean I I am almost crying. I'm a I'm at work and have no idea what to do. Their case was too small for the FBI too strange for the local police but luckily there's a certain kind of person who is perfect for helping people just like Gen. My boss comes up to me and says well why don't you give KTV's Matt Gephardt a call. There's one in Utah. Who Arms You with the information? You need to protect yourself. Get help get inches. Get Gephardt five nights a week on two news at ten so I called up get Gephardt and I left them of really long message and explained to them the entire story and the more. I'm speaking the the more I'm just realizing how utterly ridiculous all of this sounds. I mean you cannot make this up. You're leaving a voice mail. Yeah I think I had caught them like off hours or something I think it was the next day I get a call from from Matt. Gephardt of Gephardt. Yes he calls me back and says I believe you and I WANNA help. And all of a sudden I saw the light at the end of the tunnel. It you get horrible. Customer Service MMA company. You will likely tell people about that. I get this company is ordering Elaine coupled obey thousands all because they don't like the review they posted up here on a Tuesday three days later the story has gone viral and by viral. I mean England and France and Australia and China and Canada and in the middle of all this John and Jen get a call from a lawyer named Scott Michelman at a nonprofit called public citizen. He said he wanted to take their case and agreed to do it. Pro Bono. The lawyer Got John's credit report fixed. And he sued clear gear in federal court. We show up to court. And he's got his fancy lawyer formulas that they do to to calculate things like real damages versus pain and suffering and all of that basically how much is he gonNA ask for three hundred seven thousand dollars so we got to court and of course clear doesn't show up and so it's just you guys in the judge hanging out pretty much it's I mean the judge still sat and heard our story. We still gave our testimony laid out. You know all the damages and as the judges hearing all of this he decides. He's like you know what I've heard enough. I don't need to take under advisement. I'm GonNa give you everything you're asking for. And the lawyer's fees on top of it and I remember sitting at the table and kind of like whispering. Did he do what I think he just did? The lawyers just shut up. Shut up shut up and you know. And he went ahead and gave us the judgment right then and there But even with this huge number that neither of US could of ever dreamed of. We knew we were never going to see a dime of it. You couldn't even get him on the phone. How you'RE GONNA get three hundred seven thousand dollars plus lawyer that exact ex exactly but this was a significant enough number to at least deter anybody else from attempting the same thing on somebody

John Jen Palmer United States GEN Chomsky Matt Gephardt Utah John Credit John Screaming Alexi Horowitz Ghazi FBI JIN Washington Jacob Goldstein Finance Manager Greg Murder
The Rest Of The Story: Should college athletes be paid?

Planet Money

04:23 min | 10 months ago

The Rest Of The Story: Should college athletes be paid?

"Time now for sports that the Don Don Don Robert Smith remember actually five years ago. Now this is Jacob Goldstein. Speaking you and I did a story. We're the way referred me in the third person when we're sitting right next to each other about the Ncaa College Sports and specifically about should college athletes be paid and even more specifically than that we talked to Ed. o'bannon you remember this. I remember this because Ed o'bannon stumbled upon his own face right young Space in a video game. Yeah he'd been like a star basketball player at UCLA back in the nineties and this is way after that. He's at a friend's house in his friend is like I just spot a video game with you in it and then Ed o'bannon starts watching himself in a video game so weird yeah. He told us what he thought when he heard while whose plan. And you know my friend he says we what's crazy about this. Is You know we pay one hundred dollars or whatever for the game And you didn't see the any of it and you didn't get a dime and you know when he said it I felt like I had been kicked because I was at the time People who were amateur athletes. They had signed up for that. They knew they were not going to get paid for actually playing but this was clearly a use of his image of his likeness in order to make money for somebody else. Yes and so abandoned became the lead plaintiff and like the face of this big federal lawsuit suit right and the lawsuit was arguing. Not that colleges should pay athletes but just that athletes should be able to get paid to like be in video games or endorse shoes or whatever so that was the story. We originally did what happened with that. Case was the athlete sort of one but not really in the end. The courts were like thank. You can get a little more money in scholarships but basically no. You can't get a bunch of money from endorsed. This was when two thousand fifteen was when the appeals court made that finding and and then this year to the California legislature passed a bill that basically said starting in two thousand isn't twenty-three I guess we say twenty twenty three now college students in California would be allowed to be paid for name image and likeness for this thing that Ed o'bannon wanted to be able to get it so they'd pass the bill and the governor of California Gavin Newsom hadn't signed it yet and he went on this. Hbo Show called the shop to talk about it and in particular he was talking about how all the college presidents were calling him on the phone trying to get him not to sign the bill to via the to. It sure what did did they say. What the hell are you doing destroying college? Sports they're saying you destroying the purity of amateurism not once. Did they talk about the needs of these these kids well. They've been listening to you. Will they listen to the other one after. I signed the power arrangement the minute we signed this all of a sudden now now they have to deal with California and then Robert Genius pure stunt have to give it to him right there on the show newsom signed the bill into law now was doing all right I could show business and what they're doing. They know what they're doing. So do we know what the impact of this is GonNa be. I mean it's just one of those like as goes California so goes the nation so the NCAA had unsurprisingly lobbied against this bill they called it unconstitutional. But you know pretty as much as soon as it became law in California of course all these other states especially big football state started considering their bills and a few weeks later in October of this year the board of the NCAA voted unanimously that. They were going to allow students to benefit from their name. Image likeness so we don't know the details but basically Ed ed o'bannon he lost in court but it looks pretty clear that college athletes are going to be able to get paid and when they make the movie. This is the moment when the slow clap starts abandon walking back out onto the court at Pauley Pavilion Maybe a Little Limp Cherries Sands and then on the jumbotron Tron. It's him in the video game and then just cash. Meaning Jacob Gold Steam. Thank you very much for the update. Yes a good one

Ed O'bannon Gavin Newsom California Don Don Don Robert Smith Jacob Goldstein Ncaa Pauley Pavilion Little Limp Cherries Sands HBO Ucla Basketball Robert Genius Football
WeWork: Unicorn Cowboy

Planet Money

03:01 min | 1 year ago

WeWork: Unicorn Cowboy

"He's speaking here in January of last year at a conference of mayors at the time we work was worth more than twenty billion dollars an extraordinary amount of money for an eight year old company that had never made a profit and was in the business of renting out office space by the month but newman never really talked about. We work as a company that rented out office space. Here's I would he told the mayor's if you bring us in for ten locations we will create one hundred thousand jobs over the next ten years and it can go go bigger and bigger and we wanted just bring your jobs. We'll bring the place to live. We'll bring education and this is important will bring corporate America we will redesign their space build it deployer technology which is called we always and took okay longtime to create and then put our community where you do that for a city hall. I would love to see the whole this is the way newman talked about. We work and we work talked about itself not as a company that rented out office space but as something much bigger we kept opening more offices and more cities and kept losing money and investors kept giving the company more money at higher and higher valuations by the beginning of this year we work was worth almost fifty billion dollars because it wasn't just an office company it. It was a technology company that was going to figure out how to profit from offices and apartments schools in City Hall and basically everything we were like. We're going to be a universal. They don't know what the word is. Universal Place Company Matt Levine used to be an investment banker now he writes for Bloomberg opinion my favorite of his recent headlines it's not you. It's it's we anywhere. There is a place we were going to be taking money out of it. That's why they could raise money at forty seven billion dollars evaluation. They weren't like an office landlord company. They were this flakes everywhere all encompassing master of space at least that was the story we were told up until this summer until to put up finer point on it just after seven. Am Eastern time on August fourteenth we work was preparing to sell stock to the public for the first time they have an IPO and they published a document for prospective active investors. The document is called S. One Thursday really quite extraordinary turning point like everything was one way and then the as one hits and immediately everything is the opposite way in like shockingly rapid fashion that whole story that we were had used for years to raise more than ten billion million dollars from some of the richest most experienced tack investors in the world The story that made it the most highly valued startup in America back collapsed instantly instantly. How did we work raise so much money? How did it go so bad so quickly? What tell us about the way money works in the world today hello and welcome to plant money? I'm Jacob Goldstein. The story of we were long rise and almost instant fall largely goes back to one guy not Adam Newman not even anybody at we were. It's a guy named Masayoshi sun today on the show. We Work Masayoshi Sun.

Adam Newman City Hall America Matt Levine Jacob Goldstein Investment Banker Bloomberg Forty Seven Billion Dollars Ten Billion Million Dollars Twenty Billion Dollars Fifty Billion Dollars Eight Year Ten Years
The Modal American

Planet Money

03:59 min | 1 year ago

The Modal American

"Jacob do you remember a few months ago. Go on where i where i came over to your desk and i had that this pet peeve about statistics. Yes my issue is with this thing that people talk about the average american and like yeah. There's something sort of silly about the average american because it's like a melting pot who is average really but but my my quibble is more pedantic than that because i think people don't mean average american. I think what they actually mean is. Who is the person if i walk outside in to america. Who's the person i most likely to run into. Yes the person who there's more of that person than any other person. That ain't the average. It's not the not the median smart guy it is. The mode mode is the most underrated of what what are those things called like statis- mode median average statistics no. There's word for it to those things but i don't know what it is all right well. The mode is i think the most underrated are definitely mode. If you have forgotten your inter level stats class is the most common tom thing in a data set so if you have a bag of m. and m.'s whichever color there is the most stuff that's your modal eminem and when people talk about the average american what the actually mean is like modal american and i've never actually seen anybody run that statistic and just to be sure i called the u._s. Census bureau and they were low the lid off off of it yeah and they were like. I don't think anyone is doing that took. I looked all over the place and i could not find anyone who would truly run this statistic. Ah it boggles my mind that in this day and age there is any stat that isn't just like available at our fingertips so my next call was to ben in casselman love. You know bent gas. We worked together at the wall street. Journal longtime ago covers economics for the new york times. Now knows are like statistics programming language. He really gets it makes animated. Gifts of jobs numbers yeah so i called ben and ben was like i've actually thought about this. I told you bet <hes> <hes> which perhaps makes me a a non modal american. Perhaps ben said this came up just the other day for him. He said his tweet going around. It was like how the typical american like where their income comes from what they spend it on yeah but it was like they had sixty thousand dollars in labor income and ten thousand dollars and social security income okay now hold on a second and he's like no they don't. That's not a person here is no america well. There may be some american but that's like a weird freakish americans that is not typical. Yes you were probably working or you're collecting social security and almost certainly not both it's basically if you took all the americans and put them in a blender. That's what you would get but that's not any doesn't make any sense and so his point was like yes. No average is nonsense. You're going to end up with these nonsense. Blender people that you you may not even find in the real world. If you actually want to figure out what human beings exist outside your door you need to run the mode like there's some person where there are more people who look like that person than look like any other type of person that if if i went out and just knocked on doors eventually i would run into this very person who that person person and so. I was like then do you think do you think maybe you could help me find the modal american yeah. I think this could be really fun and it is actually something. I have thought about but have never had a reason to do. It had a reason to do it. That's right. Here's your invitation to the ball cinderella. Hello and welcome to planet money kenny malone and i'm jacob goldstein ben castleman and i set out to try and find the modal american and i am telling jake about up about it for the very first time today. He has no idea today. I am ready to be genuinely surprised. We have a cavalcade of guests out today. Jacob prepare yourself for a very nerdy show about trying to use a relatively simple statistic to answer a really complicated question great. There's been so much secrecy and

Jacob Goldstein Ben Castleman Eminem America Casselman New York Times Blender Kenny Malone Jake M. Sixty Thousand Dollars Ten Thousand Dollars
"jacob goldstein" Discussed on Planet Money

Planet Money

03:15 min | 1 year ago

"jacob goldstein" Discussed on Planet Money

"This message comes from n._p._r. Sponsor i._b._m. Smart is open open is smart i._b._m. Is combining their industry expertise with with the open source leadership of red hat. Let's unlock the world's potential. Let's put smart to work learn more at i._b._m. Dot com slash red had had this is planet money from n._p._r. Today show originally ran in two thousand in fifteen. I will be back in two thousand nineteen at the end of the show with an update on my life. Solar power has been the thing that's coming in the future like in science fiction. How are we going to power the ring world. You didn't read it could book solar panels in the real world though solar has been this fringy thing like think i remember when i was in college. This friend of mine was on the solar car team but they think they built wasn't really a car. It was basically just like these giant solar panels and and this little capsule that you had to lie down into drive the thing i had a solar calculator solar calculators worked those were real. You grew up in california. There were a few rich hippies up in the hills with solar panels on their houses but it was like a special thing thing you'd see in a magazine and that is actually changing really fast. Just in the past couple of years. Suddenly solar power is not just for rich hippies anymore. Last week. I went out to long island to meet a guy named john o'hagan. John is a retired new york city cop and the day i visited them. A crew six guys is was putting solar panels on the roof of his house. Tell me about your health. What do you want to know where to termites live. I don't know how big's your house <hes> four bedrooms two and a half bats two stories with what's the neighborhood like this is farming village nice neighborhood middle class working families. John is not rich and he's not getting solar panels to save the world does the environmental part of it. Is that meaningful to us that matter not really if you're an environmentalist or if you've just like solar power john o'hagan is your dream come true. Geno hagan is the revolution. You've been waiting waiting for these. He's not getting solar power for moral or philosophical reason. He's not doing it because he's worried about climate change. John o'hagan is getting solar power our because it's hello and welcome to planet money. I'm jacob goldstein and i'm david kastenbaum today on the show. How solar power got so achieve so fast that bat basically was support for for this podcast and the following message come from google domains most of you have a great business idea like maggie who always loved khorasan's and even traveled to france to learn how to make them she got a business name maggie's bakery and with the help of google domains intuitive tools. She got her business online and croissants in people's hands and google domains makes it easy to get your business online. It starts with a name it becomes real with a domain. Make it happen at domains dot google slash slash n._p._r. To get started greg.

john o'hagan google Geno hagan maggie california greg khorasan John jacob goldstein france david kastenbaum
I Am Not A Robot: The Story of CAPTCHA

Planet Money

12:53 min | 1 year ago

I Am Not A Robot: The Story of CAPTCHA

"Year two thousand everybody was signing up for Yahoo Email addresses. This was back before g mail and Yahoo mail was great. It was free. You could check your Email anywhere. But there was this one problem and a computer science grad student at Carnegie Mellon University became fixated on this problem. His name is Louis von on the problem was that there were people who in order to send spam from Yahoo accounts. They would obtain millions of Email accounts, literally, millions not not hundreds or thousands. But millions of fake Email accounts. Literally millions of fakey mill council this spammers who were signing up for millions of spam. Accounts weren't going to the yahu male page and just signing up for these accounts. One at a time. It wasn't like they were like the real Jacob Goldstein at Yahoo dot com. Jacob Goldstein ninety nine at Yahoo dot com. Jacob the barefoot dancer at Yahoo dot com. No spammers were writing simple, computer programs little bots that just kept filling out the Yahoo Email sign up form again and again and again day. Day and night and that would generate an army of Email accounts that could be used to sell fake Viagra or steal your Bank account information. Whatever Dow didn't know what to do about this. But Louis finan had an idea. So the idea was can we make test that distinguish between humans and computers, but also a test that is graded by the computer, if you've basically ever signed up for anything on the internet. You probably know the idea that Luis von Ahn came up with a picture of distorted letters and numbers, and then a little field below that picture where you type in the characters that you see, and we actually showed it to the the guy who was the chief scientists at Yahoo. Are he loved it? And within a few weeks. It was actually, you know in the registration flow of Email accounts at Yahoo. It was it was being used there. And we were super happy that they were just using it Lewis gave his little tested name was a long ridiculous name that made a short genius acronym. The long name was completely automated public turing test to tell computers and humans. Apart a train test is a famous old idea in computer science. It's a test where you try to tell if you're chatting with a computer or with a human being if a computer can consistently make you think it's a human being that is artificial intelligence, and this sort of turing test that Louis came up with it became huge. You may even know the acronym for this test capture capture capture has very compelling have show is a good name. Yeah. Because it's like capture them or Gotcha. Or something like that. Yeah. It was it was a good name, you know capture. Maybe you do not like capture and yet the twenty year history of capture is this window into a lot into artificial intelligence into digitizing millions of books also into a little cyber. Hello and welcome to planet money. I'm Jacob Goldstein. And I'm no L king. And I am not a robot. I'm not not not a robot. But if you were that's exactly what. Today on the show, a global decades-long work an internet that people actually use versus a spammy wasteland. It is computer versus computer. And in the end the computers are only gonna need us the humans to do. A little light data entry. Support for this podcast and the following message. Come from quip quip was designed to make brushing your teeth. Simple affordable and even enjoyable one of the first electric toothbrushes accepted by the American dental association. Quip has a built in two minute timer that pulses every thirty seconds to remind you to switch sides sensitive sonic, vibrations for healthier gums and a multi use cover for brushing on the go. Get your first refill pack for free at G E T Q U IP dot com slash planet. Money. If you're in debt, don't beat yourself up life happens. Forgive yourself. Life kit is ready with a shovel to help. You dig out of crushing debt when you know better you do better check out life kid and apple podcasts or NPR dot org slash life kit. I should say that Luis von Ahn was one of several people working on capture of like tests around the same time. So he's not the only person who came up with the idea that people develop their own captures. But Lewis and his colleagues are the ones who came up with the name and their version was the one that really took off when you bought tickets online when you signed up for your mice basic count pretty soon people were taking Louise's little test two hundred million times a day. It was protecting the world from scalpers and spammers and bots and the world, of course, responded with gratitude every time that I talked to somebody about about capture, you know, the first thing they would tell me is how annoying they are. So I started feeling fair fair. I started feeling partly responsible for these, you know, two hundred million times a day. And each time you type one of these you wasted about ten seconds of your time. So, you know, I started just thinking is there any way in which we can make good use of this these ten seconds. This was in the mid two thousand and at this moment, there is this push. Bush going on to digitize old books and all documents. And at the time it was easy enough to scan old pages old pieces of paper and put them online. But computers were still bad at turning those scanned pages into useful online documents if not searchable you cannot change the font size. You cannot. I mean, it's just a bunch of kind of somewhat crappy pictures. Yeah. So it occurred to me that you could take all of the words that the computer could not recognize and we get people to read them for us while they were typing captures on the internet up to this point Lewis has been giving capture away for free. But now he thinks people might pay to have their print archives digitized one capture at a time, and he is sitting on over half a million hours of free human Labor Day. So he starts a company called recapture, and he goes out looking for customers. And what happened was I was actually giving a talk somewhere. And I was fortunate that the at the time the guy who was the chief information officer for the New York Times was sitting in the audience. Okay. And he said, oh, you know, what we have this huge one hundred and thirty year old archive of old additions of the New York Times. So maybe we can maybe you can help us the New York Times ended up being recaptured first client now when you solve the caption next to a few random letters and numbers there. Was also a picture of a word from an old issue of the times the computers couldn't read when you typed in that word, you weren't just protecting the internet from spam? You're also helping to turn a hundred years of old newspapers into a searchable digital archive, and I have to say, I just love this sort of while you're doing one thing. You're also doing something else like deficiency of this. Like, it just it delights me, you know, it's like the old dream of writing your exercise bike to power the lights in your house or something which by the way Lewis told me when he was like eleven he had that dream, and then he like looked into it and realize oh, actually like a person, right? An exercise bike as a terrible way to generate power. As Lewis was getting recaptured going Google came out and announced they were starting to digitize every book like every single book in the world or something they sold. Lewis was doing for the times and in two thousand and nine Google bought recap show and started using it to help digitize books and then a few. Later. Google started using captured tests that showed pictures of addresses on the sides of buildings when we saw those captures we were making Google maps work better doing a little more work for Google, unpaid. So that is the end of Louise's capture story, but a little digression. He started a language company where people did online translation while they were learning the length which same like doing one thing actually doing other thing idea. This company became super popular it's called dual lingo, in fact, it got so popular that they got rid of the translation part. Now, it's just this app that millions of people use to learn languages. Okay. End of Louis end of digression. So now, it is the 'oughts and for a while capture is working the spammers are held at bay. And then someone figures out a work around. Shady businesses started showing up online and offering to break capture for anybody willing to pay. Chris Canaan is a computer scientist who started looking into these businesses around two thousand eight and it's one of. Those things like until you actually think oh, actually let's go seek this up. See how hard it is to find. You might think. Oh, this is some shady cybercriminals underground thing. But Nope, you can just Google for it, you could find a dozen of these services. Very competitively priced with all that stuff. Chris wanted to know like what's going on here? Like is it for real do these services work? So he and his colleagues decided to act like spammers. I mean, they didn't do the spam part. But they did more or less everything else. They built a bought. And this bought went around the web bumping into captures. And automatically every time the bought hit a capture test. It would send it off to one of these services that offers to solve captures for money, and what do those services do exactly they pay human beings to sit in front of computers all day long and solve one capture after another. So some person sitting in front of a computer gets a capture from Chris's bought solves the test in a couple of seconds sends it back to Chris's Bhatt, which enters the solution into a web page and boo. Yes, that is the plain vanilla version just to see like. Does this work? How long does it take? But Chris and his colleagues also had some other questions they wanted to answer. So they did something else they made up their own captured tests to send out to the solvers. Some of those tests are said what time is it and the answer to those tests told them what time zone the people salting the test lived in. They'll wanted to know what languages the solver spoke. So they made captures with weird instructions in lots of different languages Chinese Spanish Italian Tagalog Portuguese Russian, Tamil Dutch, Hindi German Malay Vietnamese Korean Greek Arabic Bengali Canada Klingon in Farsi. I'm sorry. What was the one before? I see Klingon Klingon the made up language from Star Trek maiden. Of course, not. But they did it because they wanted to just like sort of push these services like how far will these capture solvers go. There's no way they're going to be able to answer this. But the answers we saw showed us. I think we got something like a one percent accuracy rate. But it. Was on something that was so incredibly long of a question that it couldn't have been right by chance. So presumably one of these capture solvers recognized that this was Klingon either new Klingon just because at the no or looked it up online. When was actually able to successfully solve this capture. That was written in Klingon you found the greatest capture solver on earth. Yes. Based on this part of the study, not the Klingon part put the languages and the time zones. They figure out that a lot of people seem to be doing this work in Russia, China and India, and they realize this is a huge industry. People have started calling it capture farming, and it is basically human beings opening the capture gates for an army of bots and capture farms work, usually they were right, usually they were very fast. So that so the services were legit. I mean, they were potentially illegal. But they did the thing that they said they were doing correct. Yeah. One of the most interesting things about cybercrime as a marketplace. Is that it works like any other like business to business type marketplace, your reputation is really important there. You're not gonna keep your capture solving business in business, unless you're actually solving those captures and how much did it cost one US dollar per thousand captures solved so incredibly incredibly inexpensive. But this is a task that takes a typical human, you know, about fifteen twenty seconds. Yes. But God, I mean, you really. Feel for the people doing the work. Yes. So if you are spam or these workers will solve captures for you around the clock for a tenth of a penny per thousand that price is obviously like mind breaking low, but it is still not zero. And it is still enough to weed out a lot of people it weeds out people who are just trolls making spam. Accounts for fun and people who are just posting garbage comments on million garbage websites hoping to sell a few extra dollars worth of garbage products. So even with the capture farms catches still are working to block a lot of people. But what would happen if you could teach a computer to solve the captures then you wouldn't need the farms and the farmers anymore. The price would go to zero and the spammers could go wild.

Lewis Yahoo Jacob Goldstein Louis Finan Google Chris Canaan New York Times Luis Von Ahn Louise Fakey Mill Carnegie Mellon University Viagra American Dental Association United States DOW
How Much Does This Cow Weigh?

Planet Money

07:59 min | 1 year ago

How Much Does This Cow Weigh?

"Golden was the kind of person who believes in experts, you know, people who had studied things people who knew stuff he figured they knew things that ordinary people just did not. I mean, of course, they did. Right, obviously elimidate golden goes to a country fair. This is about one hundred years ago in England. And there's this contest going on at the fair guests the way to the ox, Goldens, a scientist and statistician and he figures, hey, I can do an experiment here. Right. He's figures I'm going to take. Everyone's guesses take the average and compare that to the actual weight of the ox. We heard the story from James, sir, Wicky, he's an economics journalist. So he thought what you were gonna end up with was a really flawed guess because in his mind what you were doing was you were taking guesses of few smart people a few mediocre people. And then a lot of morons because he basically everywhere. Everywhere. So he figured the the the group's gas was going to be way way off the Mark the contest organizers gave golden the little slips of paper with everyone's guesses on them. He took them calculated. The average the average was eleven hundred ninety seven pounds and the ox the ox weighed eleven hundred and ninety eight pounds. So that in other words, the crowds judgment was essentially perfect one pound off one pound of this is super creepy. What's going on here? Is there? Some kind of like collective unconscious. Magic is like a ouija board or something. Right. But the idea that underlies this it is everywhere. The idea of the stock market, you know, thousands of random people buying and selling shares like when you hear that apple stock went up or the Dow plunged that's basically people guessing the weight of an ox, it's everywhere. Right. It's it's the price of oil. It's the price of orange juice all kinds of things that are really important to the world work exactly this way. But why should it work? Why should a bunch of random people a lot of whom have no idea what they're doing somehow magically produce an answer. That makes sense does this really work. And if it does why. Hello and welcome to planet money. I'm Jacob Goldstein. And I'm David Kessler inbound today on the show, Mr. golden, we redo your experiment. What's the Cas name, Penelope Penelope? Thanks for letting us. We you better. She's chewing one bound off come on. Support for this podcast and the following message. Come from ZipRecruiter hiring used to be hard multiple job sites. Stacks of resumes. But today hiring can be easy. And you only have to go to one place to get it done. Ziprecruiter, ZipRecruiter, sins your job to over a hundred of the web's leading job boards. Then ZipRecruiter scans thousands of resumes to find people with the right experience and invites them to apply to your job. Try it for free at ZipRecruiter dot com slash planet. Money. Now that my says has lost all its territory what happens to the people left behind. She chose to take. So that she should starting Syria on raw and what about their children? How it ends a new series on embedded. So we came up with a plan to repeat, Goldens experiment. Find a fair and a cow in a big scale to weigh cow. And then he grit in the grit, and then we were going to throw the question out to the crowd. Ask the world. How much does this cow way? We didn't want to just limit it to people at the fair. So we figured we'd take some pictures post them online and asked the whole world to guest. So we went out to county fair in Burlington county, New Jersey, we met Penelope the cow in the dairy tent. She was sitting on a bunch of. Hey juiston. Kuzmich was taking care of her. Can you just describe what she looks like? Yeah. She's mostly black. She has white legs. And she has a white spot in the middle of her head, but she big black cow. What did you say? So I said holy cow without even realizing saying she's much bigger. She just stood up. She's walking out of the barn now. And she's way bigger than I thought when she was sitting down. We took some pictures of you Jacob standing next to the cow for scale and just for finally decided to ask people at the fair how much they thought Penelope wait as it happen. It was kids days. So there are a lot of kids. Which was fine. You know, non-experts what's your name K? Look how much do you think? Now ways. Six pounds. How'd you come up with that number? 'cause I'm six years old. You guys want to guess how much this Calloway's sixty hundred pounds six thousand. Dear how much you weigh? Not at all. I'm sympathetic looking at L P. I had no idea how much she weighed. Like, I didn't even know how to think about it that way more than my car that you a less than my car. I don't even know how much my car was more than a cow. I wanna say more than a cow. We found an older group of kids and yet they also guest on the low side, but they had this bigger problem. This this really more worrying thing, and it was a problem that adults also seem to have. And it was this the first kid said a number, and then all the other kids said, basically, the same number numbers that were like too close to the I it's like they're incapable of guessing anything different. How old are you? I'm ten how much do you think that cow ways? He'll hundred pounds. My news Gabriella, I'm ten and I think the cow as three hundred pounds. My name is kid nine seven years old, and I think the cow weighs three hundred pounds. People are not that different from cows. We heard if we don't know something we look for a leader. Even if the leader, maybe doesn't know any kanobi finished chewing, and we took her over to be weighed. It's actually pretty unusual to one away cow and the scale they had of the fair was not for. What kind of scale is this? It's actually like a truck scales. What it's for same sauce scale use for big trucks and stuff, which we use it the way the tractors during the tractor pool for the work it'll work for a cow. Yup. Testing bam. You were obsessed paranoid. Arguably paranoid about keeping the result of this secret. You didn't want it to leak out? I guess Gan all of these people had gathered actually, can we can we clear commune seriously clear, everybody out except for just a minimum of people. Like, can we swear you? Okay. Just see everybody else. Everybody else over there. Here's sin walked Penelope up onto the scale. We watched this little digital display. Okay. It's one thousand three hundred and fifty five pounds. One thousand three hundred and fifty five pounds. We walked Penelope back to the dairy tent. And then we went home the next day. We posted photos online of the Cowan you may right. I was there to give some sense of perspective. We put you on the tractor scale. Yes. Hundred and sixty five pounds that much. That's how much I weigh then our colleague courtroom buoy here. Put it all up online guests the weight of this cow, and the ideal was our hope was that lots and lots of people would guess because the fundamental question here. The thing we're trying to figure out is if you have a bunch of random people making their best guests at something. Do you get close to you know, the truth? Do you get close to the right answer? So we put it up, and we waited for the results to come in. All right. It's been up for how long now two minutes comedy entries as fifteen inches reload. Reload. Here we go. Still fifteen still fifteen come on. Oh my God. That's all we're gonna get fifteen. We'll re tweet this.

Penelope Penelope Mr. Golden Jacob Goldstein Scientist England Goldens James David Kessler Burlington County Syria Wicky Kuzmich Apple Calloway Gabriella New Jersey Three Hundred Pounds Fifty Five Pounds
Antitrust 3: Big Tech

Planet Money

03:47 min | 1 year ago

Antitrust 3: Big Tech

"Today's show is part three of what I have been calling the planet money antitrust trilogy. The show we much better. If you go back and listen to the first two episodes. If you do not here is the text that scrolls on the screen at the beginning of the movie. United States government used to us antitrust law a lot to protect small companies against big companies in the name of competition. Then there was a backlash led by judge named Robert Bork. He wrote a book called the antitrust paradox. That argued antitrust enforcement had gotten out of hand and the government needed to back off now in the past couple of years as a few tech companies have gotten very big and very powerful a backlash to the backlash has begun. My name is Lena Khan, and I'm an academic fellow Columbia law school in a senior fellow at the open markets institute. And you're a lawyer I'm a lawyer when Lena Khan was in law school two years ago. She wrote a paper for the law review. What was the title of the paper Amazon's antitrust paradox an allusion to that Bork book the antitrust paradox? Why did you choose that title? I was interested in exploring how Bork's approached antitrust had enabled Amazon's rise and the paradise. Talks with Amazon seemed to me that here we had a company that was amassing dominance in various markets. But our current approach to antitrust law was really keeping us blind. So that dominance, and so that to me seemed like an interesting tension or current approach to antitrust law. Bork's approach is known as consumer welfare, and the basic idea is low prices and lots of choices are good. If consumers are getting these things, then there's no antitrust problem and clearly Amazon has delivered low prices and lots of choices. So it hasn't run into much trouble with antitrust law in the United States, and yet Lena argued in this paper, there are things that Amazon has done that have been bad for competition. So her wonky article comes out, she hears from a few antitrust lawyers. Then her article gets mentioned in the New York Times that spurred kind of a new wave of interest. And so I just started receiving more and more emails somewhat modest about this, which I respect that. Tremendous amount. Even though it's not good for our story. What she is not saying is that this student law review article completely blew up. I mean, I know you didn't go on Ellen or whatever. But we're did you go. I got big. We know it got big Lena. Con learn that the rise of a few giant tech companies had made this very wonky thing antitrust policy, suddenly feel urgent and important to lots of ordinary people. Is it bad? These companies are so big are they assigned that the free market is failing us and competition is disappearing. Do we need to think about antitrust in a new way congressman wanted to meet with her the Washington Post in the Atlantic wanted to profiler CNBC NPR, and she joins me now to talk about how antitrust law handles Amazon. Lena, thank you for being with us. Good to be here. Let me first say Amazon is among NPR's corporate sponsors, right? We're going to have to talk about that. Hello and welcome to planet money. I'm Jacob Goldstein. I'm Kenny Malone today on the show, Amazon one of our corporate sponsors and Facebook, also corporate sponsor and Google. I think a corporate sponsor Nata corporates. Oh, okay. But all of this is kind of the point these three companies are suddenly everywhere, they have an incredible amount of money and power and Lena is part of this new wave of thinkers who are starting to say, maybe the rise of these giant tech companies is a sign that antitrust is broken, and we need to fix it.

Lena Khan Amazon Robert Bork United States Columbia Law School NPR Ellen Kenny Malone New York Times Jacob Goldstein Senior Fellow Facebook Google Washington Post Congressman Cnbc Two Years
"jacob goldstein" Discussed on 10 10 WINS

10 10 WINS

01:45 min | 2 years ago

"jacob goldstein" Discussed on 10 10 WINS

"We do not make these weapons we do not sell these weapons would they end up in our communities police don't now if the victim was targeted or an innocent bystander no word yet what sparked that fatal fracas the coast guard has called off a search for victims after the crash crash that is of a small plane in the ocean off east hampton saturday two bodies have been found to others on board are still missing the victims included a wellknown homebuilder to the stars ben krapinske his wife bonnie their twenty two year old grandson william may rob and pilot john dollared broadcast if i recorded emergency responders after the piper p thirty one navajos aircraft disappeared from radar during heavy thunderstorms crew penske and his contracting business had a long list of celebrity clients for martha stewart to billy joel security was tight sunday in the pride overflowing is the annual celebrate israel parade marched up fifth avenue a special joy this year's marchers like jacob goldstein mark the seventieth anniversary of israeli independence shows off participation as a city eight and has country sporting israel along fifth avenue thousands cheered celebrating their special bond with israel my second homeland it's part of our identity our community all this taking place under tight security even though the nypd says there was no specific threat against this parade roger stern ten ten wins along fifth avenue in midtown wins news time twelve twenty four a fire in the belmont section of the bronx over the weekend has taken the.

bonnie william penske martha stewart nypd john dollared billy joel israel jacob goldstein roger stern twenty two year
Security tight as thousands march in NYC Israel Day Parade

24 Hour News

01:19 min | 2 years ago

Security tight as thousands march in NYC Israel Day Parade

"In the pride was overflowing as the annual celebrate israel parade marched up fifth avenue was a special joy this year's markers like jacob goldstein mark the seventieth anniversary of israeli independence shows off participation as a city as a state and as a country sporting israel along fifth avenue thousands cheered celebrating their special bond with israel second homeland is part of identity community all this taking place under tight security even though the nypd says there was no specific threat against this parade roger stern ten ten wins along fifth avenue in midtown well another celebrity has suffered a self inflicted wound from a social media post this time it's ufc fighter andrea kgb lee who recently tweeted a photo of her husband and manager donnie aaron and followers were quick to notice a swastika tattoo on his arm aaron issued an apology calling it a twenty year old mistake that he got while in prison and that it doesn't represent who he is today he also said he was sorry for bringing shame and embarrassment to the ufc his wife was a little less apologetically insisting that the two aren't racist and said anyone offended is too sensitive the usc hasn't commented wins.

Nypd USC Israel Jacob Goldstein Roger Stern UFC Andrea Kgb Donnie Aaron Twenty Year
"jacob goldstein" Discussed on 10 10 WINS

10 10 WINS

02:04 min | 2 years ago

"jacob goldstein" Discussed on 10 10 WINS

"Drizzle steadiest after midnight low fifty three lingering rain tomorrow morning then clouds breaking for some sun by tomorrow afternoon stray shower around breezy and cool high sixty six partly cloudy and crisp tomorrow night down to fifty seven warmer on tuesday sun giving way to clouds afternoon shower possible high seventy two on tuesday wednesdays high sixty eight with clouds couple of showers and sun returning by wednesday afternoon sixty one degrees now cloudy skies going down to fifty three tonight in midtown the annual celebrate israel parade today it started around eleven this morning it went for hours and it headed right up fifth avenue amid tight security thousands of marchers even more lining the parade route it was a special joy this year's marchers like jacob goldstein mark the seventieth anniversary of israeli independence shows offered this nation as a city as a state and as a country sporting israel along fifth avenue thousands cheered celebrating their special bond with israel second homeland is part of our identity community all this taking place under tight security even though the nypd says there was no specific threat against this roger stern ten ten wins along fifth avenue in midtown wins news time five oh six police in brooklyn have a driver under arrest after he took his mercedes for quite a ride through a couple of bed stuy parking lots cops say it all happened around nine last night with witnesses saying the forty nine year old reversed his luxury sedan into one car then accelerated into another pinning to people he reportedly drove away only to go through a fence and into another lot where he crashed into a third car police say to people suffered minor injuries they were treated at woodhull hospital the f d n y says to others refused medical attention the driver facing a number of dwi related charges wins news time we know how to eat we never agree on where to go burgers pizza tacos it is the one.

nypd roger stern brooklyn woodhull hospital israel jacob goldstein sixty one degrees forty nine year
"jacob goldstein" Discussed on Planet Money

Planet Money

01:38 min | 2 years ago

"jacob goldstein" Discussed on Planet Money

"Filled with welcome to planet money i'm david kessler and jacob goldstein today on the show we talked to that man in the photo taking the envelope full of cash in the starbucks parking lot and he tells us everything he tells us what he did how he did it and why he did all right on the why he's still trying to figure also what is insider trading the law is not what i actually there isn't really law we dig into this brain teaser the money that insider traders make where exactly does that come from were they stealing today's show is a rerun from two thousand fifteen support for this podcast and the following message come from state farm who knows that many americans struggle with their finances and most have never been taught how to manage them starting today state farm wants to change that by giving people the tools help and education they need to take control of their money putting financial wellbeing within the reach of everyone you can find out more at letsstarttoday dot com state farm here to help life go right hey there i'm joshua johnson the host of one a there are lots of places to debate today's issues if you don't mind getting attacked for speaking your mind or asking the simple question but one a is different you'll find a one a podcast on the npr one app or wherever you listen to podcasts usually in these cases the person who commits the crime if you call them up they will just not call you back or they'll say talk to my lawyer and then the lawyer will not klay back this case is different so see you're the guy in the photo i'm the guy in the votto.

jacob goldstein joshua johnson npr david kessler starbucks klay
"jacob goldstein" Discussed on Planet Money

Planet Money

01:37 min | 3 years ago

"jacob goldstein" Discussed on Planet Money

"You want us in a show ideas cintas knee melt to indicator at npr dot org this podcast is produced by dr east rafia on an edited by jacob goldstein i was curious if you spent just a little bit more money where could go on now now so just in case you're attempt either no date with through hears nicer this time of year than i don't get me wrong i'm sure boise's a lovely lovely town you could get there for thirteen bucks off and when a seitis where in fact the seasons are inverted so it's actually summer you get there for fourteen hundred bucks i'm sorry for making you feel badly but now astounded by it's a stout expensive it is i know i now two thanks for listening if you like this episode of the indicator you can check out some of our other episodes we did when about toll roads in the science of gridlock when about how the republican tax bill could actually end up helping democrats and when about why the federal reserve might be fundamentally wrong about the us economy you can search for the indicator on npr one or wherever you get your podcasts support for this in pr podcast in the following message come from slack used by companies all over the world to get everything done where every part of work from documents to decisions is stored archived in searchable in seconds slack where work happens find out why it slack dot com.

dr east rafia jacob goldstein boise us npr
"jacob goldstein" Discussed on Planet Money

Planet Money

18:11 min | 3 years ago

"jacob goldstein" Discussed on Planet Money

"jacob goldstein" Discussed on Planet Money

Planet Money

02:07 min | 3 years ago

"jacob goldstein" Discussed on Planet Money

"Support for planet money and the following message come from rocket mortgage by quicken loans when it comes to refinancing your existing mortgage or buying a home rocket mortgage lets you understand all the details so you can be confident that you're getting the right mortgage for you goats a rocket mortgage dot com slash money hey it's jacob goldstein just a couple of quick note before we start the show note number one if you're planning on making a charitable donation before the end of the year please consider supporting planet money you can do that by donating to your local member npr station at donate dot npr dot org slash planet money we really appreciate it it means a lot so again you can do that at donate dot npr dot org slash planet money and if you want to shout your love of planet money and public radio from the social media rooftops there is a hashtag you can use it is why public radio no number two today shows a rerun it originally ran in two thousand fifteen and there is an update at the end of the show robert smith were doing i am wearing red hence a red overcoat a black belt said what am i way you are also working so they had never thought it seems to go to sleep mini there but we are surrounded by a thousand people dressed as he i'm trying to get my belt to work you have no trouble yes help with this on our great fourteen dollardoing santa castle this is brad fell their hands go to who'd over it wrong sleeves embroidering here yeah the embroidery is beautiful golden reuter in in london looks like a real bell that's actually holden in some girth will you this is set to con new york city two thousand fifteen it's the ageold tradition you just get drunk yoho you march in the city dance a little you have not here to do no you're here i'm sure for a new year economic reason i'm here for what i think is actually a more exciting reason there is this international dispute going on.

jacob goldstein robert smith brad social media london new york
"jacob goldstein" Discussed on Planet Money

Planet Money

01:58 min | 3 years ago

"jacob goldstein" Discussed on Planet Money

"It's been three years since we did this show after the break we will have a quick update of where things stand now support for this npr podcast and the following message come from discover become a new card members and at the end of your first year discover we'll match all the cash back you've earned dollar for dollar learn more at discovercommatch only for new card members limitations apply so okay that ruling came down in the o'bannon case the ncaa appealed and in two thousand fifteen the ninth circuit came out with a decision the appeals court overturned the part of the ruling that said colleges could pay student athletes up to five thousand dollars per year so here we are in two thousand seventeen student athletes still do not get paid but the appeals court did say schools could offer scholarships that are a little bit more generous so today student athletes get scholarships that cover a little bit more they cover not only room and board intuition but also things like money to buy clothes and to travel back and forth between home and school finally this broader question the big question of paying student athletes it is still alive legal issue that case that we mentioned at the end of the show the case about paying athletes to play sports that case is likely to go to trial next year is there a cartel in your life email us at planet money at npr dot org or find us on facebook or twitter today show was originally produced by the abandon of the rerun was produced by alice wilder if you speak spanish or you want to learn spanish and you are looking for another podcast listen to i have great news for you you should listen to roddy on blunt they which is a podcast storytelling in spanish and right now they're doing a series on cuba it's called rather on blunt they you can find it on the npr one app or wherever you get your podcasts i'm jacob goldstein thanks for listening.

facebook alice wilder npr o'bannon ncaa twitter roddy cuba jacob goldstein five thousand dollars three years
"jacob goldstein" Discussed on KQED Radio

KQED Radio

01:56 min | 3 years ago

"jacob goldstein" Discussed on KQED Radio

"Strategy has he calls his cap his tour strategy and it been somewhat accession for him he said but good point these cavacism allows him to challenge free speech and reach people his followers but it hasn't been easy to to to actually make it happen here's what he said at a news conference today i thought this college chore was going to be easy that we'd call people up and i would come and speak to students the fact is it has been difficult there are roadblocks at every ever every place along the way given what happened in charge will you could understand why the roadblocks have been the case in the universe is very uncertain and very don't really don't want him to come here he feels at charlottesville though was successful he said for his movement and for his father's although he said he regretted the violence there although that said they do refused to take any kind of responsibility for the violence that happened wore for the death of heather hire you you know the woman who's killed when that man drove into the car the crowd of protesters and what about violence in gainesville florida today you know we had so many police on the grounds i'd say there was probably as many police here as there were certainly supporters of him i'd say over a well over 100 police and they did a good job kind of putting barricades up in keeping people in their place when the when the vet hat ended you had about thirty or forty of smith supporters compiled out and they're worse than scuffles and those guys started exchanging words and things got tensor for a few minutes there were some punches but generally that was it and peres greg alan thanks a lot you're welcome this is all things considered from npr news president trump and congressional republicans say they have two main goals as they work to overhaul the tax code one lower tax rates meant to get rid of special deductions and exemptions things that if you don't like him you call loopholes jacob goldstein from our plan of money podcast has the story of one deduction that set to be eliminated one of.

charlottesville florida tax rates jacob goldstein heather smith peres greg alan npr president
"jacob goldstein" Discussed on Planet Money

Planet Money

02:15 min | 3 years ago

"jacob goldstein" Discussed on Planet Money

"Robert smith i'm here for the summer rest of the story jacob goldstein of all of the many many many many find stories you've told what is the most important thing you have to tell us right now i got an update on eagles versus chickens i'm in so okay as you recall early this year i went down to georgia where i met wheel heresies of a farmer who raises you know freerange all natural chickens he took me out into one of its fields and he showed me his one big problem bald eagles keep killing his chickens so this got so this were looking at here is basically the back half of a chicken writers feet and legs but the top half is essential he he the who owe the irs worry into the body cavity his usually that that happening which are sleeping thousandstrong schemes head into the body cavity now the problem as a remember from the podcast was he can't kill the eagle's this is a national symbol sensible law did have this permit he got this special permit that lets him harass them and he showed me all these things he tried he tried nets and noise cannons any special guns that shoot firecrackers in the air network and that's how we ended the podcast that we under the podcast he was he was losing to the at our listeners god love them felt like this was an opportunity for them to solve his so many people wrote to us and i found out wrote to will dozens of people with all these suggestions you know one person was like i was hiking in peru and the chickens had little red capes tied around their necks and somebody else was like i work in this botanical garden and we had bagpipe music at a wedding and that made the eagle's up at this incredible array of of suggestions actually called up one of the people who heard the story and wanted to help he's a mechanic from southern california named brian holly and when he heard the story he immediately thought of this this really astonishing thing that happened to him twenty years ago he was working at a landfill and the landfill was just infested with segel's and if you know segel's eurowide this is a problem if you're working equipment pepper where you get it all.

Robert smith jacob goldstein georgia irs peru california segel brian holly twenty years