26 Burst results for "Kenny Malone"
Small America Vs. Big Internet
"When we met grant goings a few months ago he was holding a copy of the local newspaper and he was so proud of the story on the front page. It was about this new kind of municipal uber system in his town. So for like a Buck Fifty. You can call come pick you up. Take you to where you're going. We're super excited. Grandpa is a total wonderful civics nerd and for the past fifteen years. He's been the city manager of Wilson North Carolina. The city of Wilson has a population of about fifty thousand people. It's downtown is full of these giant old brick warehouses that used to be filled with tobacco. But now there's a microbrewery barbecue restaurants. This city has managed to transform itself into a manufacturing town they attracted bridgestone tyres and Merck pharmaceuticals but they were starting to worry about keeping those businesses because by the time grant got to Wilson in the mid two thousands. The city had a problem. It's Internet. They're hearing from businesses that the Internet not so great and maybe worse they were also hearing from the little league parents facilities would go down frequently and so someone will be halfway through registry the kid there would be some type of breaking service. They'd have to start. All over again. Crashed Little League registration in two thousand and five. I mean come on in other parts of the country. People were discovering nickelback online. Wire with no problem. The Internet could be so much better so grand goings called a meeting with the local Internet provider. Time Warner Cable and the local telephone company and then we sat down and we basically had a few Ask so number one was. We asked them to heavily. Invest in upgrading. The system we. We'd sort of felt like we knew that answer no interest. Yeah the answer was no time Warner cable. Now Charter didn't agree to an interview for this story but you can understand their answer. They're like. Why would the existing company invest a ton of money? Just to wind up with the same customers. They already have. It's a questionable business decision at best. But that's okay no problem. Gran had prepared option number to partner with us. What if Wilson pays to build the top of the line Internet infrastructure fiber optic cables? Then Time Warner could offer their service over these super fast lines town had built. The answer to that question was where the second largest cable provider in the country. Why would we partner with you? Which only left option number three? The city would do it alone. Grant told Time Warner fine. We'RE GOING TO BUILD. And run our own fiber optic network and that's when the laughing started and they very quickly exited after that they literally laughed at you in your office absolutely. Yes and have admitted that did that like light. A fire for you did for me. That's the day that you said it's on it's hello and welcome to planet money. Kenny Malone and I'm Wilson Fair no relation to the city of Wilson and not only would time Warner cable laugh in the city of Wilson's face. They would actively fight to stop the city from building. Faster Internet it is a fight that has now spread to dozens of other states. We started reporting the story before the pandemic. But it's more relevant than ever because this is a big part of the reason that it's very hard to move to little towns around the country and make a living working remotely
"kenny malone" Discussed on Planet Money
"All right for final question. We have Mary childs. Hello Mary Hi. You're here to answer questions that I think this is the thing. I've been thinking about a lot in these last couple of weeks and it is that like we are told this advice from financial types that we as individuals need to be responsible. We need to have like three months worth of cash on hand to cover our expenses for three months but but businesses are not being told this they. They're not required to have three months of stuff on hand that that seems unfair and unsafe or something so we actually got a few questions like this and to be fair. Many companies do have a lot of cash sitting around kind of just for times like this but the short answer is companies basically always have access to vast amounts of money and we generally don't yes that must be nice and actually that access that whole system nearly broke down last week. It froze up. And it nearly imploded. Which would have taken down like entire corporations? Thousands of people would have gone without paychecks. It was a real near Miss. Yeah this was this near catastrophe that didn't make quite enough headlines totally. I think that's because it happened in this like one little corner of the Financial Market So to understand all of this. I'm going to introduce you to this guy. John mccully he works at this money. Manager called Columbia threadneedle and he works in that little corner in what's called the commercial paper market a phrase. You will understand very shortly. I've been doing this now for thirty five years. You know. I remember the stock market crash. Eighty seven I remember the nine eleven events and then obviously the two thousand eight financial prices so John's job. He gets into the office every morning and sit down at his desk with his million computer screens in front of him and he buys themselves little teeny weeny loans to companies three month loans. Maybe six months maybe nine months maybe usually not so like I run. Let's say Kenny Malone Mattress Inc and I don't have any cash on hand but that's that's fine. I'll pay my employees by going to these lenders and saying give me a thirty day. Tiny loan and then. I'll pay my employees exactly. You basically don't have to fret. John is always there for you. And they're actually thousands of people like John. Fighting each other to try to give Kenny Mattress company those loans because they want that interest payment and I know that you might be thinking like this sounds kind of scary. That sounds like a lot of lending money flying back and forth like people yelling on the phone. Yes but this is not that this is actually the most stable most boring part of financial markets. It moves by like Teeny weeny little fractions of a percentage point at a time like it is sleepy so much so that John says he gets made fun of for his job. They always tease me. That you know to use a football analogy that. I'm the long snapper of the Fixed Income Trading Desk. You know I have no idea what that means The long snappers the guy he he only comes in to snap the ball back to the punter so the punter can punt the ball down the field right so the guy comes in maybe six times a game you know yes okay so all very boring very stable. I guess what that means for like Kenny Malone mattresses incorporated is that why would I have a well of money when there is this boring stable reliable river of money that I can always dip into? That is the commercial paper market. Exactly so the whole premise of this market is that three months is not a very long time in the loan market. That is the blink of an eye so if you think that Kenny Malone Mattress Company is good company today in three months. It's probably going to be still a good company. But in the past few weeks the speed of the corona virus outbreak and the economic shutdown that followed all of that has been so fast and so drastic. The people like John. All of a sudden could not in good faith by these loans anymore. Kenny Mattress Company may be a great company. But we just don't know what's going to happen right. You don't know if I'm going to have to send everyone home tomorrow. Let alone where the company will be in three months. Exactly three months suddenly becomes a really long time so last Monday. John Walks into his basically empty office and he sat down at his desk with his million computer. Screens and the entire market was in total disarray. Prices were moving so fast that nobody could keep up there were email stacking up and there were all sorts to chat buzzing and phone calls. Everybody's kind of coming to that all my God moment at the same time. It's kind of an alone feeling to begin with and then when I was sitting in the office with with two or three other people it it it really kind of made made you feel like you were all. John looks at all this. And he's like no. I am not touching this. This is insane. I can't even be sure. These companies will be around in three months to pay back these loans but the day after John. Scary moment in the office. The Fed makes this big announcement. They are reopening this thing from the financial crisis called the commercial paper funding facility and basically just says John. Don't worry we are buying alongside you. We are right here. There's always going to be a buyer. You don't need to sweat. If Kenny Malone Mattress Company starts going South and you WANNA sell that paper. We're right here. We're going to buy up some of this paper just the same as you and suddenly that means. John doesn't need to be scared. He's not alone anymore. And in essence what. I guess that that river of of money starts flowing again. Businesses can start dipping into it again. Hopefully exactly this was a big sigh of relief. This was this big moment and the reason the Federal Reserve is getting involved. Here is will one. They planned to get their money back with interest. Once the market is stabilized. It should just go back to being. Pretty easy peasy stable money and the financial crisis when the. Fed did similar things. They made a ton of money. So that's all kinds of one reason. Why a corporate bailout is different from bailing out regular people. Which was the question we started with? It's true right like in the. Us corporations just have better protections than people do we make sure that companies can function and there is of course a rationale for that right like companies employed thousands of people and so if they suddenly run into trouble and can't pay those employees. That has huge ramifications. It still feels kind of unfair. But that's what we got so sorry. Mary childs. Thank you so much thank you. Listen things are happening so fast and it helps us tremendously to know what you want to know. What are you hearing that you need explained? Who is the person you want to hear from on our show? Please keep sending your questions to planet money at NPR dot org or you can find us on twitter and instagram and facebook. Generally at planet money. We got so many questions so many incredible stories. We read every single one of them. And we'll keep doing these segments. Today's show was produced. Alexi Horowitz Ghazi. Lies A yeager and Darren Woods with help from James sneed outs? Goldmark is our supervising producer. Bryant Erstad at it's the show. I'm Kenny Malone this is NPR. Thanks for listening..
Reparations In New Zealand
"We start recording okay. Still it Mavis. Mullins started her career in in sheep bond in New Zealand. Her job was degrade the quality of wool. I loved it and war was such a beautiful natural fiber. It's actually a protein. Mavis is now one of New Zealand's most powerful will magnates. Her company handles a million sheep a year. Yeah Mavis is involved with all kinds of boards and trusts and a big part of her life. Is Hotel Rooms. Taxi CABS FREQUENT FLYER LOUNGES. Although initially she was a bit shy about that. Frequent Flyer status. I don't want to expose myself. Actually you saw. Of course there's nothing hidden. I am an elite gold club member and proud of it and I just want to point out that you can hear and Mavis this fundamental paradox of being New Zealander like myself. It's basically into us that we never spice to Brag but we're also meant to always tell it like it is and I find that really hard myself may mullins on the other. Hand is unusually deft. This she has this disarming honesty that let's just cut to the chase about anything and you you will like her even more. It has made her a great negotiator. Her friends know this about her her business associates and apparently her cousin because one day Mavis was on a trip to New Zealand's capital city. Which you just happened to run into this cousin. Eliza in Wellington we passed in the street and he said to me stop. Anita have coffee with your cousin wasn't just grabs you and pulls you into a coffee shop. Yeah that's how it started. Mavis knew it was about to come and to some degree had been actively avoiding very conversation. May this is Maree an indigenous New Zealander and she knew that her tribe was scheduled to sit down with the government for one of the most important negotiations in. Its history and negotiation for reparations. The more accurate word for tribe in New Zealand is e we May Miss E. We have been working towards this reparations movement for decades and at this surprise coffee meeting may cousin essentially was saying we need you Mavis. We need you to drop some of that jet set business life and come help the tribe come help. The every politics isn't always very pleasant. I'd rather be in business with the lines are pretty well drawn. So it's it's just a whole different ballgame. Did you say I'll think about it? I said I'll talk to you later. Wise Move Below. Welcome to planet money. I'm Kenny Malone and I'm Daria Moods the story of Zealand is unfortunately familiar. The country had an indigenous population was colonized by Europeans. And by the Nineteen Seventies Baldy had lost ownership of ninety seven percent of their land often through deception and sometimes violence but over the last thirty five years the New Zealand. Government has spent billions of dollars to build a system to address those unthinkable. Wrong and to try and actually pay for them today on the show we head to New Zealand to see how it works and to hear what it's like to put a price on history. We ask Mavis mullets. Because of course he agreed to help her cousin negotiate. Rangan said put on. Just hurry up. It's just get on with the support for NPR in the following message. Come from Hiscox. The business insurance experts who Taylor intelligent insurance solutions to fit each businesses very specific needs which may explain their ninety seven percents customer service rating. Get a quote or purchase a policy at Hiscox DOT COM Hiscox. Encourage courage money has a newsletter. We keep you up to date with stories about Federal Reserve decisions the Housing Market Opium Scooters. It's just the right amount of economics. Weekly go to NPR DOT Org Slash Planet money newsletter in New Zealand. There are two main islands. They stretch about a thousand miles in total. And if you kind of zoom in on the bottom part of the North Island you'll land here on a small mountain that Mavis mullins knows as Puka almost like an inland island dedicated to the boot song. The name polka comes from a model where that means flock of hawks all Windy Mountain. This is where Mavis is travis from her e we we see People Mountain People. We were people of the forest. That was a food basket. Prediction Castle Moat Play. Grand was Kim was there chemists. She says it was their pharmacists. Mauri the indigenous people of New Zealand were way ahead of Walgreens. They were using leaves and seeds that now show up and Commercial Pharmaceuticals. Mavis remembers being sick as a little kid. Her Grandma was able to just collect ingredients from the forest poultices and potions things like that where you like now. I don't want to drink that. Grandma was it would you? You didn't really have too much of a choice. You sit down and have this this'll help your tummy for Mavis. Ancestors way back. The forest was everything but then the European settlers came F. I just a handful of settlers who wanted to tear down some of the forest to farm. Sheep Mavis Z. We figured great. We can charge these settlers rent. They'll tear down some trees in some small plots but the we can preserve the rest of the forest but then the New Zealand government got involved after a series of bad deals unfulfilled promises outright deception by the colonial government almost all of the ease land ended up in the hands of white settlers and within just one generation. Mavis his ancestors went from being landlords. Four the white settlers to being there laborers their farm workers and sheep shares because of their own government. Wow just happened so quick. Without regard you would not good partners. We're not sincere. You're not true Be Nice to have you say sorry. Damage Mavis ancestors had gotten everything from this vast swath of forest and almost all of that forest was chopped down when the land was sold to white settlers. In fact there's really only one big chunk remaining now. Who is all? That's really lift of the forest. This is the last real remnant. That's an one pace. Fukuhara is the last real place where Mavis can go to see and feel and hear what our ancestors would have experienced but infuriatingly it was no longer controlled by Mavis E. We Pukhov fell into government ownership and to add insult to injury for all of us as life New Zealand. Maps did not use the name Puka. Mount Price was mount. Brace Mount Bruce and nobody seems to know exactly who bruce was or why Polka got changed to mount. Bruce certainly wasn't because it sounded better Pakeha. It sounds like a booed cool doesn't polka whereas mount. Bruce. Kinda doesn't have that same that I'm beautiful flow to us. Yeah now all of the history from the renaming of Puka to the mass transfer of land. This is not necessarily something that may this new in its entirety. All of this came together during the first stage of New Zealand's reparations process effect finding tribunal mimics witnesses. Promo ploy is audio is from Davis Tribunal. And there were hundreds of hours of testimony at this from regular we members including Mavis. His Dad Kimba shop and from land surveyors and historians land has demoralizing influence on the and also from legal experts for Mavis Z. Y. Which by the way is named Danny are? After months of testimony tribunal officials pulled together a single exhaustive history of how the government betrayed. Mavis his ancestors that history is a thousand pages long and covering all? The real truth was just devastating. Just how ruthless heartless and fast it was versions of the same story happened all over New Zealand. Maury make up about sixteen percent of the country's population now and they're about one hundred Mauri tribal groupings in New Zealand. Each could have their own one thousand page. History of betrayal Mavis is Maury experienced kind of social and economic shock that gets inherited generation after generation. I wish I could say that. It wasn't but it is it. Has It has multiplied. Mahdi more likely to die. Young Mario more likely to heavily. Cg -CATION Maria more than fifty percent of the population of prisons. The homeless these people that I grew up
A Series Of Unfortunate Recessions
"This is we want to call the scariest economist we could find we found professor todd new of Cornell College hello can you hear me yeah I can hear you professor do you enter into that music down real quick okay yell at my teenager elva professor new is the perfect Halloween guest because he as an expert on real life monsters the kind that can take away your money your job your future he wrote the book recessions and in depressions the strange thing about a recession or a depression new P- says is that not only is it the boogeyman something we fear but you can make an argument that recessions are in fact created by that very same fear the fear that something bad could be lurking around the corner and we don't know what it is for the be safe I stopped spending I stopped lending and without that consumption and investment in the economy demand starts the fall production overall starts to fall in many times what we see especially that they are in a sense fulfilling the fear of a recession can is actually enough to cause a recession and like anything that is truly scary sessions are almost impossible to predict you can have short ones long ones you can have deepened debilitating ones where the economy shrinks Allott and millions of people lose jobs porp- their recessions that you barely notice you can go ten years without a recession like right now but in the nineteen eighties we had two different recessions a year apart double D and for a long time economists had a hard time explaining why recessions even happen inefficient economy traditional thought should be an equilibrium and if something changes for good or for bad then eventually the economy will adapt there was nothing in the equations about everyone freaking out at the same time and yet the economy doesn't travel in a nice straight line at it veers drunkenly from overconfidence and boom to collective fear and bust there is clearly glitch in the system a monster in the basement and in order to see it professor Todd Nuke says you have to go back in time and you have to look at each different recession and so we decided to do some virtual time travel but going over to the New York public library right across the street from our studios yeah this is good we're in the giant rose reading room it's so quiet how you we walk over to the dusty financial book section nobody comes here and yet on the shelves one Hundred Years Worth of recession bank runs yep bank panics eighteen eighty to nineteen the postwar economic slowdown. This one is a classic this because this Harry Potter Looking Book the sort of founded Unicorn Haider's Alan Velez not you get the book is called Percep- Theo recesses federal Latin Latin recession rules of recession look this is it says the word recession is like a curse Kinda like if you just repeat it out loud enough times that you'll like send your economy tumbling backwards in time like beetlejuice beetlejuice beetlejuice yeah recession recession recession initial estimates estimates on this it I will not take grabbing the harassment from these customers now let him police it stop selling gas it is October thirty first Halloween nineteen seventy four the country is angry and stuck in an endless line at the gas pump this is planet money nine thousand nine hundred seventy four we put a man on the freaking moon today on the show why can't we figure out the rules of recession support for NPR this message comes from the ABC original movie kill Dozer Watch an unmanned bulldozer continuous rampage killed dozen of will movie about a big bulldozer that kills people support for NPR and the following message come from transfer is a smart new way to send spend and save money abroad transfer wise gives you a great exchange rate on every international transaction and you can even get an account that holds forty currencies at once and a debit card to save when you're overseas joined six million people in over seventy countries who are already saving test them out for free at transfer wise dot com slash NPR or download the APP up should I call you Zack you Cowabunga for one zero it's much better you wrote on Reddit that planet newsletter is like meeting a noir detect active in the parking garage for evidence exchange and incriminating photos can you confirm yeah let's incriminating about the newsletter feels like you guys have found some deep dark secret that once the Internet how people sign up in pure dot org slash planning my newsletter you nailed it all right and Rebecca understanding at a gas station in New York City looking at an endless line of people trying to get gasoline I'm GonNa live two hours in can't get gas Robert Smith how did we get to this moment you know Kenny I think here in nineteen seventy four were starting to learn important rule about recessions anything can send an efficient economy into a spiral is an outside shock we can't control that is a less fancy way of saying and exhaustiveness shock which is more than See Way of saying something outside the normal happens that suddenly makes everything more expensive a hundred years ago the best theory about recessions was that they were caused by sunspot what's literal spots and flares on the sun that would randomly send waves of radiation towards the earth leading to sick crops and then businesses is failing and then banks closing I know it sounds ridiculous and of course it is scientifically wrong and yet that is basically what happened this year but instead of the sun it's OPEC the Organization of Petroleum Exporting Countries yes last year nineteen seventy-three OPEC declared an oil embargo against nations that supported Israel that included the United States so the price of gasoline shot up in this country then came the rationing then came the endless lines at the pump then eventually came this very angry man in Queens we call up a young professor who was working on his first book about Recessions Professors Todd New of Cornell College Hello Todd everything in this country that touches gasoline has gotten more expensive which is everything and as a result these shocks have greatly increased the cost the production that greatly increase the cost of doing business and so it's not the fact that people aren't willing to buy it's fact that firms aren't producing like they used to particularly they're not willing to produce at the same prices that they were producing before now as we twist this actual fast Ah American gas tank and it my friends is it's awesome we don't try that ahead hello and welcome to NPR's planet money I'm Adam Davidson Robert Smith and I'm Kenny Malone it is October thirty first two thousand and eight it's about one fifty five in the afternoon as we're recording this it's Halloween we have some of our co workers dressed as trees and arenas said someone wearing roof shingles and bubble wrap housing housing bubble the housing that's fine well look we're a brand new show and we're probably going to spend the next I don't know nine hundred forty eight episodes explaining the housing bubble the mortgage crisis the financial crisis but if we could say something right now Robert Kennedy I think here in two thousand eight we're stunning to learn an important rule about recessions sometimes the shock to the system is not something from the outside but something from the inside that we can't see nobody knew housing prices all across the country could fall at once no one knew how interconnect did the financial system was including apparently our president at this moment George W Bush over the past few weeks many Americans have felt anxiety about the Finances and their future I understand just last month President Bush interrupted Primetime Television to address this financial crisis and as is the tradition of this moment let us you might in banishing fear together we cannot fail ladies and gentlemen the President of the United States has spoken to
"To introduce you in this story with you -ASEBALL walkup music no no no no we don't need that now okay we we might do it to you anyway just warning you okay okay I I met Logan Ice at baseball spring training that's the practice time before baseball season starts you've been with the Indian three APP drafted by the Indians in two thousand sixteen s Logan is twenty four years old he plays catcher and he's built like a catcher he square and muscular picture like a nine volt back story with legs three years ago Logan was playing college baseball he was eligible to be drafted by Major League Baseball team and if you happen to turn on the TV on the night of the draft the baseball experts really liked Logan Logan is they saved one of the best all around catchers in this draft a switch hitting that you're always a tough to find what do you think of Osu's backstop these got savvy I think he's got athleticism and agility behind the plate like this is one of the better college catchers out there on Indians ended up drafting Logan they liked him so much they paid him an eight hundred fifty thousand dollar signing bonus which is a lot of money but if things went well for Logan he could make so much money that that bonus would look like birthday card cash they're big leaguers playing Logan's position right now who make twenty million dollars per year but the way this works new players like Logan don't go straight to Cleveland's main team the one you see on national TV the one where guys are making millions no logan had to go and prove himself he got tossed in with the hundreds of other players playing on the Cleveland Indians feeder teams they're they're minor league teams Logan got sent two teams like the Mahoning Valley scrappers the Lynchburg Hill cats the Akron rubber ducks where the salary is not millions and last year in Africa what was your living situation so I was living on the couch for a little while lived in the hotel for a little while they give you a couple of nights how much you making if you can divulge her give me a range of thinking. Hey I want to say it's around sixteen hundred Aa I think is what it comes out to be something like that that's sixteen hundred dollars a month but only during the season no pay for spring training no pay for the off season so logan salary is just around eight thousand dollars a year not eighty thousand eight thousand six is but that doesn't account for living that doesn't account for shipping your car out that doesn't account for food granted they feed you a couple of meals a day Logan and to some degree all minor leaguers are kind of like living breathing lottery tickets when they pay off and make the majors they pay off huge earn millions and millions of dollars but for the vast majority of minor league players that never happens they toil away in the minor the League's making Bupkus and most do not have a giant signing bonus you see baseball is a winner-take-all career there is a very small chance of making huge amounts of money but more importantly there is a huge chance of making almost no money and as far as logan ice knew those really the only two options but one day a couple of years ago he was at the batting cages practicing and he got this message on Lincoln Lincoln in as like some of those recruiters and stuff that you automated message like yeah like that long do you remember what it said though I could maybe pull it up but see what I got here so he said Hey Logan it's been a minute it's also a small world because I was in the message was from an old baseball friend someone he hadn't seen in a while so there was some small commiserating about a particular minor league assignment Logan and gotten sucks that you got stuck in Mahoning valley last year which that he's one hundred percent right anyways I wanted to reach out because Logan's old friend explained that he was working for this new company that had an idea for how players might be able to deal with this super uncertain take all salary situation his friends message said that this company will quote help baseball players financially by pooling risk and invest listing in each other so logan's reading this and he's thinking this sounds fishy yeah no I I was the first thing I tell them saying hello and welcome to planet money I'm Kenny Malone and I'm Tom Goldman Tom Goldman covers sports for NPR. I should you do and what if this pooling risk thing what if it is a thing what is a completely new way to look at not just baseball but any winter GEICO career today on the show an economic idea that could change the way baseball players and the rest of US think about how we get paid support for NPR comes from Newman's own foundation working to nourish the common good by donating all profits from Newman zone food products to charitable organizations that seek to make the world a better place more information is available at Newman's own foundation dot org should I call you Zach or should I call you Cowabunga or one zero it's much better you wrote on read it that the planet money newsletter is like meaning a noir detective in the parking garage for evidence exchange and incriminating photos can you confirm what's incriminating about the newsletter found some deep dark secret that once did you know how people sign up pure orgy slash planet my newsletter you nailed it all right the company that was sending in messages to try and get in touch with Logan ice is called Pando P. A. N. D. O. and here's a version of the pitch Pando was making to Logan let's actually you're a first round let's make the numbers bigger and more exciting your first round pick as a first round pick you have expected future MLB earnings of forty five million ars grave I'm in I think everyone's excited about the happy about that this is Charlie Olson he's Pandora's co-founder the problem is your odds are like a coin flip you're you're you're outcome is going to be some version of a coin fifty percent of the time you're gonNA average ninety million dollars amazing fifty percent of the time you'll make less than one not amazing not amazing Charlie's point is that even if you're one of the most promising players in the world sure there is a chance you will become one of the richest people in the country there is also a chance your future baseball earnings will be almost nothing you might get injured you might hit up streak of bad luck you might just not be as good as everybody thinks so the companies pitch to players like Logan Ice is this wouldn't it be nice if you and some of your fellow baseball players could somehow share the risk of this brew title winner-take-all career that you've chosen this idea is called an income pool and it's pretty simple like logan just get together with a handful of other players in his shoes so still stuck in the minors still making up kiss and then Logan and these players would make a deal if one of US makes it to the majors and exit big then that person will kick back part of his big money to the rest of us in the pool where baseball can be zero sum when your best friend gets called up and you didn't now of a sudden when your best friend gets called up a little bit of you did panda thinks this income pool idea would work for all kinds of else but the company is just a few years old and starting out with baseball and we spent a ton of time asking Charlie Olson questions about how this would actually work for example is there a level of baseball player that is too low to join pool no there's there's nothing that's too low so what about right now Kenny Malone in studio eligible to be a client of Panos Okay so yes Kenny you have to be in the minor leagues at least but okay so let's just say you and I are interleague irs yes here's how this would work and and we need hundreds of people for our pool it could be as small as just you and me making a deal yeah so then then Tom and I make this agreement and we need to set up the terms of our pool and we could we could set whatever terms we want but there there's a kind of standard contract that baseball players use and to explain it I was GONNA make the big leagues and we're in this pool together here's how this would play out Tom will not have to pay anything until he is earned one point six million dollars playing in the major leagues and once I reached that one point six million level all kick ten percent of the money I make after that back to the pool Pando is gonNA take a ten percent cut of our pool so that's one percent of Tom's additional money essentially that's their business model but but theoretically this is great wait for me like I'm stuck in the minor leagues with my Crappy Minor League salary and it is now subsidized by Tom's giant big league contract and maybe Tom Mix thirty million dollars a year suddenly a millionaire even though I'm in the minor leagues and the contract runs until my career is over or until I paid twenty million dollars into our pool so that's a version of the income pool plan pitched over the phone to our real minor leaguer logan ice shoot now
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
The quit threat, a side effect of low unemployment
"Heidi? Sheer Holtz was chief economist at the department of labor for a good chunk of the Obama administration. She's with a think tank now called the Economic Policy Institute, which is partially funded by labor unions. And I wanted to talk to her about something that is happening in the job market right now. Unemployment has hit three point six percent, which means that of all the people who want to work and are able to work in the United States. Just three point six percent. Do not have a job that is the lowest unemployment rate in almost fifty years, and Heidi says, because on employment is, so low workers are starting to find themselves with this almost like superpower. The quit threat. The threat is good. Is that a real term? This is the kind of thing. Economists would name. Yes. Isn't it a? Yeah. Sure of what the actual name is et Colonel look it up, and I'll get back to you. Heidi did check and her colleagues. Agreed this should be called the quit threat though. There is not currently seem to be a name. But the general idea is this if I go to my boss, and I say, I might quit, that threat becomes more and more, realistic, the lower unemployment gets. They keep logic of this exactly what anyone on the street with think it's just if you're player knows that you have decent outside options. They have to pay better wages to keep their workers. They have to pay better wages to get the workers that they need. And we know you know the difference between a nine percent unemployment rate in an eight percent. Unemployment rate means a lot less to workers, as far as their economic leverage goes than the difference between a four percent unemployment rate and. A three percent unemployment rate. So there is definitely some non linear already in what moving towards full employment means to workers, non-linear, linearity, etc. Etc. This is a beautiful Matthey way of saying for the first time in decades, kind of suddenly, workers have power. Hello and welcome to planet money. I'm Kenny Malone today on the show. What does full employment or near full employment, actually, look like in the real world, our colleagues at NPR's, business desk, have spent the last few months all over the country reporting a series of stories on full employment and today, we are going to hear about three of those stories. How brought worsts cheese and the quit threat are helping unions in Wisconsin. How some workers are still being left behind. And what happens when a CDs unemployment rate, hits, one point five percent as it has in Ames, Iowa,
A Closer Look at the Chilean Economy
"Last month, I was in South America. I was in Santiago Chile, which is a beautiful city. There are parts that actually reminded me of Beverly Hills, you know, glass towers and palm trees and ton of shopping malls. I know I'm from Argentina and the shopping malls in t- lay are like legendary. So I was driving around Santiago with Corolla when tests she's a journalist and filmmaker who's done some amazing reporting until as a Konami. Okay. So now, we are arriving to the Dow co with this very very big mall, and we are going to McDonalds. So you went to a foreign country, and you went straight to McDonald's. I know I know it's pathetic. But I wanted to test out something that I had heard about Chile that I found really hard to believe what I've heard about McDonalds into lay is that we can buy food here. And then we can pay for it in installments, right? You can pay in three stolman. No interest though, or you can pay nine stolman with Inter's. I could buy a hamburger and pay for it in nine installments, right? So we pull up to the window to order. Well, now when I'm -nificant, but I'm he would send was Poile. You'll know maybe that would follow CBS and Mike credit card did not work. So we used Caralis I will be paying for this interview for nine months. I paid her back. But this is the reason I was in Chile it has some quirks that are just really interesting to an economics reporter. I mean, come on. They financialised the hamburger it's like this wonderland of free market capitalism. A rich developed country that is the envy of its neighbors like Argentina and Venezuela. But all this came out, a real cost, and that story is one of the strangest and most dramatic stories in economic history. Hello and welcome to planet money. I'm new well king. And I'm jasmine karst today on the show we go to Chile a country that was one of the battlegrounds of the Cold War the war between Marxism and capitalism between dictatorship and freedom. And in Chile there were a communist on the front lines of this war. Most of them had trained at the university of Chicago. They called them. The Chicago boys. This message comes from NPR sponsor CFP when Morgan McGovern of CFP board earn her certified financial planner certification her favourite part of the process was completing the experience requirements where she got to build relationships with clients the background that a sea of p professional has allows them to take a comprehensive approach to creating a financial plan, which establishes a relationship with each client, helping these clients create a roadmap for their financial future. Discover how a CF p professional can help you create a financial roadmap at let's make a plan dot org. Hey, it's Kenny Malone from planet money the podcast. You're listening to right now with your ears because we are a podcast. However, we are also occasionally a video series, and we have a brand new season of planet money shorts out right now, the covers everything from the tooth fairy and tooth inflation to the man who invented expensive, odd key and convinced us all it was worth paying for. I am in that vodka episode a grew beard for it. And I shaved my beard for it. If you'd like to see that it is at NPR dot ORG slash planet money shorts. That's NPR dot ORG slash planet money shorts. Jasmine, you were the person who I told me about the Chicago boys to the honest. I was a little surprised you'd never heard of them. These guys are super famous in economic circles in South America. So I started reading about them in right away. I thought two things I thought this might be the craziest story about economists that I've ever heard, and I thought I have got to meet t skies. So I spent a couple of months calling around the Chicago boys are old now they're in their eighties. And most of them didn't want to talk to me, they have their reasons. But then finally one of them said, okay. Interest and the. This is very nice building. Okay. And that is how I ended up in Santiago three oh one. Oh, oh. Oh my
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.
Development of the Pennsylvania Oil Industry
"Now where it feels like suddenly there is this handful of giant companies that people are worried about Google Facebook, Amazon and reasonable people are starting to ask have these companies become too big and too powerful should the government step in. Now, these are relatively new companies, but these are not new questions at all. And for the next week on planet money. We are going to tell the story of how the battle over these kinds of questions created this world we live in today where companies can get unimaginably big this episode is the first in a three part series. And we're starting at the very beginning. The first time a few companies suddenly seem to be taking over America. Really? Here over supposed to go in the history of breaking up the companies in America, arguably starts at an old house in Titusville, Pennsylvania, the childhood home of a woman named Ida tar bell the house is still standing. It's actually just about twenty five minutes from the small town where I hi, you're kidding. And Kenny, we meet Lynn cress men. She's the lead volunteer here. And somehow she knows my nanna. I do know your grandma's. I know her through my husband's small towns, man. Anyway, Lynn wants to show us this spot that little Ida tar bell used to love. She opens up. What looks like a closet door. My God it is. In fact, the steepest staircase we have ever seen the staircase leads up to the houses cupola, like a little tower full of windows sunlight is pouring in. You can see the hillsides of Titusville about one hundred and fifty years ago. I'd ITAR belt was a brainy teenager. She used to come up to this tower to read her books to look through microscope and look out the window. What would she have seen out here? What would this look like I think she would have seen wagon's going down the street of horses? Pulling wagons loaded with barrels of oil and certain streets would have been squishing through the mud and the oil mixed together. Okay. Okay. Maybe that sounds gross. But it was in fact, a great problem to have in the eighteen hundreds ties Ville was the birthplace of the American oil industry. It was the first place somebody figured out that you could use a drill to get a ton of oil out of the ground. Western Pennsylvania became to the oil industry. What Silicon Valley is now for the tech industry in the eighteen sixties. It would have seemed like everybody here had an oil well or small startup oil refinery people. Came from all over the country to get a piece of the money just bubbling out of the ground. One of those people was Franklin tar bell, the father of Ida tar bell. He and some partners were into producing oil, and he was doing pretty well. He had this nice house with an awesome tower for his daughter Ida to hang out in. But one day, I came downstairs and something had changed Ida would later. Right. I remember a night when my father came home with a grim look on his face. He no longer told of the funny things he had seen and heard during the day. He no longer saying to my little sister. Hello and welcome to planet money. I'm Kenny Malone, and I'm Julius Simon would be thirty years before Ida tar Bill fully figured out. What was going on that night, and what she found out would change her life and the way the United States thinks about big business today on the show. I'd ATar bell versus the
"kenny malone" Discussed on KQED Radio
"I suppose we'd have to say I stole the cat food. But to be a good employee. Check, the petty theft laws in Pennsylvania. I was just trying to be a good employee. I was trying to get good numbers. And I got good numbers. My items per minute were I believe the best in the entire grocery store. So okay. But when your bosses said speed things up, I'm sure that they didn't mean break the law in the process. Yes. Yes. And that is the point of this story. I may have been breaking the normal law. But I have since learned that I was simply following different law known as good hearts law. Good hearts locked at hearts law, essentially states that if a company decides to measure, something the employee's are gonna find a way to give you good numbers. You just may not like how they do it. Hello and welcome to planet money. I'm sarah. And I'm Kenny Malone, and there are dozens of these laws or rules or principles good hearts law. Also, the Peter principle and Parkinson's law today on the show, we take a look at these laws that claim to explain just about everything that can go wrong in an office from bad managers to terrible procrastination may change everything about the way you work or it may just prove that people spend more time reading about productivity than actually being productive. Support.
"kenny malone" Discussed on KQED Radio
"Is pretty clear to me. This is a six this is planet. Money's Kenny Malone, this one looks bad too. But I think that's a forum. Okay. With that one. We're looking at a big circle on a computer screen that kind of looks like a bunch of dipping dots. And there is a number in the middle in a different color. Yup. I literally can't see anything there. So the circle of deepen dot is a light gray. And inside there is the number six away. Burgundy get out red dip in six starts right there. It starts all the way here Guinea, really nothing. I see nothing and I have known each other for almost ten years. We used to work together in Miami, very colorful place, and I just found out that Kenny cannot see certain colors. He's one of about three hundred million other people on the planet who have some form of colored efficiency and the medical world. They've been studying color blindness for centuries trying to find some cure. It was successful in a male, squirrel. Monkey but not in humans, yet color is super complicated. Kenny is literally missing a part of his eye that allows us to see certain colors, but recently like a lot of people. I've been noticing these videos their videos of people with color blindness all of a sudden perceiving color little old ladies who've gone their whole lives seeing the world in black and white and red pudding on these sunglasses. In suddenly, noticing all the colors, I feel like I'm having. Oh, my goodness down there. It must be happen..
"kenny malone" Discussed on Planet Money
"Sarah. Did you look up the the thing? I liked of the thing the statute of limitations in Pennsylvania for misdemeanors is two years three years. That's it. Yeah. So can you tell us the story? Okay. Yeah. But let us not do it here. Let us do it here. Kenny Malone has brought us to a drugstore that has a self checkout. I used to be a cashier at a grocery store when I was about sixteen years old baby idea, dude, I looked like I was eleven years old at that. I can see that I can picture it was bad. So one day I learned that my managers have started to to keep track of the performance of all of the cashiers like how friendly you are to the customer. No, they were measuring our like items scanned per minute. And then I believe they were posting those for the other cashiers to see. Okay. So I'm a little competitive. I'm also a goody two shoes. And I'm like, I got faster got fast gotta get my bosses numbers. And then I get this item that won't scan. Oh, like throw never scans at the grocery store. It wasn't a ton of Ceylon throw in rural Pennsylvania. I think it probably was like cat. Food cat food. Was weirdly hard to scan the label got all torn up and crap. Anyway, I'm trying to scan this thing and all I can think is like, oh, my God, my permitted is plummeting plummeting. And then Finally, I just let it go down the register unscreened, and I grabbed the next item. And I move on gave the cat food away for free. Technically, I suppose we would have say I stole the cat food, but to be a good employee. Check, the petty theft laws in Pennsylvania. I was just trying to be good employee. I was ready to get good numbers. And I got good numbers. My items per minute were I believe the best in the entire grocery store. So okay. But when your bosses said speed things up, I'm sure that they didn't mean break the law in the process. Yes. Yes. And that is the point of this story, I may have been breaking the normal law. But I have since learned that I was simply following a different law known as good hearts law. Good hearts. Lock good hearts law, essentially states that if a company decides to measure something the employee's are gonna find a way to give good numbers. You just may not like how they do it. Hello and welcome to planet money. I'm sarah. And I'm Kenny Malone, and there are dozens of these laws or rules or principles good hearts law. Also, the Peter principle and Parkinson's law today on the show, we take a look at these laws that claim to explain just about everything that can go wrong in an office from bad managers to terrible procrastination, it may change everything about the way you work or it may just prove that people spend more time reading about productivity than actually being productive..
"kenny malone" Discussed on KQED Radio
"Look at this. Oh, that's the code created the first cryptocurrency bitcoin it was written by a shadowy figure known as Toshi nakimora. Appeared in two thousand nine people started digging. Eventually they discovered. Oh my God. A secret message left by supporting Akimoto. He didn't inside the name of a British newspaper specific date headline from the front page day. Okay. It says the times January third two thousand nine chancellor on brink of second bailout for banks UC Kenny Malone. I call you. Kenny gesture sure it all goes back to the financial crisis. Right. It's it's Toshi were saying, I'm creating this new currency because everything we trusted his failed us, the the banks the government. He's just. What's been haunting you and me and all of us since two thousand eight. He's talk. We spent. In the back saying. Every scene you trusting dish. It's pronounced. Trudeau.
"kenny malone" Discussed on KQED Radio
"I'm Kenny Malone and today on planet money, we ask how did this happen? How did we pick this particular system of nine numbers? And how did it come to represent who we are? And I'm garage on today's how I built this. We need Carol price. The African American entrepreneur who couldn't find the right face cream for her complexion. So she started her own company made it herself I put this cream and the baby food jars and I took them out to that flea market. And I sold out. It's an hour economics and innovation on planet money and how I built this from NPR. Live from NPR news in Washington. I'm Nora raum supreme court Justice nominee. Brett Cavanaugh is denying a new allegation of sexual misconduct. NPR's Asia Roscoe reports. The White House is standing by cavenaugh after this latest allegation Cavanaugh says the incident reported on by the New Yorker did not happen a college classmate alleges that Cavanaugh exposed himself and acted inappropriately at a party during his first year. At Yale Cavanaugh said the accusation is quote, a smear plain and simple. The White House released a statement in defensive Cavanaugh is said the claim is part of a campaign by Democrats to tear down President Trump's supreme court nominee Kavanagh's already slated to testify on Thursday at a Senate hearing about an alleged sexual assault during his high school years Cavanagh has strongly denied that incident as well. I sh- Roscoe NPR news Bill Cosby is expected in the Philadelphia area courtroom tomorrow. As a judge considers his punishment earlier this year. A jury found the eighty one year old comedian guilty of three counts of aggravated indecent assault for drugging and molesting a woman in two thousand four he could be sentenced to as long as ten years on each charge. Immigration advocates are decrying a Trump administration proposal to limit access to green cards for immigrants who seek public aid NPR's merit. Kennedy reports the administration says the plan is meant to promote self sufficiency. The potential change could leave many immigrant families with difficult choices between for going public assistance or risking their chances at a green card. It's being slammed by advocates like the national immigration Law Center, which sat the plan could make immigrant families afraid to get help. It added the change could worsen hunger and leave health problems on a dressed United. We dream action and immigration youth led network described it as an all out attack on poor working families and the ACLU called it a quote new attempt to keep immigrants out of our. Country and attack people with disabilities. The department of homeland security officially announced the proposal on Saturday. It said it would help protect American taxpayers merit. Kennedy. NPR news, Washington DC Iran's president Hassan Ruhani today accused a Persian Gulf country aligned with the US of being behind an attack on an Iranian military parade yesterday then killed twenty five people. He did not identify that country US ambassador to the United Nations. Nikki Haley told CNN the accusation is not true. The United States condemns any terrorist attack anywhere period. We've always stood by that. I think what we're hunting needs to do with. He needs to look at his own home base. He's got the Iranian people are protesting every ounce of money that goes into Iran goes to his military. He is oppressed. His people for a long time, and he needs to look at his own base to figure out where that's coming from Ruhani's expected in Newark this week for the UN general assembly. This is NPR news from Washington. More flooding is likely in the Carolina is more than a week after hurricane. Florence struck. Thousands of people in Georgetown county, South Carolina, alone are being urged to leave their homes and deputy public information officer Randy acre says he hopes they'll listen it's an unprecedented event. It's something were urging everybody to take very seriously. We don't want people to to find out. What happens if they don't evacuate in North Carolina? Several rivers at major flood stages. Parts of interstates ninety five and forty are expected to remain underwater for another week or even more. Congress has dropped plans. That would have set limits to what airlines charge for baggage and see the signs NPR's Windsor. Johnston reports lawmakers have unveiled a larger measure the legislation removes a clause from the FAA reauthorization Bill to mandate reasonable and proportional fees. The move comes nearly a month after several major airlines announced they were raising. Prices for checked bags by about five dollars. The bill. Also includes a series of passenger protections that address some of the biggest complaints airlines. Receive it allows the FAA to set minimum dimensions for seats and would prohibit airlines from involuntarily removing passengers from flights after they've cleared the boarding gate. Congress is set to vote on the legislation ahead of a September thirtieth deadline Windsor, Johnston NPR news golfer. Tiger Woods won the torch championship in Atlanta today. This is first title and more than five years since then he's had four back surgeries that left fans wondering if it ever play again, I'm Nora raum..
"kenny malone" Discussed on KQED Radio
"Just like it does for heroin cocaine and of course is not the deathdealing drug in the same way that sentinel heroin is but did remains on the books and like i prohibited substance and session says so far the president hasn't directed him to do anything other than enforce federal law but this is hardly the first time the president and his attorney general have disagreed on something right trump has publicly criticized sessions multiple times in recent months largely because of sessions decision to recuse himself from the investigation into whether the trump campaign colluded with russia to influence the two thousand sixteen election that decision has angered president trump he tweeted recently calling the russian witch hunt hunt hoax he called it a hoax which hunt and said that it continues all because jeff sessions didn't tell me he was going to recuse himself said he would have picked someone else if he'd known npr ceremony kevin thanks for coming into the studio today thank you to call quit georgia now a small town like a lot of small america towns was losing jobs and population but kenny malone and noel king from our planet money podcast have the story of how call quit saved itself by creating and staging its own musical oh it's humid i like it cauca georgia is a real life richard scary village you got the firehouse right next to the town newspaper just across the town square from the bed and breakfast which is where we meet joy jinx you all do is.
"kenny malone" Discussed on Planet Money
"First of all his delivery mainly because i think you can make smoothawley exciting it's during the conflagration the great depression is has a lot of drama has really funny named smoothawley untrusting characters unintended consequences and i guess now it has a tremendous amount of relevance today yes hello and welcome to planet money i'm kenny malone and i'm sally home and did all skip class on smooth holiday because the story of the worst tariffs ever has some eerie parallels to what's happening in the white house right now today on the show how this big old tariff bill with silly name helped tank the world economy and why it means that today ninety years later president donald j trump has the power to start with a lot of people fear is a trade war 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 how just being into remind you about on the npr show where we take you behind the headlines on point talks with newsmakers and real people about issues that matter most listened to on point now on npr one or wherever you listen to podcasts quick recap of where we are in the world of import tariffs about a month ago president trump walked up to a podium and follow through on a big campaign promise we will have a twenty five percent tariff.
"kenny malone" Discussed on KQED Radio
"This side to see where the flames were coming from were they traveling up the hill or down the hill or across the hill when we got up to the peak he tells me that fire traveled at this so there's no question did you see that right when you walked on the scene yeah pretty much went a wildfire breaks out pyro cops like robert they show up at the scene and they have enormous power because the spot the fire started and the reason it started those are going to have huge consequences for a lot of people can identify the source of ignition down to fraction of an inch and it becomes somebody's equipment that either failed or somebody's action then somebody's going to go to jail or somebody's going to have a hefty recovery bill that they're going to have to pay could be even like million billions billions of the beef billions hello and welcome to planet money i'm sally home and i'm kenny malone and wildfires are not like other natural disasters because you can't pin an earthquake on a single reckless teenager can't trace a hurricane back to the first gust of wind but with a wildfire you can find your way back to the first spark you can find a reason this disaster happened and sometimes someone has to pay today on the show how to find a source of deadly wildfire.
"kenny malone" Discussed on Planet Money
"Yes i should marry these cool it took the social security administration decades to clean up this mess matter of fact the peak year that it was used was nineteen forty three and at that time there were five thousand seven hundred and fifty five people still using that has their own social security number and matter of fact as late as nineteen seventy seven there were still twelve people using that social security number he'll do of course got a new social security number and in an interview she was quoted as saying i can't understand how people can be so stupid money i'm robert smith i'm kenny malone and in all seriousness who was more stupid people who thought you got a social security number issued to you through a wallet at woolworth's or a nation that decided to base your entire personal financial life on a nine digit number today in the show we're going to answer a question that we've had for a long time how this happened how did we pick this particular system of nine numbers are to remember easy to steal support for this podcast and the following message come from betterment the largest independent online financial advisor for one low transparent fee betterment gives you personalized advice and invest your money working to increase your long term returns while providing advanced data security for a limited time you can get up to one year managed for free the more you deposit the longer they will waive your management fee for more information visit betterment dot com slash planet money betterment rethink what your money can do.
"kenny malone" Discussed on Planet Money
"Hello and welcome to planet money i'm sally home and i'm kenny malone wildfires are not like other natural disasters because you can't earthquake on a single reckless teenager you can't trace a hurricane back to the first gust of wind but with a wild fire you can find your way back to the first spark you can find a reason this disaster happened and sometimes someone has to pay today on the show how to find the source of a deadly wildfire and how to find the line between a natural disaster and a human one support for planet money and the following message comes from rocket mortgage by quicken loans rocket mortgage gives you confidence when it comes to buying a home or refinancing your existing home loan rocket mortgage is simple allowing youths have fully understand all the details and be confident you're getting the right mortgage to get started go to rocket mortgage dot com slash money equal housing lender licensed in all fifty states nmlsconsumeraccess dot org number thirty thirty there's an official list of the the top ten most destructive wildfires in california history and if you look at that list three of those fires happened in the last six months it has been a horrific fire season and next to each of those fires on this list is like a little note where the cause of the fire would go and for all of these recent fires it says under investigation it could take months for those investigations to wrap up and so we're going to look back at.
"kenny malone" Discussed on Planet Money
"Not just kidding that was actually ben bernanke he's six hundred page macroeconomics textbook the gop tax bill is way longer than that hello and welcome the planet money i'm standing alone and i'm cardiff garcia cardiff garcia famous one of the hosts of our newest podcast the indicator for lower that money and he's joining us to try and cram 1100 pages of tax bill into a single planet money episode that's right today on the show we answer the questions tax payers are asking for example should i become kenny malone incorporated four l l c or empty a or dmv or whatever and do these jacks changes mean our moms will stop bothering us about plying property and who is really benefiting from these tax cuts support for this npr podcast and the following message come from td ameritrade we're investing is made more approachable with the help of the financial consultants who was there for you and your goals for a complimentary goal planning session visit td ameritrade dot com slash podcast the big headline grabbing centerpiece of this new gop tax bill is the cut to corporate tax rates and we are not gonna talk about that not yet at least we sent cardiff garcia out to go deal with that he's gonna bring us what he found later in the episode and so to kick things off this one's bit of duisi passed through entities which i know i know it sounds more like a fake science name four ghosts but they are very real and they are very confusing and may be very lucrative now to deal with its one we brought in two experts shirt on my name's lilley batch all darren a professor and my youth school of law lilley is also.
"kenny malone" Discussed on Planet Money
"Support for this podcast and the following message comes from the ups store who knows small business owners don't get to take days off so of you need help with shipping this upcoming holiday they'll be open the ups store franchise locations are independently owned and operated services prices in hours may vary see centers for details hey everybody it's kenny malone a quick note before we start if you're planning on making a charitable donation this december we really would encourage you to support planet money but the way that you can do that best is by donating to your local npr member station it's really easy you just go to donate dot npr dot org slash planet money and not only does this help us out but it supports the amazing amazing work that the member stations do in many of us myself included we got our start at these stations there were a little incubators for low we're planet money people w l r n in miami was my home for a long time my heart is still there and now you should send your money there or whatever your local station is go to donate dot npr dot o r g slash planet money thank you here's the show after months of scrambling and writing rewriting and reese scrambling members will record the roads by electronic device for senate house republicans have voted to pass the latest an final version of their tax bill they are to 24 and the nays are to oon the motion is adopted president trump signed that bill today while we are recording this this is the largest tax overhaul in decades and when we say large.
"kenny malone" Discussed on Planet Money
"Support for this mpr podcast and the following message come from go to meeting businesses count on to meeting for simple reliable online meetings with nearly sixty million friction list meeting supported each year go to meeting is where real work gets done at goto meeting dot com you know when you walk into a grocery store and you see that beautiful produce section all those lettuces and tanja lows and stocks of celery those did not arrive at the stop and shop by magic they did not drop out of the sky at some point the farmers and the distributors in the buyers all got together perhaps at a giant convention center where everyone is looking for the next big thing good day the new york brady human conference is now hoping i'm here with nick fountain in this place is just amazing it'll blow your mind their mountains of onions and potatoes and carrots i see wine i see hamas i see guacamole basically if you can grow it already gives a california ridiculously prompt if you can process flaxseed if you can truck antioxidants nutrients or if you can put it into some sort of container you are here at the new york produce show anyone who's anyone in fruits are vegetables or supermarkets or distribution is here today poll could have let it money i'm roberts and i'm nick fountain and today on the show we have gathered together the finest reporters and all the land the planet money team gave this episode is it's it's sort of a little bit like ireland shop in that everyone is going to get a particular assignment and they have to go find that story so we're gonna start with kenny malone with what is the next super the next hailed gucci buries a society yeah i have no idea he'll get nick felton find us a fruit or vegetables is having a difficult year locales her elsa chairman every time pulls has a rock star that everyone wants to me find the beyond say of the protest coming to beyond pay all right are pouring money let's go for it this.
"kenny malone" Discussed on NPR News Now
"This year's nobel prize in economics has been awarded today to american economist richard thaler kenny malone from our planet money team has more during today's announcement the nobel committee described richard thaler and his work concisely he's made economics more human indeed thaler has been a pioneer in the field of behavioral economics this is a relatively new area of study the challenges a traditional economic assumption that people tend to act rationally fillers work has helped uncover and try to account for a number of ways that we as consumers behave irrationally one famous example is that we tend to drastically overvalue things that are already in our possession something that's come to be called the endowment affect failure is a professor at the university of chicago kenny malone npr news police in bangladesh say at least a dozen people have died after a boat carrying muslim her hand get fleeing me and mark capsized late on sunday as michael sullivan reports from thailand at least ten of the debtor children and thirty people are still missing the international organisation for migration says the youngest child who drowned was just to the oldest was tim survivor say there were approximately sixty people on board heavy rains and strong winds are believed to have played a role in the sinking one of several that have occurred since the exodus of ruhango from myanmar begin in late august more than half a million have now fled the brutal crackdown by myanmar's military that the united nations as called textbook ethnic cleansing.
"kenny malone" Discussed on Planet Money
"Filing our tax forms and taking your refunds my personal nightmare is somebody walking into home depot opening up a credit card with my name on it grabbing a giant orange shopping cart and filling it with drills and circular saw hasn't shopped vacs and getting ten percent off the whole thing by ten percent discount at any rate it's bad which was pointed out to richard smith by a lot of our elected representatives talk about hamhanded responses this is simply unacceptable senior executives light you should be held personally account at all here in my last thirteen seconds i'm going to speak to america and i'm going to say for the hundred in forty five million people violent lawsuit otherwise digging to keep doing you what they've been doing he flew rebel hello and welcome to put money on robert smith anaheim kenny malone and this akwa facts hack it feels like a distort be in sifi future we've got shadowy hackers roaming through our data in this central location that we didn't even sign up for any feels like such a modern day problem and yet this whole mess goes back to one moment a moment when two brothers in brooklyn decided they were going to sell our private information to the world and that we were not going to be the customers we were going to be the product this happened a hundred and fifty years ago and people were asking themselves the same questions we are asking ourselves now who owns your information who has a right to see that information and he is there any limit on what someone is allowed to dig up on it is quite the story we'll have it after the break.
"kenny malone" Discussed on Planet Money
"If you have a better pronunciation of cutter we would love to hear it freaking out mix is actually taking all of the suggestions for us thanks to them for the other comments let it money at npr that work twitter facebook we are on all defend today's show was produced by nick bound in a very special thanks to round the salim of the middle east institute she talked this through so much of this and also to erica solomon with the financial times they've been doing fascinating reporting stop and now that you're finished with fled at money may we recommend invisible visibile yet avenue season out and in it they're looking at this question how is it the two people can look at the exact same thing nc something completely different you can hear invisible yet npr dot org slash podcasts or on the npr one app i'm robert smith and i'm kenny malone thank you for listening falconry is that this is a popular thing is a big thing this is institute weird like everybody's got a falcon not sound like everybody what it is is it it's it's common enough that it's sort of like you you wouldn't look twice added you had like someone walking a puppy for example but it is a mostly for the superrich so let's say like it's like having a puppy but like a really expensive purebred hunting puppy have you have you done it personally have you have ugun falcon annoying i have not than of personally i've gone through the falcons sukh the falcons suit to the market for you're going to falcons your so the falcons thorndale bill belichick hold the falconer dina put this thing over your arm and was it as finest padding a puppy y e no.