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"Bad financial decisions. We've all made them. And the economic year that was from American public media this is marketplace in Washington tonight. I'm Amy Scott Boras Doll. It is Friday the twenty seventh of December. Thanks for being with us. It's been relatively quiet few days for business. We'll get yeah to some of the news that still manage to happen during a holiday week in a bit but I guess it's the last Friday of the year and the decade depending which side of that whole debate. You're on we're going to do something a little different on our weekly wrap. We've got NEELA. Richardson with Edward Jones and Gina. Smile of the New York Times with us from New York to help us tie it all up in a neat little bow. High U2 Hammy. Hey Gino let's start with you and I actually want to look ahead to the coming year ear and the Fed. We've got the annual musical chairs coming up in the interest rate setting com committee the. Fomc what do you think that means for interest rates you know. I think it's interesting. I've seen a couple of stories out over the last couple of days suggesting that you could see some more consensus just given a couple of the folks who are rotating onto the ED Open Market Committee but I think at the end of the day what we really saw in twenty nineteen. Is that chair. Jerome Powell manage to kind of convince the rest of the committee to to come around to his way of viewing the world. You know we did see some defense this year but but by the end of the year people were really sounding pretty comfortable with the decisions. The Fed had made even the people who had dissented throughout the year. Like Eric. Rosengren and Esther George to the regional presidents were sounding more comfortable with where rates were current are currently said and so I I think what what you can expect in in twenty twenty is perhaps a more united front And also a lot of sort of careful washing to see what comes next. We don't clearly know whether that's going to be a rate hike or rate cut or just an extended pause and I'm not gonNa make you predict neil out. What kind of economy do you think? I think this next panel is inheriting in the New Year. Well the good news is that they are unlikely to inherit a probability or a high probability ability of a recession though the economy is likely to slow next year versus this year. And there's a lot of reasons for that. The first and foremost foremost is that we're not going to get that boost from the tax cuts. That's basically worn off The twenty eighteen tax cut. So we're seeing an economy that will tread along about at average for the decade But not pick up much steam so we got an early look this week at holiday retail so far we this is a record online shopping and in store sales also up a bit according to MasterCard one thing we've been talking about a lot on the show is the American Consumer Sumer basically keeping this economy going. Gina are there signs of that continuing next year. Yeah I think absolutely I mean consumers. Clearly you stop feeling good. The confidence numbers look solid. What we saw in the early holiday retail spending numbers is a really robust performance? Considering that we saw another year of growth after sort of a decade of economic expansion you know this has been a really long period of sustained economic growth consumers have powered it through sort from the beginning. And I think we're really seeing that continue. I think what's really interesting looking into. Twenty twenty though is whether those consumers can keep up that much steam And continue can you to sort of be the the one leg propping the economy up in a world where businesses don't look super robust in aren't spending really aggressively villa thoughts about that. Well absolutely. I think Jenna hit it right on the nail there but the question also is how the the business side will respond to low interest rates. We haven't seen that pick up an investment That you would expect with rates the slow so the economy he really has to superpowers right now. One is the consumer. That's been resilient through all kinds of geopolitical tensions through political tensions tensions through a much a recession and manufacturing. And you know we have an economy. That's being subsidized by very low. Interest traits that d'eclat decade lows but a business sector. That's not responding so that very slow growth that's keeping interest rates low match with the resilient consumer are pushes the economy forward but just at a slower pace so as we wrap up this decade. I WanNa give each of you wouldn't about a minute. We have left a chance to talk about anything that stood out to you or the still you think about about this decade in the economy. Well so many things have happened in this decade. I feel like most of them happened in the last year and a half to be honest but one thing that a long there's been a the law but one thing that I think that has been consistent from the beginning the way this decade started to the way end is the word housing. It's something that we don't talk. Doc Allot about in the media but this decade was born out of a housing crisis and we enter their ups decade with housing still wounded and broken. So it's going to define I think that the the economy for a lot of folks out there even if it's under reported. And how about you. Gina Yeah Mine's mine's a slightly different take. I think probably because because I sit on the reporter said but I think the labor market has really been a super interesting story throughout this decade. And if there's one moment that really defines that for me I think it's the speech Beach Janet Yellen gave in October Twenty Sixteen where she basically sort of laid out a case for why running the economy a little bit hot might sort of change? The labor market's its potential outcomes and explained that you know in a world with very low interest rates very low unemployment. You might see. Workers jump back into the labor market. She never really wholeheartedly embrace embrace that doctrine but I think that we it is has a flavor of what we saw the Fed actually practically do and it certainly actually happened all right Gina. Smile of the New York Times Neela. Richardson with Edward Jones. Thanks so much and happy new year. Happy New Year to you. Too Happy New Year for me. What stands out from the decade? Was the day. I was filling rolling in for Kyw in February twenty eighteen and the Dow had its biggest point drop in history more than eleven hundred points. We all had visions of two thousand eight flashing before is today though was nothing like that will have the details when we do. The numbers Tesla is set to start delivering cars made at its new factory in China on Monday with the very first models going to employees Tesla only started building building. What it calls gigafactory three about a year ago? That speed tells you something about how important car sales in China are and not just to Tesla. As marketplace's marketplace's Jack Stewart reports carmakers are competing for a bigger slice of the world's largest market. A coffin visiting Shanghai for the first time is likely to be struck by how many luxury cars there are says. Michael Dunn CEO of Zo. Go An advisory group on Asian markets China's luxury car market is twice the size of the US market in getting bigger every year. And that's the market. That Tesla has its ion. He says this also demand for electric vehicles China's now the largest largest market in the world accounting for sixty percent of global sales by twenty twenty-five China plans to build five million electric vehicles a year he says to tap that market without incurring import tariffs that nearly double the price of its cars Tesla had to build a local factory which is an important step for China the two because this is the first fully foreign owned car plant says Sam Fiorani at autofocus solutions previously. If you build a car plant in China you had to have a joint venture partner in China now. There's a shift by Chinese authorities to open up the car market something that will be welcomed by us. US Manufacturers says auto consultant Rebecca Inland. Even though there's been some SAG nation in the volume right now. The potential is just enormous. But there's no guarantee other automakers will be able to follow Tesla Path. It's caused do check. Both the and luxury boxes but with over ninety percent of all cars sold in China being built by many foreign vehicle manufacturers will be looking Tesla's factory as a model on Jackson for marketplace marketplace in the age of the streaming wars. You almost need a spreadsheet to keep track of all the different services and which ones are worth paying for and there's there's another one coming soon. NBC Universal is preparing to launch peacock next April to that end its parent company. Comcast is reportedly in talks to by another free streaming service ZUMO. That could help. Comcast make good on. Its plans to launch peacock or at least a version of it as a free ad-supported service like good old fashioned TV marketplace's Meghan mcardle Carino has more viewers have always looked for variety on TV. Says Michael Packer. An an analyst with wedbush securities. You know I think about it like I think about eating out because sometimes you want Mexican food and sometimes you want chicken and sometimes want seafood in the old days they got that in one place Vegas Buffet style first over the air then with cable package and eventually on the big streaming services Netflix and Hulu do which offered content from all of the studios and networks until the media companies. Notice that people were cutting the court and the content guys have now pulled back all their content a- and they're saying we're GONNA do it ourselves hence NBC Universal Peacock in Disney plus CBS. All Access Fubo crunchy roll is an anime okay based service. There's also fundation now Oakland in my service right SAPPINGTON parks associates consumer analytics tracks more than three hundred streaming options is available in the US. There are services related cooking astronomy voting forces a really wide wide variety. That makes it harder than ever vert stand out from the crowd. SAPPINGTON says streaming services can do that with really catchy original content like Disney star wars hit the man delorean or by being chipper free because they're supported by advertising so model that's worked for seventy years and media consultant Brad. Gate thinks it could keep working as more more of those second and third tier streaming services by for advantage. I'm Megan McCarthy Carino for marketplace. It's been nearly two months. Hundreds of thousands of protesters. I took to the streets in Lebanon calling for political change but the situation has only only worsened with the country facing its worst economic crisis since the end of the civil war in one thousand nine hundred ninety and having no functioning government the BBC's Tim. Tim Hulett reports from Beirut living in Lebanon means battling blackouts day in day out the years on mend the states can barely supply half the energy is citizens want but some people find ways to keep their lights on during the outages by hooking up to to private generators or illegally to neighboring areas which still have state to literacy. We the WHO'll wires and some of them have got chopped off ends just dangling tangling immediately bobbleheads. There are lots of accidents. No lots of people get electrocuted again. and Bella Calcutta can shut. Weeds happens all the time. People get electrocuted but even those who tried to switch between power sources legal or illegal sometimes end up in the dark and in one house. I'm being taken to that can be a matter of life and death okay. So there's no religion with grey beard here lying on the Sofa. He really doesn't go very well. And he's got a tube chook going into his nose will going into a big canister oxygen ice Arashi to suffered from lung failure for the past five years he and onto his son is Sam. Lynn permanent terror of losing power. Matthias thought alcohol. These are oxygen and she's an electric took machines. They provide him with the oxygen but because `electricity goes off and it goes off and he doesn't have oxygen in seconds. Oh I see so these things that you can humming these are the actual bridged oxygen machines. This big metal metal bottle behind veils too much rather than going to as we speak as this guy over the machine's going off on May have so we so now he's turning the button on the on the emergency metal oxygen bottle breathing. I'm very heavily. It's an extreme example but all over Lebanon people fed up with the blackouts fed up with paying for the expensive private generators fed up with government with a whole political system. That can't can't provide enough power and grover cuts helped fuel will be impressive. Dented wave of protests. Here over the past two months there mafia that has I've been ruling this country since years and years. Pullar Yacoubian is the only independent. MP In Lebanon sectarian political system. She says the ruling tweet prophets from links with private suppliers and it has no interest in improving state energy supply. They're making lots of money and that's why they keep on on not fixing the `electricity so they can keep their pockets full of money. They are one of the reasons why this country after thirty years of the end of the civil war we still have. No electricity asked for an interview with Lebanon Energy Minister Narda Danny. But she wasn't available. The government has denied corruption. And it says it will end the energy shortage by building new gas-fired power plants cheaper and more efficient to run. But it's been promising that for years ears and the protesters have lost faith in Beirut Lebanon. I'm the BBC's Tim you'll for marketplace Coming up they will be able to grab a little bit of that Magic Nick to compete in that chosen event the magic of a good sneaker but first let's do the numbers. The Dow Jones Industrial Real Average rose twenty three points not quite a ten percent to close at twenty eight thousand six forty five. The Nasdaq lost fifteen points. One ten percent to finish at ninety six six and the S&P five hundred barely budged ending at thirty to forty for the week. The Dow brought home six tenths percent. The Nasdaq accelerated nine tenths percent percent and the S&P five hundred gained a half percent. We were talking about the future of streaming comcast clicked up two tenths percent net flicks fell one percent Disney was basically flat but what about a less mainstream streaming service. AMC said this month that has two million subscribers across its niche offerings including shudder for horror fans acorn TV for British mystery lovers and see gave back six tenths percent. You're listening to marketplace. Is it folks just a couple of days left in this decade which means time is running out to support marketplace and make it count for this year. Any donation makes you a marketplace investor and a partner winner in our mission to make people smarter about this economy. And don't forget if you give at least sixty dollars or a monthly donation of five bucks or more you'll get exclusive access this to our twenty twenty. Ask Me Anything. Virtual events series found out more and donate at marketplace dot org and thanks. This is marketplace I'm Amy Scott One of our podcasts. This is uncomfortable has been digging into some money horror stories. You know the financial decisions that still haunt you like that credit card funded trip to Europe after college Just for instance. Most of the stories have been about people buying things they eventually came to regret Rhett but this excerpt from the latest episode is less about regrets and more about. Let's call it self discovery. Here's the host of this is uncomfortable re McRae's earlier this year Hayden Aldrin Twenty three year old college student from Idaho started taking the sleeping pill a really powerful one. It felt like I was on laughing gas to a source which I'm Mormon so I've never been high before but I imagine this is what it feels like for years Hayden had trouble sleeping and the pill felt like a godsend. He could finally get a full night's sleep. There is just one tiny drawback when Hayden takes the sleeping pill he he does things. He has zero recollection of when he talks about it. He refers to his nighttime South as subconscious Hayden. So not only does he like know. Oh what things we WANNA keep. Secret but sub-conscious Hayden also likes to buy things for conscious hated in the past year. Subconscious Hayden has bought awake. Hayden a nice sweater black socks a huge bag of airheads and a five pound bag of jelly beans just to name a few things. It's been mostly trivial stuff then and one evening earlier this summer this email POPs up in Hayden's and box and got a notification that set your billboard is life and I said my billboard it is what no and I I went to the confirmation link and I had ordered a Billboard and Louisville Kentucky we did you have any connection to Louisville so a billboard depending on the location can cost thousands of dollars Hayden was panicking. What if he completely wiped out his bank account he looks more closely at that confirmation email and it turns out he bought a digital billboard for relatively cheap one hundred bucks folks seeing that it was only a hundred dollars? Kinda like who. Okay thank goodness okay. So now he just has to find out what in the world is on that billboard. He can't find any trace of it on his computer. There's No mock-up or photoshop file. So he goes to the company's website so donald the image for the website and it's just just a bunch of clouds with my face on it. My face is cut out terribly by the way and then there was a little tiny airplane pulling a banner that on the banner said Hashtag and chronic fatigue tomorrow. Why heads which is so interesting because any called action you've ever heard like let's do something about this today? Let's and chronic fatigue tomorrow. Let's figure it out later. We need to see this image. I consider it to you right now. Actually okay. Oh my God yeah. It's pretty much how he described it. It looks like something in middle school. Kids slapped together using Microsoft. Paint in Hayden has no memory memory of ever making it. You have kind of like A. I'm looking into your soul kind of look on your like I understand you. Hayden says he knows that sleeping pills can have serious side effects. There's been warnings from the FDA about people. Doing things like driving or getting injured sleepwalking. Walking he hasn't consulted his doctor about it but he has told his parents and they aren't too worried he didn't says the real tipping point would be if he wakes up one day and sees that subconscious Hayden has spent beyond their means and he can't return it but he doesn't see that happening. I know that he knows all of my anxiety is about money. And he knows that I have these accruing student loans and so I think he's more of a not as much of a prankster but more of a gift giver to me. He's got your back. Yeah or says at least for now he does. I'm Marie McRae's for marketplace Back in October. A runner honor broke the two hour mark a marathon and what he has in common with the winner of this year's New York City Marathon is that they both wore the same kind of Nike sneakers. The Nike Vapor Fly has come under fire in recent months for possibly giving the athletes. An unfair advantage is not the first time sports apparel has caused a stir. Stir Cassius Saint. Clair tells the story in her book. The golden thread inside of Mid-2000s. There is a similar controversy around a particular kind of swimsuit. A new kind of textile had been used which was called polyurethane and this can have a huge effect on athletes because it compresses their bodies and creates a smoother surface That is an advantage to a surface that compresses the flesh sufficiently so that it is less likely to ripple people and bounce around this kind of all came to a head in two thousand and eight hundred thousand nine when rafts of records fell and eventually a huge amount of pressure was put onto the the governing body and they essentially had to change the rules And this allowed in theory The athletes once again to reign supreme rather than what they were wearing. I think that the secret really for the Browns who are involved is to create advances very incrementally which allows both the athletes and the fans to kind. If you've got to these new advancements because of course it's good for sports it's good for the sportswear makers to create new records go however it is problematic because it can be very upsetting and it can feel like the technology the technology analogy is being Showcased to the detriment of the athlete a real impetus and what keeps these sports where the company's going off financial incentives so if they are sponsoring athletes who are getting new new records in generating rating headlines. This is very good for them It means they can then sell similar products to consumers Um and maybe they're not going to break two hour marathon or or sprint as fast as as record-breaking athletes but they will be being able to grab a little bit of that magic and possibly make a little easier for them to compete in that chosen event. Is there something you've always wondered about how the economy works. We've got a series for that called. I've always wondered looking at the. Why and the how behind find the what? Send US your questions at marketplace dot org this final note in other streaming news. Add spotify spotify to the list of media companies ditching political advertising this election season the music streaming service said today. It's pausing sales of political ads on on the platform because Reuters reports. The company doesn't have what it calls the necessary level of robustness to root out misinformation in those his ads twitter banned political ads a few months ago. So did Chinese company tipped talk. Google is limiting how those ads are targeted to different groups over at facebook. No changes yet. Okay we gotta go today. The Dow Rose Twenty three points not quite a ten percent. The Nasdaq lost fifteen points. One tenth percent and the S. and P. Five hundred barely budged our theme music was composed by Bj liederman marketplace's executive producer. Is Nancy for Golly. Deborah Clark is the Senior Vice President and general manager. And I'm Amy Scott will be back on Monday. This is a P._M..
About that spending bill ...
"This marketplace podcast is brought to you by well frame, their digital health management solution connects people and care teams through a patented platform so healthcare organizations can give people the support they need when and where they need it. Learn more at well frame dot com. Shutdown. No massive legal fight. Yes. Plus brexit. It's coming from American public media. This is marketplace. In washington. I'm Kimberly Adams in for KAI Ryssdal. It's Friday the fifteenth of February thanks for joining us shutdown avoided national emergency declared lawsuits filed it was a busy week here in Washington as lawmakers scrambled to make a deal to avoid another partial government shutdown as you've been hearing congress passed a deal to do that without giving the president the money he wants for a border wall, which the president plans to get around by moving funds from elsewhere in the government using that national emergency declaration, hence, those lawsuits, I mentioned for that and more we'll start with our weekly wrap of the business and economic news. That was we have Edward Jones analysts, Neela Richardson and the Washington Post, Catherine ramble both live in our New York studio. Happy Friday happy Friday Friday. And let's talk about what this deal means for the broader economy because the shutdown and the threat of a shutdown had business. Mrs in particular pretty rattled. Yeah. I mean, certainly it was not good for consumers. Not good for businesses to have the this lingering festering self inflicted wound in the form of lots and lots of Americans both on government payrolls and contracting out by government contractors, not getting their paychecks. So none of that was good for businesses. None of it was good for the ecosystem of businesses that rely on spending by those workers. And of course, if you care about just sort of the symbolism of all of this that government can't get its act together in even get a budget happening that also matters a lot. I do think that if you're a if you're a business person, particularly if you have any sort of global exposure, you still have lots of other sources of uncertainties still hanging over your head, including of course, Brexit as well as what's happening with the China trade war, which is. Another self inflicted wound at this point. So I it's not like everything's hunky Dory at this point. But certainly, I'm sure this will be a relief to a lot of people who were worried that we might have yet another shutdown and Neela US small business confidence hit a two year low this week. And there's been lots of talk about the possibility of a recession. But if you look at consumer confidence, folks theme seem to think that everything's just great. So what's behind that disconnect? Well, you know that small business sentiment is also has been at record highs and part of the reason is because of the tax cut, and because of the fiscal stimulus as we see those tax cuts in that affect Wayne on the economy. We had to a bit slower growth, you're going to see that optimism also Wayne of a bed, but it still high when you're looking at historical levels. So business intimate is probably pretty much lockstep with a modestly growing economy. We saw that in the consumer sentiment as. Well, it took a dive of with the shutdown that was unexpected. But we've seen that rebound in coming months. The problem for people who are looking at the economy is that the government shutdown. Also, led us to have some blind spots in the data because there are a lot of data releases that were not released during that three week period. So we're still catching up on what this all means for the economy and the outlook going forward, and you know, you're talking about some numbers that we missed there were those retail sales numbers that came out, and we also had news today. Payless is planning to file for bankruptcy yet. Another victim of the retail Pakalitha, but filing for bankruptcy again closing close to twenty three hundred stores, any broader issues at play here. I'll take the swin, and then I'd love to hear Catherine's thoughts. But yeah, the broader issue is that we don't shop like we used to we go online I and that's caused stores across the landscape to make investments and technology online deliver. Sorry, and shipping that cuts into profits. And the simple fact is we don't need as many brick and mortar stores as we used to have. And so that's driving some retailers out of business like PayLess. I don't think this will be the end of that trend, but it's also causing major retailers to make investments that are cutting into margins as well, there are some retailers that have tried to pursue some sort of alternative brick and mortar strategy, you know, like a more experiential form of shopping, but it's not clear that that is a strategy. That's going to translate. So well for you know, a budget type price point like a PayLess or even amid to your price point like toys R us or Sears or other big retailers that have suffered. You know, if you're talking about a high end product, a high end price point, then maybe you can try to salvage some of your walk ins or even boost them, but it's it's going to be very challenging for more budget for for firms that rely much more on. On budget-conscious customers, and Catherine and kneel before we go just the last few seconds. I mean, the budget deal was the big news of the day other than say, the border security and rural broadband band because we've got something coming up on that. What are your big takeaways from this deal spending deal that congress and the White House worked out it's going to be really hard to get an infrastructure built through congress? And there are a couple other things that are on the table. Like, the new NAFTA that still needs to be ratified were there were facing a debt ceiling in coming months, and we still need to figure that out and that's going to need bipartisan support. So there are some concerns even though the the government reopening is as good news there still some challenges ahead. I I think the biggest challenge is that look how long it took us to get a budget deal just for the current fiscal year, which ends at the end of September. We're going to be back where we were in just a few months, and we might go through the exact same rigmarole. We I hope we don't have another shutdown. I hope we don't have. Another showdown, whether it's over additional border wall funding because that may not make it through the courts, probably won't we don't know or or some other battle. We don't know. But it took us this long to get a budget pass for this fiscal year. I'm not looking forward to the abbreviated schedule. We have for the next one Catherine ram pelt, the Washington Post and Neil Richardson at Edward Jones. Thanks so much. Thanks have a great weekend. Thanksgiving and markets didn't seem to mind all the Washington drama today. We'll have that and more when we do the numbers. Around the same time. Amazon said it wouldn't pursue a new headquarters in New York City GE announced its dramatically downsizing its planned move to Boston. The company will now rent office space there instead of building a twelve story office tower, and it will repay some of the eighty seven million dollars in incentives it received to make the move. Maybe it's just a coincidence. But these two major deals falling apart house us wondering as cities and states, find themselves courting these big investments. What happens when those deals don't work out as planned? Marketplace's Tracey Samuelson reports in the battle to lure companies and the jobs. They bring states have to be careful says Terry repent at the university of Virginia you want to cover yourself by only paying out when they meet certain performance, thresholds jobs, capital investment, wages, any up front payment or incentive. Should be subject to clawbacks money that has to be repaid. If the company doesn't deliver on what it promises states are increasingly savvy about protecting themselves says Josh Goodman with economic development tax incentives project at the pew charitable trusts. But they need to be better at understanding the impact of the incentives. They create our research shows that twenty states don't have any consistent process in place for evaluating the effectiveness of tax incentives. Those states might have studied one incentive program at one particular time. But there's no consistent process for measuring. The effectiveness of these programs and even with performance targets and clawbacks. There are cost seats may not be able to recoup if a deal goes bad. Greg Royal is the executive director at good jobs. I am nonprofit watchdog group on economic development. If you spend a lot of money on infrastructure, and suddenly it's not getting utilized that could be a lost investment staff time. And then there's the opportunity costs that other ways states could've spent that. Nding if you had spent the same amount of money in your community college, customized training program, and your graduate engineering software programs and your public transportation structures. In other words investments that would have benefited many employers instead of a select few. I'm Tracey Samuelson for marketplace. Amazon related sort of Monday on marketplace morning report, we'll have a piece about how WalMart's getting into grocery delivery to compete with Amazon in that space and bringing it back to Washington that one point three billion dollars for border security in the spending Bill signed by Trump today is just one part of the larger spending package several agencies and programs will get more money for the rest of the fiscal year, including additional funds to build out internet connections in rural areas of the country. Marketplace's Ben Bradford reports on what half a billion dollars of broadband would mean for those areas. Take main where the US census bureau. Oh estimates about twenty percent of households. Don't have access to adequate broadband. They're not connected at all. Or they're not connected with a with a high enough speed high quality, reliable service Peggy Schaefer, co chairs the main broadband coalition. She says limits medical devices in rural hospitals in one school district. The superintendent still uses a phone tree to notify teachers and students on snow days. Our schools are six are kind of big. So that's a lot of teachers and people that he needs to call. It's also a huge hurdle for rural economies. I have another business that doesn't have any broadband. At all mea pursell promotes economic development in Oxford county. Maine, this is a person who can't even process credit card. I mean, that's pretty unheard of these days rural areas present their own business problem for internet providers. They have to lay a lot of broadband cable for relatively few paying customers for most providers. It just doesn't make economic sense Jim Stegman at cost qu-. West consults with telecommunications companies. He says the five hundred fifty million dollars in the budget deal for rural broadband can help some snot anywhere close to what really the funding gap is for America main estimates, it'll take six hundred million dollars just to connect its rural areas with adequate internet those additional money will help kind of tip the balance to hopefully, get a number of the rural carriers to actually start to point a higher speed service. But the funding comes with a caveat rural areas that already have some slower internet won't be able to upgrade and connect to this new higher speed service. I'm Ben Bradford for marketplace. This next story is about the Environmental Protection Agency and regulation not deregulation, which has been a big push under the Trump administration's EPA, but actual new regulations. There's a group of chemicals known as P S, you'll find them in microwave popcorn bags dental flaws. Nonstick pans, waterproof, shoes, the chemicals are basically unavoidable, but have been linked to birth defects immune system problems, and possibly cancer the EPA made a plan to regulate them, and then something unexpected happened, the chemical industry cheered, the move and environmental groups slammed it from the marketplace sustainability desk, Scott Tong explains this chemicals are turning up in water all over from Minnesota to Alabama from New Mexico to North Carolina as the fifth respond to a nervous public. Chemical companies have to do something to says chemical industry, lawyer Lynne Bergerson they recognize there is an. Issue and it's important optically for all pertinent stakeholders to engage in fix a problem. But skipped exceed no fixing. By the environmental groups reacted with words like fail. Fumble foot-dragging the plan to limit chemicals and drinking water is just a restatement of intentions from the previous agency. Head says Betsy Sutherland, a retired EPA scientists it is really re promising what Scott Pruitt promised back in may of twenty eighteen. So the industry has received a very significant delay. Critics say the EPA is also moving too slowly to make polluters pay for cleanup, Stephen aquaria of the New York state association of counties says right now small water utilities are on the hook. There's a lot of financial impact to the communities here. So very important that the United States appropriate significant funds, but also manufacturing responsibility is part of this long term cleanup. For the who pays question will matter in government. And in court new lawsuits are filed almost every day against chemical makers like DuPont and three m for its part the EPA calls its plant a comprehensive nationwide effort to protect public health in Washington, I'm Scott Tong for marketplace. Coming up the sort of top down approach to fashion where like these this one creative genius is telling us all what to wear those are really outdated about fashion week. But first, let's do the numbers. Dow Jones industrial average rose four hundred and forty three points nearly one and three quarters percent to close at twenty five thousand eight hundred eighty three the NASDAQ picked up forty five point six tenths of a percent to finish at seventy four seventy two and the S and P five hundred climbed twenty nine points. One percent to end at twenty seven seventy five for the week. The Dow gained three and a tenth percent. The NASDAQ climbed two and a half percent the S and P five hundred rose two and a half percent. The Wall Street Journal is reporting that visa and MasterCard plan to raise transaction fees on credit cards visa, rose one and two tenths percent and MasterCard. Gained one percent. And as we mentioned earlier, we have more corporate headquarters news a day after Amazon bailed on New York GE is downsizing its plans for move to Boston GE found nearly half a percent Amazon lost nine tenths of a percent. In europe. Britain's footsie picked up half a percent bonds fell the yield on. The ten year Tino rose to two point six six percent. You're listening to marketplace. Everybody's car Rozelle. Listen, you gotta check out. The latest episode of make me smart the Oscars or coming up with an armful of controversies. There is no host. There's blowback for who's nominated and who's not and some of the Oscars for the craft of filmmaking. The actual making of filmmaking got bumped to the commercial breaks the Academy Awards have been trying to get more inclusive. How's that going? It's a mess. And that's why they're at the end of the are down every year. And a lot of it is that people just don't really want. Nobody wants to watch people. Do H are on national television lime television who wants to watch that make me smart check it out. This marketplace podcast is brought to you by. Indeed, are you hiring with? Indeed, you can post a job in minutes set up screener questions than zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed dot com slash marketplace. That's indeed dot com slash marketplace. This marketplace podcast is brought to you by aspiration big banking is or should I say was broken. They charge high fees and user deposits to fund pipelines and oil drilling. But it doesn't have to be this way. That's why lots of people are looking into aspiration a financial firm for those who want more money in their pocket and more power to do. Good featured in Forbes, the New York Times and money magazine. Aspiration offers a one percent annual percentage yield zero ATM fees anywhere in the world and the option to choose your own monthly fee. Even if it's Euro, Plus aspiration commits ten percent of their earnings to charities that help other Americans refuses to fund the oil pipelines that are harming our communities. Everyone deserves a financial firmness. Fair provides. Great products and helps you make more money while making a difference. Put your money where your heart is download the aspirated up to open an account earn one percent annual interest pays zero ATM fees and save the planet while you're at it last night, Prime Minister Theresa. May lost yet. Another vote in the UK parliament over her Brexit deal. The prospect of the UK leaving without an exit deal is getting more real by the day. And that's fueled a surge in stockpiling, in fact, the highest level of stockpiling and G seven country and more than a decade, people and companies are hoarding essential supplies motivated by fear that if the March twenty ninth deadline comes without a deal trade flows into Britain will suddenly be slowed or stopped by border checks, potentially causing massive delays and shortages from the London suburb of Worcester park. Marketplace's Stephen beard reports. In her small town house on the outskirts of London. One of the richest cities in the world. Joe L golf is preparing for food shortages Lauder is overflowing with emergency supplies here. We've got some Embi I've got dried title, I've got rice rice pockets precooked rice, sweet Coon, must be plenty of baked beans as well with rich. Should we have to have things she says she has enough food in here to feed her family of five eight weeks is this really necessary. Hey nice. We have absolutely no idea we have had no guidance from the government. I've got to think about my three children. She's not the only one who's worried in the months since she joined a small Facebook grew to shed tips on stockpiling, it's attracted almost ten thousand members. Sneak a little bit paranoid, though. Okay. You haven't built a nuclear bunker in the back garden, but. Bit paranoid. But because we have absolutely no idea. What's going to happen? I have to plan for the west. And she's not impressed with government cools to naught stockpile. The retailers will saying this stockpiling manufacturers are stockpiling. For example, this small British manufacturer, which makes foldaway bikes has piled Molin one and a quarter million dollars worth of parts to ensure the bikes keep rolling off the production line. Brexit anxiety is proving a boon for some companies, take emergency food storage UK. The company sells food and hydration kits for aid agencies working in disaster zones. The boss James Blake hit on the idea of a Brexit survival box. We put together the Brexit bunks because we had the product spell to do that. So we put together food for individuals to have a little bit of security during the Brexit process at around three hundred and eighty dollars the survival box isn't cheap. But Blake insists if you'd supplies dwindle after no deal. Brexit. The bulk will keep you going for at least a month in the Brexit talks. We've got sixty main meals is freeze dried food, see just add water. And it goes back to his original state's as nutritious really is designed for emergencies has all the counter originated. It's nice pretty good. Not as good as fresh food though. And that is particularly at risk Britain imports roughly half of all the fresh produce it consumes much. Of it from continental Europe. Some Brits anxious about fresh food supplies of flock to this warehouse in north London. Paolo Rigo runs this company distributing seeds for a mouth-watering array of vegetables, we've got the the custody tomatoes from Florence. We've got the principal gays. It's toes down here from puja Rico says sales vegetables, see, Molin doubles in fears of a new deal. Brexit grew a month ago. This is where we all, you know, this is what people are doing some people feel that they need to be growing their own vegetables in order to ensure that they have fresh vegetables, which can't be stockpiled since he imposed the seeds from Frankie and Italian company. Rigo is also worried about Brexit delays. He's also tried to stockpile his product, but he comes of soon as a huge new batch of seeds arrives. They fly off the shelves seeds have always through time. So better in a crisis than they have in a boom p. People have to eight good for his bottom line. But he says this level of anxiety this level of stockpiling cannot be good for the British economy. In london. I'm Stephen beard for marketplace. Another New York fashion week has wrapped up the traveling caravan of designers, supermodel celebrities and influencers is now on to London for the next round. And once again, the question bubbles up is it really worth it the expensive runway shows and parties two times a year, some designers are pulling out and these days events seem less about the clothes and more about who's wearing them Rebecca Jennings wrote about this for vox, welcome to the program. Hi, thanks for having me. So explain how the business side of fashion week works for us. So the whole concept of fashion week sort of is sort of an outdated concept. Right. It's it's sort of evolved from these these weeks out of the year where editors from magazines would, you know, go all over the city to see the latest collections that designers presented and in the nineties, it was sort of organized into New York fashion week, and that sort of what we know today. It was like, okay, we're. Going to make this all happen in one place. It's going to be this huge event, and it was really successful at doing its job and creating excitement about the fashion industry, but over the past decade, or so it's sort of sort of losing the relevance that I think it once had, but why do people say that fashion week is dying or some people even say fashion week is dead. So I think that's because fashion week just has lost a bit of its relevance. In in terms of how we buy clothing that the way we buy clothing now has a lot more to do with like, okay. A collection comes out. We see it on Instagram. We see it whatever we want to buy it. And by the time, if you're waiting six months from that by the time, you see a piece between the time you can buy it. That aesthetic is probably already played out that trend is probably over if fashion week is less relevant to today's shoppers where are people going for fashion. I think fashion is happening a lot less from these traditional institutions. We look less to huge luxury designers, and we look less to magazines than we used to because those industries are being democratized by social media. And and so I think fashion is happening much more on the street level. It's an hap- it's happening in the culture that we choose to consume an often that's music in TV shows and movies like that. Despite all those things that you just said luxury fashion. In sales, the kind that you see highlighted during fashion week, those are really strong right now. Yeah. But I yeah. I don't think that fashion week really plays into whether or not people are buying those things. And I think regardless of whether we get a runway show will still see those strong sales. Now, I can't mention luxury fashion here without talking about some of these designers like Gucci and Prada who have come under fire recently for the use of racist black face like imagery, cultural appropriation. I mean, the seems like yet another piece of evidence that this industry might be out of touch. Absolutely. That's just one example of the ways in which like these old power structures where we have this sort of like top down approach to fashion where like these this one creative genius is telling us all what to wear those are really outdated. And that's and that's where you get these horrible racist items that like clearly got zero input from a person of color or someone who has who has any like awareness. Of how these things work. So you know, you ask in your piece is fashion week worth saving. What do you think? I think it is. And I think it would be cool for fashion week to be relevant again. I I obviously care about fashion. And I I like the idea of it sort of having an industry event the way that you know, tech has CAS music has all whatever a million things. I think there is a cool way that there could be a fashion week that doesn't look really much like it does. Now, I think it would have to involve a lot less fashion marketing and involve a lot more. Like, hey, what's the state of fashion right now like making it more of a conference or an expo? You know, something like that Rebecca Jennings covers pop in internet culture for vox. Thank you. Thanks so much. And this final note on the way out a bit of closure in a long running sports dispute. Professional football players, Colin Kaepernick, and Eric Reed have settled their collusion cases against the NFL the two athletes alleged they had been blacklisted by the league for kneeling in protest during the national anthem. We may never know the payout. If there is one details of the settlement are confidential and lawyers for the players, and the NFL say, they will have no further comment, but between lost wages and legal fees. Some estimate a settlement could have reached into the tens of millions of dollars. Okay. We gotta go. Our theme music was composed by J Liederman. Marketplace's executive producer is Nancy for golly. Our executive editor is Evelyn Rubia. Deborah Clark is the senior vice president and general manager. And I'm Kimberly Adams have a great weekend. Everybody. This is A P M. This marketplace podcast is brought to you by alliance for lifetime. Income annuities can offer a safeguard of protected monthly income for the rest of your life and provide security and peace of mind in retirement. The alliance for lifetime income is an organization dedicated to educating and raising awareness about how a new itys Consol retirement income needs because income planning that includes protected monthly income solutions helps ensure you'll never outlive your money in retirement. Find out if making a new these vital component of your portfolio is the right choice for you. Learn more at retire your risk dot org.