Planet Money

Economists say that inflation is just too much money chasing too few goods.But something else can make inflation stick around.If you think of the 1970s, the last time the U.S. had really high sustained inflation, a big concern was rising wages. Prices for goods and services were high. Workers expected prices to be even higher next year, so they asked for pay raises to keep up. But then companies had to raise their prices more. And then workers asked for raises again. This the so-called wage-price spiral.So when prices started getting high again in 2021, economists and the U.S. Federal Reserve again worried that wage increases would become a big problem. But, it seems like the wage-price spiral hasn't happened. In fact wages, on average, have not kept up with inflation.There are now concerns about a totally different kind of spiral: a profit-price spiral. On today's show, why some economists are looking at inflation in a new light.This episode was produced by Sam Yellowhorse Kesler and engineered by Katherine

(Note: this episode originally ran in 2019.)In the 1800s, catching your train on time was no easy feat. Every town had its own "local time," based on the position of the sun in the sky. There were 23 local times in Indiana. 38 in Michigan. Sometimes the time changed every few minutes. This created tons of confusion, and a few train crashes. But eventually, a high school principal, a scientist, and a railroad bureaucrat did something about it. They introduced time zones in the United States. It took some doing--they had to convince all the major cities to go along with it, get over some objections that the railroads were stepping on "God's time," and figure out how to tell everyone what time it was. But they made it happen, beginning on one day in 1883, and it stuck. It's a story about how railroads created, in all kinds of ways, the world we live in today.This episode was originally produced by Alexi Horowitz-Ghazi and edited by Jacob Goldstein. Jess Jiang is Planet Money's Acting Executive Producer.

Back in 2005, Burt Banks inherited a plot of old family land in Delaware. But when it came time to sell it, he ran into a problem: his neighbor had a goat pen, and about half of it crossed over onto his property. Burt asked the goats' owner to move the pen, but when neighborly persuasion failed to get the job done, he changed his strategy. He sued her. And that is when things got complicated.Protecting private property is one of the fundamental jobs of the American legal system. If you hold a deed saying you own a plot of land, it's your land. End of story. Right?But, as Burt would soon learn, the law can get really complicated when it comes to determining who actually owns something. And when goats are involved ... anything can happen.This episode was produced by Willa Rubin and Dylan Sloan and edited by Molly Messick. It was fact-checked by Sierra Juarez. Katherine Silva engineered this episode. Jess Jiang is Planet Money's acting executive producer.Help support Planet Money and get bonus episodes by subscr

When you were little, what did you want to be when you grew up? An astronaut, a doctor or maybe a famous athlete? Today one of the most popular responses to that question is influencer – content creators who grow their following on Tik Tok, Instagram and YouTube and monetize that content to make it their full-time job.In a lot of ways influencing can seem like the dream job - the filters, the followers, the free stuff. But on the internet, rarely is anything as it appears. From hate comments and sneaky contracts to prejudice and discrimination, influencers face a number of hurdles in their chosen careers.This week we're bringing you two stories from our daily show The Indicator on the promise and perils of the multi-billion dollar influencer industry.This episode was produced by Corey Bridges and Janet Lee. It was engineered by Robert Rodriguez and Katherine Silva. It was fact-checked by Sierra Juarez and Dylan Sloan. Emily Kinslow was the podcast coordinator for this series. Viet Le is The Indicator's senior

After a successful career in advertising, Erika Williams decided it was time for a change. She went back to school to get an MBA at the University of Chicago, and eventually, in 2012, she got a job at Wells Fargo as a financial advisor. It was the very job she wanted.Erika is Black–and being a Black financial advisor at a big bank is relatively uncommon. Banking was one of the last white collar industries to really hire Black employees. And when Erika gets to her office, she's barely situated before she starts to get a weird feeling. She feels like her coworkers are acting strangely around her."I was just met with a lot of stares. And then the stares just turned to just, I mean, they just pretty much ignored me. And that was my first day, and that was my second day. And it was really every day until I left."She wasn't sure whether to call her experience racism...until she learned that there were other Black employees at other Wells Fargo offices feeling the exact same way.On today's episode, Erika's journey t

Note: This episode originally aired in September, 2014.Zoos follow a fundamental principle: You can't sell or buy the animals. It's unethical and illegal to put a price tag on an elephant's head. But money is really useful — it lets you know who wants something and how much they want it. It lets you get rid of things you don't need and acquire things that you do need. It helps allocate assets where they are most valued. In this case, those assets are alive, and they need a safe home in the right climate.So zoos and aquariums are left asking: What do you do in a world where you can't use money?This episode was originally produced by Jess Jiang.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Imagine if we built cars the same way we build houses. First, a typical buyer would meet with the car designer, and tell them what kind of car they want. Then the designer would draw up plans for the car.The buyer would call different car builders in their town and show them the blueprints. And the builders might say, "Yeah, I can build you that car based on this blueprint. It will cost $1 million and it will be ready in a year and a half."There are lots of reasons why homes are so expensive in the U.S., zoning and land prices among them. But also, the way we build houses is very slow and very inefficient. So, why don't we build homes the way we build so many other things, by mass producing them in a factory?In this episode, the century-old dream of the factory-built house, and the possibility of a prefab future.This episode was produced by Emma Peaslee. Molly Messick edited the show, and it was fact-checked by Sierra Juarez. Brian Jarboe mastered the episode. Jess Jiang is our acting Executive Producer.Help

This past January, researchers uncovered that Black taxpayers are three to five times as likely to be audited as everyone else. One likely reason for this is that the IRS disproportionately audits lower-income earners who claim a tax benefit called the earned income tax credit. And this, says law professor Dorothy Brown, is just one example of the many ways that race is woven through our tax system, its history, and its enforcement.Dorothy discovered the hidden relationship between race and the tax system sort of by accident, when she was helping her parents with their tax return. The amount they paid seemed too high. Eventually, her curiosity about that observation spawned a whole area of study.This episode is a collaboration with NPR's Code Switch podcast. Host Gene Demby spoke to Dorothy Brown about how race and taxes play out in marriage, housing, and student debt.This episode was produced by James Sneed, with help from Olivia Chilkoti. It was edited by Dalia Mortada and Courtney Stein, and engineered by

Right now, the economy is running hot. Inflation is high, and central banks are pushing up interest rates to fight it. But before the pandemic, economies around the world were stuck in a different rut: low inflation, low interest rates, low growth. In 2013, Larry Summers unearthed an old term from the Great Depression to explain why the economy was in this rut: secular stagnation. The theory resonated with Olivier Blanchard, another leading scholar, because he had made similar observations himself. Larry and Olivier would go on to build a case for why secular stagnation was a defining theory of the economy and why government policies needed to respond to it. They helped reshape many people's understanding of the economy, and suggested that this period of slow growth and low interest rates was here to stay for a long time.But today, Larry and Olivier are no longer the duo they used to be. As inflation has spiked worldwide, interest rates have followed suit. Earlier this year, Larry announced that he was no lon

Right now, the economy is all over the place. And when things get confusing, we look to basic economic indicators to help explain what's going on. Today, we're bringing you two episodes of our daily show The Indicator that focus on the bond market.The market for U.S. treasury bonds is generally safe, predictable and pretty boring. Recently, though, it's been anything but. We look into the fluctuations in bond prices and the yield curve (one of our favorite indicators) to try to help us understand where the economy stands right now.These two Indicator episodes were originally produced by Brittany Cronin and Noah Glick. They were fact-checked by Sierra Juarez and engineered by Gilly Moon and Katherine Silva. Kate Concannon edits The Indicator.The Planet Money version was produced by Dylan Sloan and edited by Dave Blanchard. Music: "Funk Lounge," "A Fulltime Job" and "Velvet Groove." Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

It's been a month since the collapse of Silicon Valley Bank touched off the worst episode of banking turmoil since 2008. While the financial system appears to have stabilized, we're still reckoning with what happened. Regulators are getting dragged before Congress. The Federal Reserve and the FDIC have promised reports on what went wrong with bank oversight. And judging by our inbox, you, our listeners, have a lot of lingering questions.Questions like: Was it a bailout? Where were the regulators? Is it over yet? And what about those other banks that were teetering on the edge?Today on the show, some answers for you.This episode was produced by Sam Yellowhorse Kesler with help from Willa Rubin. It was engineered by Brian Jarboe. It was fact-checked by Sierra Juarez and edited by Molly Messick. Jess Jiang is our acting executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Puerto Rico's beaches are an integral part of life on the island, and by law, they're one of the few places that are truly public. In practice, the sandy stretch of land where the water meets the shore is one of the island's most contested spaces.Today we're featuring an episode of the podcast La Brega from WNYC Studios and Futuro Studios, a show about Puerto Rico and the Puerto Rican experience. On the island, a legal definition dating back to the Spanish colonial period dictates what counts as a beach. But climate change, an influx of new residents and a real estate boom are all threatening legal public access to some of Puerto Rico's most cherished spaces. The debate all comes down to one question: what counts as a beach?You can listen to the rest of La Brega (in English and Spanish) here. They have two full seasons out, which explore the Puerto Rican experience through history and culture. Check it out.This episode was reported by Alana Casanova-Burgess and produced by Ezequiel Rodriguez Andino and Joaqui

In the first half of March, three banks - Silicon Valley Bank, Signature Bank, and Silvergate - all had relatively classic bank runs and collapsed. Which sparked some major banking stress. As a result, the Federal Reserve got a lot of requests to use one of its oldest and most important tools for soothing such troubles: the discount window.The discount window is like a safety net for banks. And recently, a lot of banks have needed it. So, what is the discount window, where did it come from, and how does it work? And, amidst all the recent banking turmoil, has it been working the way it should? In this episode, we crack open the discount window.This episode was produced by Emma Peaslee with help from Willa Rubin. It was engineered by Katherine Silva. It was fact-checked by Sierra Juarez and edited by Sally Helm. Jess Jiang is our acting executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Earlier this month, we saw the largest bank collapse since the 2008 financial crisis. For many of us, seeing Silicon Valley Bank's meltdown brought us right back to that time 15 years ago, at the beginning of what would become the Great Recession. In early 2009, one or two banks were failing every week. That's when Planet Money reporter Chana Joffe-Walt went inside one of those banks: the Bank of Clark County, in Washington State. Her reporting on the inner workings of a bank collapse and government takeover helps explain exactly what happens when a bank goes under, minute-by-minute. This story originally aired in March 2009 on This American Life, from WBEZ Chicago. We're airing it for the first time in full on our podcast.This version of the story was produced by Dylan Sloan and edited by Dave Blanchard. It was fact-checked by Sierra Juarez and engineered by Katherine Silva. Jess Jiang is Planet Money's acting executive producer.Music: "Butter" "Bassline Motion" and "Fantasmi." Help support Planet Money and

Richard J. Lonsinger is a member of the Ponca tribe of Oklahoma, who was adopted at a young age into a white family of three. He eventually reconnected with his birth family, but when his birth mother passed away in 2010, he wasn't included in the distribution of her estate. Feeling both hurt and excluded, he asked a judge to re-open her estate, to give him a part of one particular asset: an Osage headright.An Osage headright is a share of profits from resources like oil, gas, and coal that have been extracted from the Osage Nation's land. These payments can be sizeable - thousands or even tens of thousands of dollars a year. Historically, they were even larger – in the 1920s the Osage were some of the wealthiest people in the world. But that wealth also made them a target and subject to paternalistic and predatory laws. Over the previous century, hundreds of millions of dollars in oil money have been taken from the Osage people.On today's show: the story of how Richard Lonsinger gradually came to learn this

Sometimes you hear these stories about an airplane that suddenly nosedives. Everyone onboard thinks this is it, and then the plane levels out and everything is fine. For about 72 hours, people and companies that had deposited millions of dollars at the Silicon Valley Bank — many of whom were in the tech industry — thought they had lost absolutely everything to a bank collapse.Two weeks later, the situation at Silicon Valley Bank has leveled off. The FDIC seized the bank and eventually made all of its depositors whole. But to understand what that financial panic felt like, we retrace the Silicon Valley Bank run and eventual collapse. We hear from four people who were part of the bank run — when they realized early rumblings, what it felt like in the full stampede, what hard decisions they faced, and what the aftermath felt like. And along the way, we uncover the lessons you can only learn when you think the entire world is ending. This episode was reported by Kenny Malone, produced by Alyssa Jeong Perry with h

Since we started Planet Money Records and released the 47-year-old song "Inflation," the song has taken off. It recently hit 1 million streams on Spotify. And we now have a full line of merch — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers — n.pr/shopplanetmoney. After starting a label and negotiating our first record deal, we're taking the Inflation song out into the world to figure out the hidden economics of the music business. Things get complicated when we try to turn the song into a viral hit. Just sounding good isn't enough and turning a profit in the music business means being creative, patient and knowing the right people.This is part three of the Planet Money Records series. Here's part one and part two. Listen to "Inflation" on Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora. Listen to our remix, "Inflation [136bpm]," on Spotify, YouTube Music & Amazon Music. "Inflation" is on TikTok. (And — if you're inspired — add your own!

Silicon Valley Bank was the 16th largest bank in America, the bank of choice for tech startups and big-name venture capitalists. Then, in the span of just a few days, it collapsed. Whispers that SVB might be in trouble spread like wildfire through group texts and Twitter posts. Depositors raced to empty their accounts, withdrawing $42 billion in a single day. Last Friday, after regulators declared that SVB had failed, the FDIC seized the bank.As the dust settles on the biggest bank failure — and bank rescue — in recent memory, we're still figuring out what happened. But poor investment choices, weak regulation, and customer panic all played their parts. We'll look into the bank's collapse to understand what it can teach us about the business of banking itself.This episode was produced by Willa Rubin, with help from Dave Blanchard. It was edited by Keith Romer, and engineered by Brian Jarboe. Fact-checking by Sierra Juarez. Our acting executive producer is Jess Jiang.Music: "I Don't Do Gossip," "Groovy Little

Over the past year, dozens of shows have been disappearing from streaming platforms like HBO Max and Showtime. Shows like Minx, Made for Love, FBoy Island, and even big budget hits like Westworld have been removed entirely.So why did these platforms, after investing millions of dollars in creating original content, decide not just to cancel those shows, but to make them unavailable altogether?We dive into the economics of the television industry looking for answers to a streaming mystery that has affected both fans and creatives. And we find out what happens when the stream runs dry.This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Keith Romer. Engineering by Josh Newell. Sierra Juarez checked the facts. Jess Jiang is our acting executive producer.We want to hear your thoughts on the show! We have a short, anonymous survey we'd love for you to fill out: n.pr/pmsurveyHelp support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plu

As a kid, Ryanne Jones' friend accidentally hit her in the mouth with a hammer, knocking out her two front teeth. Her parents never had enough money for the dental care needed to fix them, so Ryanne lived much of her adult life with a chipped and crooked smile. Ryanne spent a while as a single mom working low-wage jobs, but she had higher aspirations: she interviewed dozens of times a year for higher-paying roles that she was more than qualified for. But she never landed any of them. And to her, it really seemed like the only thing standing between her and a better job was her rotting, brown front teeth. Our physical appearances can communicate a lot about our financial status. There are some things, such as clothing, that we have more control over. But there are other things that we don't — and they can have serious long-term economic consequences.This episode was originally run as part of Marketplace's This is Uncomfortable podcast.Reported by: Reema KhraisEdited by: Micaela Blei. Produced by: Zoë Saunders,