Planet Money

Starting a bank is like launching any business, but with way more regulations! Follow two women in Columbus, Ohio, as they tackle the daunting challenges of creating a community bank. Discover the unique focus on empowering female entrepreneurs and the hurdles faced in the wake of past financial crises. Get a glimpse into the meticulous planning and the exciting journey to the grand opening, complete with humorous anecdotes and overcoming obstacles. It's a fascinating exploration of innovation and resilience in the banking world!

Mark Longo, owner and caretaker of Peanut, the viral pet squirrel, shares the incredible story of Peanut’s rise from street rodent to social media superstar. He reflects on the chaotic aftermath of Peanut's fame, including a political saga and the emergence of a memecoin in his name. Mark offers insights into the emotional rollercoaster of navigating online stardom, the challenges of recognition in the meme coin market, and the dark side of fame in today's attention-driven economy.

Nick Navas, a freelance reporter, teams up with Zeke Fox, an investigative journalist at Bloomberg, to dive into the wild world of memecoins. They explore how a satirical joke transformed into a multi-billion dollar market, unveiling stories of overnight millionaires and unfortunate losses. The duo discusses the influence of social media figures like Elon Musk and the chaotic dynamics of trading platforms, likening the thrill of investing in memecoins to gambling. The conversation reveals both the hilarious and alarming sides of this cryptocurrency phenomenon.

Tyson Foods faces backlash for closing a plant in Perry, Iowa, while hiring asylum seekers elsewhere. With personal stories from both former American workers and new migrants, the podcast explores the emotional fallout of corporate decisions. Insights into Tyson's hiring practices reveal a complex narrative of labor dynamics. One migrant shares his journey from Venezuela to finding stability in Tennessee, highlighting the contrasting experiences of those affected by these hiring changes. The episode raises questions about inequality and the impact of immigration on local economies.

Victor Hagani, one of the youngest traders at Long Term Capital Management, shares his firsthand insights into the firm’s meteoric rise and catastrophic fall. He discusses how this elite group initially thrived by leveraging complex mathematical models to exploit market discrepancies. However, their overconfidence led to a collapse during financial crises, emphasizing the shocking interplay between human nature and rigid algorithms. Hagani offers cautionary lessons on risk management and the perils of ignoring historical precedents in investment strategies.

Dive into the fascinating world of presidential power versus Congressional authority over spending. The discussion centers on the concept of 'impoundment,' tracing its historical roots from Thomas Jefferson to modern times. Explore how President Trump navigated these legal waters and the ramifications of his actions. Hear insights from constitutional scholars about the implications for federal funding, agency dismantling, and the potential for a constitutional showdown. The complexities of government finance take center stage, revealing the tug-of-war between elected branches.

Lauren Bauer, an expert on nutrition assistance programs at the Brookings Institution, sheds light on the federal spending chaos caused by a Trump-era freeze. She discusses the real impact on jobs and services like healthcare and childcare. The conversation highlights an invaluable tool—the Daily Treasury Statement—that helps track federal funds amid confusion. They explore how transparency in government spending is crucial, especially during turbulent times, ensuring citizens can stay informed and advocate for their needs.

Tigran Gambaryan, a former IRS Special Agent dubbed the 'Crypto Wizard,' shares his gripping story of being detained for eight months in Nigeria. He recounts a chaotic meeting with government officials who accused Binance of economic misdeeds. Amidst the harsh realities of prison life, Tigran faced dire conditions and fought for survival, all while longing for contact with his family. His harrowing journey sheds light on the complex dynamics of cryptocurrency in unstable economies and the systemic flaws within Nigeria's legal system.

Dive into the epic tale of the San Jose, a 17th-century galleon brimming with treasure, which sank off Colombia in 1708. Discover the thrilling search for its wreckage and the astonishing treasures unearthed, along with the intense legal battles over ownership. Delve into the historical implications that reveal colonial legacies and the indigenous voices advocating for reparations tied to this maritime saga. The complexities of undersea claims highlight the intertwining of history, morality, and the quest for lost riches.

John Koza, a computer scientist and the inventor of scratch-off lottery tickets, shares the fascinating journey of how these instant lotteries transformed American gambling. He discusses the surprising fact that Americans spend more on scratch tickets than on pizza or Coca-Cola. Koza details the innovative collaboration that led to their creation and the challenges of fraud prevention. The conversation explores the cultural impact of scratch tickets in Massachusetts, addressing their addictive nature and societal implications.