Planet Money

We are living in a kind of golden age for online fraudsters. As the number of apps and services for storing and sending money has exploded – so too have the schemes that bad actors have cooked up to steal that money. Every year, we hear more and more stories of financial heartbreak. What you don't often hear about is what happens after the scam?On today's show, we follow one woman who was scammed out of over $800,000 on her quest to get her money back. That journey takes her from the halls of the FBI to the fraud departments of some of the country's biggest financial institutions. And it offers a window into how the systems that are theoretically designed to help the victims of financial cybercrime actually work in practice. This episode was hosted by Alexi Horowitz-Ghazi and Jeff Guo. It was produced by Willa Rubin and edited by Keith Romer. It was engineered by Neal Rauch and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and hear our bonus episod

On today's episode, we ride through the streets of San Francisco with a long-time junkman, Jon Rolston. Jon has spent the last two decades clearing out houses and offices of their junk. He's found all sorts of items: a life-time supply of toilet paper, gold rings, $20,000 in cash. Over the years, he's developed a keen eye for what has value and what might sell. He's become a kind of trash savant.As we ride with Jon, he shows us the whole ecosystem of how our reusable trash gets dealt with — from metals (ferrous and non-ferrous) to tires to cardboard. And we see how our junk can sometimes get a second chance at life. If you can understand the junk market like Jon, you can understand dozens of trends in our economy. This episode was hosted by Erika Beras and James Sneed, and produced by James Sneed with help from Emma Peaslee. It was edited by Jess Jiang. Engineering by Josh Newell. It was fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and hear our b

By one estimate, 40 percent of American workers get laid off at least once in their careers. And when that happens, companies will often say, "It's not personal. It has nothing to do with you or your performance. We're just changing priorities, making a strategic shift." It's like the business version of: "It's not you, it's me." And just like a breakup, it feels terrible. This happened to a man we're calling V, who was working at the same company as his husband when he got laid off. And for V, the experience felt shocking. It left him and his husband with a lot of unresolved questions. On today's show, the story of that layoff. And we help that couple get some answers by taking their questions to an HR expert who gives the low-down on lay-offs. This story is adapted from a 3-part series on layoffs produced by Yowei Shaw for her show, Proxy. The layoff series was edited by John DeLore with research and reporting help from Kim Nederveen Pieterse. You can listen to the full layoff series from Proxy wherever you

Last month, the world narrowly avoided a cyberattack of stunning ambition. The targets were some of the most important computers on the planet. Computers that power the internet. Computers used by banks and airlines and even the military. What these computers had in common was that they all relied on open source software. A strange fact about modern life is that most of the computers responsible for it are running open source software. That is, software mostly written by unpaid, sometimes even anonymous volunteers. Some crucial open source programs are managed by just a single overworked programmer. And as the world learned last month, these programs can become attractive targets for hackers. In this case, the hackers had infiltrated a popular open source program called XZ. Slowly, over the course of two years, they transformed XZ into a secret backdoor. And if they hadn't been caught, they could have taken control of large swaths of the internet. On today's show, we get the story behind the XZ hack and what

In the past few months, the price of gold has gone way up – even hitting a new high last month at just over $2,400 per troy ounce. Gold has long had a shiny quality to it, literally and in the marketplace. And we wondered, why is that? Today on the show, we revisit a Planet Money classic episode: Why Gold? Jacob Goldstein and David Kestenbaum will peruse the periodic table of the elements with one goal in mind: to learn which element would really make the best money.This classic Planet Money episode was part of the Planet Money Buys Gold series, and was hosted by Jacob Goldstein and David Kestenbaum.This rerun was hosted by Sally Helm, produced by Willa Rubin, edited by Keith Romer, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Always free at these links: Apple Podcasts, Spotify, Google Podcasts, the NPR app or anywhere you get podcasts.Learn more

Karen McDonough of Quincy, Mass., was enjoying her tea one morning in the dining room when she saw something odd outside her window: a group of people gathering on her lawn. A man with a clipboard told her that her home no longer belonged to her. It didn't matter that she'd been paying her mortgage for 17 years and was current on it. She was a nurse with a good job and had raised her kids there. But this was a foreclosure sale, and she was going to lose her house. McDonough had fallen victim to what's called a zombie second mortgage. Homeowners think these loans are long dead. But then the loans come back to life because they get bought up, sometimes for pennies on the dollar, by debt collectors that then move to collect and foreclose on people's homes. On today's episode: An NPR investigation reveals the practice to be widespread. Also, what are zombie mortgages? Is all this legal? And is there any way for homeowners to fight the zombies? You can read more about zombie second mortgages online at: npr.org/zom

Why do video game workers offer labor at a discount? How can you design a video game for blind and sighted players? Does that design have lessons for other industries?These and other questions about the business of video games answered in todays episode. The Indicator just wrapped a weeklong series decoding the economics of the video game industry, we're excerpting some highlights. First, we meet some of the workers who are struggling with the heavy demands placed on them in their booming industry, and how they are fighting back. Then, we check in on how game developers are pulling in new audiences by creatively designing for people who couldn't always play. How has accessibility become an increasingly important priority for game developers? And, how can more players join in the fun?You can hear the rest of our weeklong series on the gaming industry at this link, or wherever you get your podcasts. This episode was hosted by Wailin Wong and Darian Woods. Corey Bridges produced this episode with help from James

Today on the show, the story of the modern consumer movement in the U.S. and the person who inspired it: Ralph Nader. How Ralph Nader's battle in the 1960s set the stage for decades of regulation and sparked a debate in the U.S. about how much regulation is the right amount and how much is too much. This episode was made in collaboration with NPR's Throughline. For more about Ralph Nader and safety regulations, listen to their original episode, "Ralph Nader, Consumer Crusader."This Planet Money episode was produced by Emma Peaslee and edited by Jess Jiang. The Throughline episode was produced by Rund Abdelfatah, Ramtin Arablouei, Lawrence Wu, Julie Caine, Anya Steinberg, Casey Miner, Cristina Kim, Devin Katayama, Peter Balonon-Rosen, Irene Noguchi, and fact-checking by Kevin Volkl. The episode was mixed by Josh Newell.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adc

(Note: This episode originally ran in 2021.)Millions of American workers in all sorts of industries have signed some form of noncompete agreement. Their pervasiveness has led to situations where workers looking to change jobs can be locked out of their fields.On today's episode: how one man tried to end noncompete contracts in his home state of Hawaii. And we update that story with news of a recent ruling from the Federal Trade Commission that could ban most noncompete agreements nationwide.This episode was hosted by Erika Beras and Amanda Aronczyk. The original piece was produced by Dave Blanchard, edited by Ebony Reed, and engineered by Isaac Rodrigues. The update was reported and produced by Willa Rubin. It was edited by Keith Romer, fact-checked by Sierra Juarez, and engineered by Josephine Nyounai.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privac

About thirty years ago, Yagya Kumar Pradhan woke up to the news that the temple he and his clan used had been broken into. The temple had been ransacked. And someone had stolen two holy Bhairav masks. Yagya says they had been in his family for more than five hundred years – since the 16th century. Yagya is a kind of Hindu priest for his clan. And he says, these Bhairav masks were very holy. People made offerings to them during Dashaun, a festival held in the fall. Yagya thought the masks were gone for good. He didn't realize... they were hiding in plain sight. On today's show: The story of a group of amateur art detectives who use modern tools, subterfuge, and the power of the law to return stolen artifacts to their rightful owners. And we dive into the world of high-end auctions and art museums to ask: Can the art world survive the legacy of cultural theft? Clarification: This episode has been updated to clarify that the reason the Rubin Museum is shuttering its building is not directly linked to repatriatio

(Note: This episode originally ran in 2023.)Union membership in the U.S. has been declining for decades. But, in 2022, support for unions among Americans was the highest it's been in decades. This dissonance is due, in part, to the difficulties of one important phase in the life cycle of a union: setting up a union in the first place. One place where that has been particularly clear is at the Volkswagen plant in Chattanooga, Tennessee.Back in 2008, Volkswagen announced that they would be setting up production in the United States after a 20-year absence. They planned to build a new auto manufacturing plant in Chattanooga. Volkswagen has plants all over the world, all of which have some kind of worker representation, and the company said that it wanted that for Chattanooga too. So, the United Auto Workers, the union that traditionally represents auto workers, thought they would be able to successfully unionize this plant. They were wrong.In this episode, we tell the story of the UAW's 10-year fight to unionize

For the last year and a half, the story of FTX has focused largely on the crimes and punishment of Sam Bankman-Fried. But in the background, the actual customers he left behind have been caught in a financial feeding frenzy over the remains of the company. On today's show, we do a deep dive into the anatomy of the FTX bankruptcy. We meet the vulture investors who make markets out of risky debt, and hear how customers fare in the secretive world of bankruptcy claims trading. This episode was hosted by Alexi Horowitz-Ghazi and Amanda Aronczyk. It was produced by James Sneed and Sam Yellowhorse Kesler. It was edited by Jess Jiang, and fact-checked by Sierra Jaurez. It was engineered by TK. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

What's going on with consumers? This is one of the trickiest puzzles of this weird economic moment we're in. We've covered a version of this before under the term "vibecession," but it's safe to say, the struggle is in fact real. It is not just in our heads. Sure, sure, some data is looking great. But not all of it. What's interesting, is exactly why the bad feels so much worse than the good feels good. Today on the show, we look into a few theories on why feelings are just not matching up with data. We'll break down some numbers and how to think about them. Then we look at grocery prices in particular, and an effort to combat unfair pricing using a mostly forgotten 1930's law. Will it actually help? Today's episode is adapted from episodes for Planet Money's daily show, The Indicator. Subscribe here. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy

TikTok, and other apps like it, are filled with financial advice. Some of it is reliable, some... less so. There are videos about running a business, having a side hustle, generating passive income. And also, there are a lot of tips and tricks, many of them questionable, about saving on your taxes. On this show, we run some of the greatest hits of TikTok tax advice by some bonafide tax experts. We'll talk about whether you can use gambling losses to reduce your tax bill, whether your pets qualify you for tax deductions – and we'll fact check the claim that all rich people own expensive Mercedes G-Wagons... for tax purposes. Along the way, we'll drill down on the concepts like taxable income and the standard deduction. And we'll ask why so many videos on TikTok suggest that you (fraudulently) categorize personal expenses as business expenses. Sometimes with a literal wink and a nod. This episode was hosted by Nick Fountain. It was produced by Emma Peaslee with help from Willa Rubin, who also fact-checked this

This episode originally ran in 2015.About one hundred years ago, a scientist and statistician named Francis Galston came upon an opportunity to test how well regular people were at answering a question. He was at a fair where lots of people were guessing the weight of an ox, so he decided to take the average of all their guesses and compare it to the correct answer.What he found shocked him. The average of their guesses was almost exactly accurate. The crowd was off by just one pound.This eerie phenomenon—this idea that the crowd is right—drives everything from the stock market to the price of orange juice.So, we decided to test it for ourselves. We asked Planet Money listeners to guess the weight of a cow.Spoiler: You can see the results here.This episode was hosted by David Kestenbaum and Jacob Goldstein. It was produced by Nadia Wilson and edited by Bryant Urstadt. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Po

Last month, Japan's central bank raised interest rates for the first time in 17 years. That is a really big deal, because it means that one of the spookiest stories in modern economics might finally have an ending. Back in the 1980s, Japan performed something of an economic miracle. It transformed itself into the number two economy in the world. From Walkmans to Toyotas, the U.S. was awash in Japanese imports. And Japanese companies went on a spending spree. Sony bought up Columbia Pictures. Mitsubishi became the new majority owners of Rockefeller Center. But in the early 1990s, it all came to a sudden halt. Japan went from being one of the fastest growing countries in the world to one of the slowest. And this economic stagnation went on and on and on. For decades. On this episode, the unnerving story of Japan's Lost Decades: How did one of the most advanced economies in the world just fall down one day — and not be able to get up? Japan's predicament changed our understanding of what can go wrong in a modern

In 2019, Mike Ketchmark got a call. Mike is a lawyer in Kansas City, Missouri, and his friend, Brandon Boulware, another lawyer, was calling about a case he wanted Mike to get involved with. Mike was an unusual choice - he's a personal injury lawyer, and this was going to be an antitrust case. But Brandon knew Mike was great in front of a jury. And that he'd won huge settlements for his clients in the past. So the lawyer friend drops by Mike's office, and pitches him the case. Rhonda and Scott Burnett had just sold their home for $250,000 dollars, and out of that amount, they had paid $15,000 in commission (plus a small fee), which was split between two real estate agents - even though they had hired only one. And the commission was high - 6%. Mike's friend said the whole thing seemed... suspicious. Maybe even illegal. Mike agreed to take the case, a case that would soon become bigger than one about just what had happened to the Burnetts. It would become a fight about the way homes are bought and sold in the

There's been a lot of disagreement in Congress and in the country about whether the U.S. should continue to financially support the wars in Ukraine and Gaza. Some taxpayers don't think the U.S. should give Ukraine any money to fight off Russia's invasion. And some taxpayers have concerns about how they might be funding weapons that have been used to kill civilians in Gaza. And there are questions about how much individual taxpayers contribute to war efforts, generally. So in this episode, we attempt to do the math: The average taxpayers' contribution to Israel and Ukraine. It's not so simple. But in attempting to do this math, we get this window into the role of our tax dollars on foreign assistance, and how the U.S. sells weapons to other countries. For links to some of the reports we looked at to report this episode, check out the episode page on NPR.org.This episode was hosted by Sarah Gonzalez and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked

(Note: This episode originally ran in 2020.)In the restaurant game, you need to make the most of every table every minute you are open. And you need to make sure your guests are happy, comfortable, and want to come back.If you're a restaurateur, your gut tells you "more seats, more money," but, in this episode, restaurant design expert Stephani Robson upends all that and more. She helps Roni Mazumdar, owner of the casual Indian spot Adda in New York's Long Island City, rethink how a customer behaves at a table, and how small changes can lead to a lot more money.It's a data-driven restaurant makeover.This episode was originally produced by Darian Woods and Alexi Horowitz-Ghazi. James Sneed and Sam Yellowhorse Kesler produced this update. Engineering by Isaac Rodrigues and Maggie Luthar. Alex Goldmark originally edited the show and is now Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more

It is rare that a new e-commerce company has such a meteoric rise as Temu. The company, which launched in the fall of 2022, has been flooding the American advertising market, buying much of the inventory of Facebook, Snapchat, and beyond. According to the market intelligence firm Sensor Tower, Temu is one of the most downloaded iPhone apps in the country, with around 50 million monthly active users.On today's show, we go deep on Temu: How does it work, how did it manage such a quick rise in the U.S., and what hints might it offer us about the future of retail? Plus, we'll talk to the bicycle-loving U.S. Representative who is working to shut down a loophole that has proved very helpful to Temu's swift ascent. This episode was hosted by Nick Fountain and Alexi Horowitz-Ghazi with reporting from Emily Feng. It was produced by Sam Yellowhorse Kesler and Emma Peaslee. It was edited by Keith Romer, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. He