Every weekday on Marketplace, Kai Ryssdal hosts a lively and unexpected exploration of the day’s business and economic news from Wall Street to your wallet.
The thing about Hurricane Harvey is that other than there's gonna be more rain in and around Houston, there's a whole lot we don't know. We'll start with oil. Some of the biggest oil refineries in the country, not to mention the Port of Houston, are shut down right now, and it's not clear when any of that will open back up. Then we'll talk about the empty posts at key agencies responding to Harvey and the shelter strategy for people whose homes are underwater. Plus, we'll look at why Houston is especially susceptible to flooding. Believe it or not, there's other news to talk about today, too, including the Trump administration's restoration of a program that gives military gear to police and Uber's new CEO.
Remember when the news slowed down? Us too. The government has just five weeks to raise the debt limit and pass a budget, avoiding a government shutdown and potential global financial crisis. Trump and congressional leaders have few months more than that to pass tax reform, according to the latest deadline set by economic adviser Gary Cohn. We'll talk about the chances of both happening in time, plus the latest out of the Fed, during the Weekly Wrap. Then: Hurricane Harvey is a Category 3 storm as of this taping, and its eye is just off the coast of Corpus Christi, Texas. There are lives at risk, and the region is looking at billions in property damage. But the geography of the American petroleum industry means Harvey's costs will reverberate throughout the country.
The four-letter word of global trade (so to speak) is "tariff." There are times when tariffs seem like they'd be a good thing, usually when people with power feel like the economy's not working for them. But if you bring up tariffs in polite conversation with a bunch of economists, they're gonna go right to the Smoot-Hawley Act of 1930. Perhaps the most infamous of American tariffs, it's credited by some with deepening the Great Depression. We'll talk about it as we continue our series on globalization, "Trade-off." Plus, we'll bring you the latest on the White House, Congress and the possibility of a government shutdown. Then: Taylor Swift is putting out a new single tonight, ahead of a new album in November, and you know we found the business angles.
President Trump has given three speeches in as many days this week: About Afghanistan on Monday, to the American Legion today, with a Phoenix campaign rally in between. That one was the most free-form, the most off-script and the most economic, so we'll start the show there today, with some of what the president said and the level of economic sense it makes (or didn't make). Then: College students are headed back to school or arriving on campus for the first time in the coming weeks. More of them than ever are likely going to need some kind of mental health service. We'll check in on how colleges are beefing up their counseling services in response to increasing demand. Plus: Google and Walmart ink a deal in the fight against Amazon.
The CEO of an important but semiobscure technology company sent an all-staff email last week. Before Charlottesville, that wouldn't be news, but this note was a little different: "I woke up this morning in a bad mood and decided to kick them off the Internet. ... It was a decision I could make because I’m the CEO of a major Internet infrastructure company." The "them" in this case is The Daily Stormer, a white supremacist site. "Having made that decision," Matthew Prince continued, "we now need to talk about why it is so dangerous." Today, we called up Prince to do just that. Then: If chart performance and YouTube streams are any indication, and most would say they are, "Despacito" by Puerto Rican stars Luis Fonsi and Daddy Yankee is the song of the summer. But will its success spill over into tourism dollars for the beleaguered territory? Finally: Oregon becomes the first state add an extra tax on bikes.
You can look at the costs of increasing the number American troops in Afghanistan in a couple of ways, right? There's lives, of course, the most basic measure. The easiest way is probably in dollars and cents, billions of them. Trump makes his first prime time address as president tonight, talking about how America will move forward in a war that's been going on since 2001. There's a stability question here too: Despite, or maybe because of 16 years of American and allied involvement the Afghan economy is still in trouble. Then: The President is settling back into the White House and Congress is getting back to work, but over the recess the media balance has shifted. Steve Bannon walked out of the White House and back into his website Breitbart. We'll talk about what that means amid a busy fall at the capital. Plus, just as the U.S. started to catch up on credit card security, scammers have moved on to a new target: your phone.