The South Korea trade deal we were talking about has finally gone through, and there's a lot in there: cars, currency manipulation and steel. South Korea gets out from under the steel tariffs that went into effect last Friday in return for limiting how much it sends here. The "here" in this case happens to be just 6 miles from Marketplace headquarters in Los Angeles. We went to Hannibal Industries, where 300 employees use imported steel to manufacture pallet racks you see at places like Costco. They're used to some instability, but new tariffs could be a "worst-case scenario" for their business. Then: The latest on Facebook's privacy fiasco. Plus: What's that thing we're always saying? Listen to the bond markets.
It goes something like this: "Politicians use economics the way a drunk uses a lamppost: for support, not illumination." It's what Princeton economist Alan Blinder is exploring in his new book: Why can't economists and lawmakers seem to understand each other? First though: The Department of Commerce says it's going to ask people about their citizenship in 2020. Several states are suing, and critics say it could keep some folks from talking to census takers. Today we'll look at the potential consequences of undercounting. Plus: Mark Zuckerberg said he'd testify before Congress about the Cambridge Analyitica scandal, but he doesn't plan to talk to the United Kingdom Parliament. We'll look at the European perspective on Facebook's latest controversy.
Cambridge Analytica allegedly leveraged a personality test taken by 270,000 people to scrape data from 50 million Facebook users in its effort to influence elections. The quiz was based on a popular test used for modeling what’s called the “Big 5” personality traits. We had Kai Ryssdal take the personality test and talk to cybersecurity researcher Stephen Cobb about how these tests can be used as a message-targeting tool. Also on today's show: South Korea has become the first nation to be permanently exempted from the steel and aluminum tariffs. But it has also accepted quotas reducing the quantity of steel it sends to the U.S. Lastly, we take a look at "opportunity zones," programs in the new tax law that are trying to bring private investment to low-income communities. Such programs have proven ineffective for nearly 40 years, so why try again?
After threatening to veto it this morning, President Donald Trump signed a $1.3 trillion plan to fund the government through September. Where did it leave DACA? Nowhere. The spending bill doesn't include a permanent solution for people brought into the country illegally when they were children. We follow up with a few young undocumented immigrants who remain in limbo. Also on today's show: tariffs. Trump’s decision to impose tariffs on more than $50 billion worth of Chinese imports has brought a swift and firm response from China. But there’s also been talk of possible trade compromises. And steel and aluminum tariffs go into effect today, except for European Union nations. They are temporarily exempted, but that doesn’t mean there won't be tariffs in the future. We also run through the week's news with Rachel Abrams of the New York Times and Catherine Rampell of the Washington Post.
Early last year, before Cambridge Analytica was making headlines for their use of Facebook data, Parsons School of Design Associate Professor David Carroll filed a legal claim in the United Kingdom against the company. He used a British data protection law to request the data that Cambridge Analytica had gathered on him. Though he received some data from the company about a month later, he says it was incomplete. Now, Carroll is suing Cambridge Analytica; we ask him why. Also on today's show: We talk to television writer, producer and director Nell Scovell about her new book “Just the Funny Parts” and about giving women a seat at the table in Hollywood. Plus, our last installment of Kai's interview with Ben Bernanke, Hank Paulson and Tim Geithner.
You can catch the full interview in a bonus episode by subscribing to this podcast!
Your regular episode of Marketplace is coming later today, but for now we have something special. It's an interview a decade in the making: Treasury Secretary Hank Paulson, Federal Reserve Chair Ben Bernanke, and President of the New York Fed Tim Geithner, who later served as Treasury Secretary under President Obama. In 2008, they worked together to coordinate an unprecedented response to the financial crisis, often racing to do so against the clock and public opinion.
For the first time they've been together in public since crisis, Bernanke, Paulson and Geithner sat down with us to discuss Bear Stearns, the government takeovers of Fannie Mae and Freddie Mac, Lehman weekend and the fear they felt as they struggled to stop the financial crisis spreading from Wall Street to Main Street. They talked about their biggest regrets and why they wished they'd done a better job explaining their actions to the American people. Then, they looked ahead to talk about our ability to fight the next financial crisis and why a functioning Congress is so important to solve crises before they start.
This interview is part of Marketplace’s coverage of the ten-year anniversary of the financial crisis called Divided Decade, a year-long project exploring what happened, why it matters now and how the aftermath will continue to have an impact on Americans’ economic future.