Marketplace All-in-One

We speak to a New York Times reporter about stock trades and conflicts of interest in Congress. Signs from shipping giant FedEx are pointing to some economic challenges ahead.

From the BBC World Service: Consumer prices rose 9.1% last month from a year ago according to the E.U. statistics agency. To help consumers deal with the rising cost of living, Spain is now offering free rail travel for commuters. A strike by French air traffic controllers is causing hundreds of European flight cancellations. The British pound has plunged to a fresh 37 year low against the U.S. dollar.

This week, Vox released an investigation into Launch House, a “professional social club” for tech founders, which among other activities, hosts members at a luxury property in Beverly Hills. But Vox reports that Launch House was, at times, more like a frat house with members alleging excessive partying and sexual assault. Launch House disputes some of these allegations. Marketplace’s Kimberly Adams speaks with Vox senior correspondent Rebecca Jennings, who reported the story.

A couple of Republican governors are paying to send migrants to Democratic strongholds, including Washington, D.C. and Martha’s Vineyard. We’ll talk about the history of using people to make political statements. Plus, Patagonia’s founder gave away his company, but the deal might not be what you’re thinking. And, congrats, Lizzo!

Here’s everything we talked about today:

Grab a beverage and join us Friday for Economics on Tap. We’ll be on the YouTube livestream starting at 6:30 Eastern time/3:30 Pacific. We’ll have more news, drinks and a game.

Last year, the IRS only answered about 1 in 10 taxpayer calls, and the average wait time was 30 minutes. Thanks to new funding from the Inflation Reduction Act, the agency is set to hire 5,000 new customer service agents. On today’s show, we’ll look at why that hiring spree is easier said than done. Plus, retail sales send mixed signals, ethereum gets a major update, and Arizona juggles population growth with a limited water supply.

First, there’s news that retail sales rose in August, which kicks off our conversation with Diane Swonk of KPMG. Elsewhere, it turns out high interest rates aren’t as bad for the markets as one may think. Then, we dive into the concept and some of the origin story of gerrymandering as part of our Econ Extra Credit series.

A rail strike that could have crunched the supply chain and damaged the economy has been averted mere hours before a deadline. The Biden administration plans to invest billions to battle greenhouse gas emissions. Sides are dueling on a plan to bury power lines in California.

From the BBC World Service: As President Putin suffers setbacks in his war in Ukraine, he heads to central Asia for an in-person meeting with China’s president, Xi Jinping. The UK is considering removing the cap on bankers’ bonuses. A Pakistan and United Nations appeal for funding to help flood victims has raised just a quarter of its $160m goal. People in Lebanon have been holding up banks to get access to their own cash.

When far away from cellphone towers, people in remote locations or in emergencies rely on satellite phones, devices that connect to satellites in orbit to send messages or make calls. Last week, Apple announced a feature for its newest iPhones that will allow some users to send emergency texts through a satellite connection. Elon Musk’s Starlink also has a plan to turn your cellphone into a sat phone. Marketplace’s Kimberly Adams speaks with Tim Farrar, president of consulting firm Telecom, Media and Finance Associates, about why big tech and telecom companies are getting into satellite communications and how much consumer demand there is for sat phones.

Inflation is still high (sigh), which means the Federal Reserve will raise interest rates again next week. One listener is wondering why the Fed has pursued incremental rate hikes as opposed to one jumbo increase. We’ve got answers! Plus, why is the Fed’s inflation target 2% anyway, and what does it have to do with New Zealand? Then, questions about the queen, the Commonwealth and currency!

Here’s everything we talked about:

Keep sending your questions. We’re at [email protected] or leave us a voice memo at 508-U-B-SMART.