The carried interest tax loophole is a way that wealthy Americans – often the people who manage hedge funds or private equity firms – avoid paying billions of dollars worth of taxes. It has been one of the most controversial yet durable features of the U.S. tax code. But where did it come from? Today we romp through space and time to piece together the origins of this loophole. There will be pirates and mutiny. A 50s tax-dodge-a-palooza. And perhaps the Michelangelo of tax lawyers. | Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

We try to start a real record label. Just to put one song out there. It's a song about inflation, recorded in 1975... and never released. Until now.

This is part one of the Planet Money Records series. Here's part two and part three.

Update: We now have merch! We released a line of Inflation song gear — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers. You can find it here: n.pr/shopplanetmoney.

Listen to "Inflation" on Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.

Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

"ESG" investing – Environmental, Social, Governance – has attracted a lot of attention from investors, and from Republican politicians who call it "woke investing." On today's show, what the fight over ESG reveals about the potential and limitations of sustainable investing.

Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

It's that time of year again! Our annual year-end tradition of checking in on previous stories to hear what happened after the microphones stopped running.

We'll hear from a CEO who was trying to get her company out of Russia amidst the war in Ukraine, check in with an organizer who was trying to turn his community into a city, follow-up on our experiment in polling, and get the latest from our record label — Planet Money Records. Plus, we learn of a romance sparked by a podcast episode!

Check out the original stories:

Eagles vs. Chickens
Escape from Russia
A tale of two cityhoods
Planet Money tries election polling
The $100 million deli
Planet Money Records Vol. 1: Earnest Jackson
Planet Money Records Vol. 2: The Negotiation

Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

It's been a month since the collapse of Silicon Valley Bank touched off the worst episode of banking turmoil since 2008. While the financial system appears to have stabilized, we're still reckoning with what happened. Regulators are getting dragged before Congress. The Federal Reserve and the FDIC have promised reports on what went wrong with bank oversight. And judging by our inbox, you, our listeners, have a lot of lingering questions.

Questions like: Was it a bailout? Where were the regulators? Is it over yet? And what about those other banks that were teetering on the edge?

Today on the show, some answers for you.

This episode was produced by Sam Yellowhorse Kesler with help from Willa Rubin. It was engineered by Brian Jarboe. It was fact-checked by Sierra Juarez and edited by Molly Messick. Jess Jiang is our acting 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/adchoices

NPR Privacy Policy

Right now, the economy is running hot. Inflation is high, and central banks are pushing up interest rates to fight it. But before the pandemic, economies around the world were stuck in a different rut: low inflation, low interest rates, low growth.

In 2013, Larry Summers unearthed an old term from the Great Depression to explain why the economy was in this rut: secular stagnation. The theory resonated with Olivier Blanchard, another leading scholar, because he had made similar observations himself. Larry and Olivier would go on to build a case for why secular stagnation was a defining theory of the economy and why government policies needed to respond to it. They helped reshape many people's understanding of the economy, and suggested that this period of slow growth and low interest rates was here to stay for a long time.

But today, Larry and Olivier are no longer the duo they used to be. As inflation has spiked worldwide, interest rates have followed suit. Earlier this year, Larry announced that he was no longer on the secular stagnation train. Olivier, meanwhile, believes we're just going through a minor blip and will return to a period of low interest rates within the near future. He doesn't see the deep forces that led to a long-run decline in interest rates as just vanishing. Who's right? The future of the global economy could depend on the answer.

Help support Planet Money by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Imagine if we built cars the same way we build houses. First, a typical buyer would meet with the car designer, and tell them what kind of car they want. Then the designer would draw up plans for the car.

The buyer would call different car builders in their town and show them the blueprints. And the builders might say, "Yeah, I can build you that car based on this blueprint. It will cost $1 million and it will be ready in a year and a half."

There are lots of reasons why homes are so expensive in the U.S., zoning and land prices among them. But also, the way we build houses is very slow and very inefficient. So, why don't we build homes the way we build so many other things, by mass producing them in a factory?

In this episode, the century-old dream of the factory-built house, and the possibility of a prefab future.

This episode was produced by Emma Peaslee. Molly Messick edited the show, and it was fact-checked by Sierra Juarez. Brian Jarboe mastered the episode. Jess Jiang is our acting 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/adchoices

NPR Privacy Policy

When it comes to big questions about the economy, we're still kind of in the dark ages. Why do some economies grow so much faster than others? How long is the next recession going to last? How do we stop inflation without wrecking the rest of the economy? These questions are the domain of macroeconomics. But even some macroeconomists themselves admit: While we have many theories about how the economy works, we have very few satisfying answers.

Emi Nakamura wants to change all that. She's a superstar economist who is a pioneer in the field of "empirical macroeconomics." She finds clever ways of using data to untangle some of the oldest mysteries in macroeconomics, about the invisible hand, the consequences of government spending, and the inner workings of inflation.

Recently we called her up to ask her why the economy is so difficult to understand in first place, and how she's trying to find answers anyway. She gets into all of that, and how Jeff Goldblum shaped her career as an economist, in this episode.

This show was hosted by Jeff Guo and Nick Fountain. It was produced by Dave Blanchard with help from Sam Yellowhorse Kesler. It was engineered by Josephine Nyounai and fact checked by Sierra Juarez. Keith Romer edited the show. Alex Goldmark is our 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/adchoices

NPR Privacy Policy

Dan Ariely and Francesca Gino are two of the biggest stars in behavioral science. Both have conducted blockbuster research into how to make people more honest, research we've highlighted on Planet Money. The two worked together on a paper about how to "nudge" people to be more honest on things like forms or tax returns. Their trick: move the location where people attest that they have filled in a form honestly from the bottom of the form to the top.

But recently, questions have arisen about whether the data Ariely and Gino relied on in their famous paper about honesty were fabricated — whether their research into honesty was itself built on lies. The blog Data Colada went looking for clues in the cells of the studies' Excel spreadsheets, the shapes of their data distributions, and even the fonts that were used.

The Hartford, an insurance company that collaborated with Ariely on one implicated study, told NPR this week in a statement that it could confirm that the data it had provided for that study had been altered had been altered after they gave it to Ariely, but prior to the research's publication: "It is clear the data was manipulated inappropriately and supplemented by synthesized or fabricated data."

Ariely denies that he was responsible for the falsified data. "Getting the data file was the extent of my involvement with the data," he told NPR.

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/adchoices

NPR Privacy Policy

Across Hollywood right now, writers and actors are picketing in front of studio lots. They're walking back and forth, holding up signs demanding concessions on things like pay, how many writers work on projects, and the use of AI in TV and movies.

But, on some of these lots, there are these strange alternate entrances where there are no picketers. Here drivers can come and go as they please without ever encountering any sign of a strike.

Behold the neutral gate. An entrance intended for people who work at these lots but don't work for production companies that are involved with these particular strikes. (Usually that means things like game shows or TV commercials.)

But, as one group of picketers recently experienced, it's hard to know if these entrances are, in fact, only being used by neutral parties or if the entrances might be being abused.

On today's episode, the question of whether one Hollywood production was taking advantage of the neutral gate, and what the fight over a driveway can teach us about the broader labor battles in Hollywood and across the country.

This episode was hosted by Dave Blanchard and Alexi Horowitz-Ghazi, with reporting from Kenny Malone. It was produced by James Sneed and engineered by James Willetts. It was fact checked by Sierra Juarez and edited by Keith Romer. Alex Goldmark is our 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/adchoices

NPR Privacy Policy

Ba-dee-yah! Say do you remember? Ba-dee-yah! Questions in September!

That's right - it's time for Listener Questions!

Every so often, we like to hear from listeners about what's on their minds, and we try to get to the bottom of their economic mysteries. On today's show, we have questions like:

Why is September historically the worst month for the stock market?
How did the Bass Pro Shops hat get so popular in Ecuador?
Are casinos banks?
What is the Federal Reserve's new plan to make bank transfers faster?

Today's show was hosted by Sarah Gonzalez and produced by James Sneed. The audio engineer for this episode was Josephine Nyounai. It was fact checked by Sierra Juarez and edited by Dave Blanchard. Alex Goldmark is our 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/adchoices

NPR Privacy Policy

China's economic growth for the past few decades has been extraordinary. And much of that growth was fueled by real estate – it was like this miraculous economic engine for the country. But recently, that engine seems to have stopped working. And that has raised all kinds of questions not just for China but also for the global economy.

Today on the show, we look at what's happening inside China's real estate market. And we try to answer the question: how did we get 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/adchoices

NPR Privacy Policy

What if you could borrow money on the cheap and use it to pay for just about anything? The U.S. government can, and does, with U.S. Treasuries. But the market for Treasuries might be more fragile than we know.

In this episode, Yesha Yadav of Vanderbilt Law School explains why.

This episode was first published as a bonus episode for our Planet Money+ listeners. Today we're making it available for everyone. To hear more episodes like this, and to hear Planet Money and The Indicator without sponsor messages, support the show by signing up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

It's that time of year again! Our annual year-end tradition of checking in on the stories we've reported and the people we met along the way.

We'll hear from a Hollywood strike captain who tried to pull off one last job, an update from the data detective trying to uncover the truth in academic research, and tribute to a very special member of the Planet Money family.

Check out the original stories:
Vacation, and why the U.S. takes so little of it
The secret entrance that sidesteps Hollywood picket lines
Did two honesty researchers fabricate their data?
Planet Money Records Vol. 1: Earnest Jackson, Planet Money Records Vol. 2: The Negotiation & Planet Money Records Vol. 3: Making a Hit

Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

There are tons of markets that don't exist because people just don't want to allow a market – for whatever reason, people feel icky about putting a price on something. For example: Surrogacy is a legal industry in parts of the United States, but not in much of the rest of the world. Assisted end-of-life is a legal medical transaction in some states, but is illegal in others.

When we have those knee-jerk reactions and our gut repels us from considering something apparently icky, economics asks us to look a little more closely.

Today on the show, we have three recommendations of things that may feel kinda wrong but economics suggests may actually be the better way. First: Could the matching process of organ donation be more efficient if people could buy and sell organs? Then: Should women seek revenge more often in the workplace? And finally, what if insider trading is actually useful?

This episode was hosted by Mary Childs and Greg Rosalsky. It was produced by Willa Rubin and edited by Jess Jiang. It was engineered by Cena Loffredo. Fact-checking by Sierra Juarez. 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/adchoices

NPR Privacy Policy

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, 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 U.S. and challenge the way real estate agents have done business for more than 100 years.

This episode was hosted by Amanda Aronczyk and Keith Romer. It was produced by Willa Rubin, edited by Keith Romer, engineered by Valentina Rodríguez Sánchez, and fact-checked by Sierra Juarez. 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/adchoices

NPR Privacy Policy

This is the story behind one of the most valuable — and perhaps, most improbable — technologies humanity has ever created. It's a breakthrough called extreme ultraviolet lithography, and it's how the most advanced microchips in the world are made. The kind of chips powering the latest AI models. The kind of chips that the U.S. is desperately trying to keep out of the hands of China.

For years, few thought this technology was even possible. It still sounds like science fiction: A laser strong enough to blast holes in a bank vault hits a droplet of molten tin. The droplet explodes into a burst of extreme ultraviolet light. That precious light is funneled onto a wafer of silicon, where it etches circuits as fine as a strand of DNA. Only one company in the world that can make these advanced microchip etching machines: a Dutch firm called ASML.

Today on the show, how this breakthrough in advanced chipmaking happened — and how it almost didn't. How the long-shot idea was incubated in U.S. nuclear weapons laboratories and nurtured by U.S. tech giants. And, why a Dutch company now controls it.

This episode was hosted by Jeff Guo and Sally Helm. It was produced by Willa Rubin and edited by Jess Jiang. It was fact-checked by Dania Suleman, and engineered by Patrick Murray. Alex Goldmark is Planet Money's 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.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The Philadelphia band is back with a new self-titled album.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

On The Past is Still Alive, folk songwriter Alynda Segarra reignites visions from a past life and the people they've met along the way.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The English guitarist and songwriter joins us to talk about his fifth studio album.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Frontman BJ Barham talks about working with producer Shooter Jennings and tackling the complexity of Southern identity on the band's new album.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The Philadelphia musician wanted to reconnect with his tight-knit circle of bandmates on his new record.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The English rock band looks to '80s synth pop on their seventh studio album.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The record producer and composer sought inspiration from his beginnings in Sacramento for his latest record.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The Philadelphia musician delivers his most cohesive record to date.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The punk pioneers talk about their ninth and final studio album.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

How do we build more trusting and empathetic relationships, even during a crisis? This hour, therapist Esther Perel shares ideas on creating lasting bonds in romance, family, and at work.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Original broadcast date: September 11, 2020. How do we build more trusting and empathetic relationships, even during a crisis? This hour, therapist Esther Perel shares ideas on creating lasting bonds in romance, family, and at work.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Original broadcast date: September 11, 2020. How do we build more trusting and empathetic relationships, even during a crisis? This hour, therapist Esther Perel shares ideas on creating lasting bonds in romance, family, and at work.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The past few years have shaken the fundamental ways we live. It's... disorienting. But it's also an opportunity to reexamine how we spend our time. Over the next three episodes, TED speakers will investigate evolving notions of what it means to pay our bills, feel joy in play, and rest our minds and bodies. This hour: Work. Guests include labor organizer Jess Kutch, social entrepreneur Irma Olguin, and tech reporter Kevin Roose.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

As kids, play comes naturally. But over time, it gets replaced with work. This hour, TED speakers explore how to reconnect with play—to spark creativity, combat despair, and find our way in the world. Guests include musician Jacob Collier, human rights activist Yana Buhrer Tavanier, and web developer Stuart Duncan.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Rest is so much more than just a good night's sleep. From human hibernation to ASMR to the science of dreams, we explore how to nourish our minds and bodies with different forms of rest. Guests include physiologist Craig Richard, psychologist Dylan Selterman, hibernation researcher Matteo Cerri, and journalist Celeste Headlee.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Original broadcast date: February 4, 2022. The past few years have shaken the fundamental ways we live. It's... disorienting. But it's also an opportunity to reexamine how we spend our time. Over the next three episodes, TED speakers will investigate evolving notions of what it means to pay our bills, feel joy in play, and rest our minds and bodies. This hour: Work. Guests include labor organizer Jess Kutch, social entrepreneur Irma Olguin, and tech reporter Kevin Roose.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Original broadcast date: February 11, 2022. As kids, play comes naturally. But over time, it gets replaced with work. This hour, TED speakers explore how to reconnect with play—to spark creativity, combat despair, and find our way in the world. Guests include musician Jacob Collier, human rights activist Yana Buhrer Tavanier, and web developer Stuart Duncan.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Original broadcast date: February 19, 2022. Rest is so much more than just a good night's sleep. From human hibernation to ASMR to the science of dreams, we explore how to nourish our minds and bodies with different forms of rest. Guests include physiologist Craig Richard, psychologist Dylan Selterman, hibernation researcher Matteo Cerri, and journalist Celeste Headlee.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

True crime mysteries can be dark and thrilling. But what if humans can't crack the case? What if the suspect ... isn't human? This hour, TED Radio Hour investigates crimes with a wild twist. Guests include forensic scientist Lauren Pharr Parks, author Mary Roach, dog trainer and conservationist Megan Parker, wildlife intelligence analyst Sarah Stoner. Original broadcast date: October 21, 2022.

TED Radio Hour+ subscribers now get access to bonus episodes, with more ideas from TED speakers and a behind the scenes look with our producers. A Plus subscription also lets you listen to regular episodes (like this one!) without sponsors. Sign-up at: plus.npr.org/ted.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The UCLA graduate student is helping ensure that Native ecology drives the region’s land management for centuries to come.

UCLA Arts and UCLA Film & Television Archive bring seven projects to “Art & Science Collide” from July through May 2025.

They aim to provide agricultural therapy and create a space for veterans to find a sense of community and safety.

La donación es más grande jamás otorgada a UCLA Division of Humanities.

Rosenfeld, who earned his bachelor's degree at UCLA in 1956 thanks to a $50 scholarship, transformed the campus with his giving and leadership.

A new study finds higher temperatures increase evaporation enough to cause drought without any reduction in precipitation.

California chapparal fire burns into urban Ventura County, showing need for strategies beyond fighting ‘forest’ fires.

Pure Water LA/Operation Next would increase the resiliency of drinking water supplies to future costs, earthquakes and climate-induced drought.

Forest Hills Central Middle School wrestling matches begin January 25, 2024. All match times begin at 4 p.m. unless noted otherwise. Click here for a PDF copy of the schedule.

The post 2024 Middle School Wrestling Schedule appeared first on Forest Hills Public Schools.

Ada Vista Preschool will no longer be offered. Due to construction and limited space it was decided to discontinue the Spanish Immersion preschool at Ada Vista.

The post Latest Updates from Child Care Services appeared first on Forest Hills Public Schools.

NRC and CCAB invest over $1M to advance innovative therapies first discovered at UofTToronto, ON – An innovative collaboration between government, industry, and academia aims to accelerate the development of cancer treatments in Canada. The National Research Council of Canada (NRC) and the Toronto-based Centre for the Commercialization of Antibodies and Biologics (CCAB) have put […]

Toronto, ON – OPEN IMPACT, an online resource to help investors find financial investment products that make money – and make the world a better place – launched today at www.openimpact.ca. Impact investing is a fast-growing approach to investing that seeks financial returns as well as measurable social and/or environmental impact. According to a JP […]

Toronto, ON – Starting Tuesday, June 6 the next generation of leaders will graduate from Canada’s top university. This year, U of T will host 27 different ceremonies (two more than in 2016) over 13 days for almost 14,000 undergraduate and graduate students from the university’s three campuses in downtown Toronto, Scarborough and Mississauga. They […]

Toronto, ON – Handwipes aren’t just for germs anymore.  Their uses may extend to more flexible thinking and reorienting one’s priorities. A pair of researchers at the University of Toronto’s Rotman School of Management has found the physicality of cleaning one’s hands acts to shift goal pursuit, making prior goals less important and subsequent goals more […]