President Donald Trump fires the Chairman of the Joint Chiefs of Staff, plus the Defense Department is set to lose more than 5 thousand personnel. Hamas releases 6 more living hostages as part of its ceasefire agreement with Israel. Corrections officers in NY protest working conditions and some walk off the job, prompting the governor to send in National Guard troops to secure some state prisons.
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Planet Money - The rise and fall of Long Term Capital Management
There's this cautionary tale, in the finance world, that nearly any trader can tell you. It's about placing too much confidence in math and models. It's the story of Long Term Capital Management.
The story begins back in the 90s. A group of math nerds figured out how to use a mathematical model to identify opportunities in the market, tiny price discrepancies, that they could bet big on. Those bets turned into big profits, for them and their clients. They were the toast of Wall Street; it looked like they'd solved the puzzle of risk-taking. But their overconfidence in their strategy led to one of the biggest financial implosions in U.S. history, and destabilized the entire market.
On today's show, what happens when perfect math meets the mess of human nature? And what did we learn (and what did we not learn) from the legendary tale of Long Term Capital Management?
This episode of Planet Money was hosted by Mary Childs and Jeff Guo. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
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The story begins back in the 90s. A group of math nerds figured out how to use a mathematical model to identify opportunities in the market, tiny price discrepancies, that they could bet big on. Those bets turned into big profits, for them and their clients. They were the toast of Wall Street; it looked like they'd solved the puzzle of risk-taking. But their overconfidence in their strategy led to one of the biggest financial implosions in U.S. history, and destabilized the entire market.
On today's show, what happens when perfect math meets the mess of human nature? And what did we learn (and what did we not learn) from the legendary tale of Long Term Capital Management?
This episode of Planet Money was hosted by Mary Childs and Jeff Guo. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
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
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1A - The News Roundup For February 21, 2025
Following the firings of a slew of employees at federal agencies responsible for things like fighting pandemics and taking care of nuclear weapons, the Trump administration is scrambling to rehire key positions.
Senate Majority Leader John Thune says that he and his Republican colleagues are moving forward with their plans for a budget, despite Trump endorsing a competing plan put forward by the House.
Meanwhile, European leaders gathered in Paris this week to discuss what the Trump administration's future relationship with the continent looks like.
And following weeks of a shaky ceasefire, Hamas has offered to return all of its hostages to Israel in return for a permanent truce.
Want to support 1A? Give to your local public radio station and subscribe to this podcast. Have questions? Connect with us. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.
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Senate Majority Leader John Thune says that he and his Republican colleagues are moving forward with their plans for a budget, despite Trump endorsing a competing plan put forward by the House.
Meanwhile, European leaders gathered in Paris this week to discuss what the Trump administration's future relationship with the continent looks like.
And following weeks of a shaky ceasefire, Hamas has offered to return all of its hostages to Israel in return for a permanent truce.
Want to support 1A? Give to your local public radio station and subscribe to this podcast. Have questions? Connect with us. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.
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State of the World from NPR - Remembering a Musical Giant in Mexico
We remember Paquita la del Barrio, who sang about romantic heartbreak and the pain of infidelity, spitting out insults with relish, and empowering a whole generation of women. Our correspondent in Mexico explains what she meant to her fans.
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Consider This from NPR - What happens if the Education Department is abolished?
"The Department of Education is a big con job."
That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
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That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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Consider This from NPR - What happens if the Education Department is abolished?
"The Department of Education is a big con job."
That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
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That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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Consider This from NPR - What happens if the Education Department is abolished?
"The Department of Education is a big con job."
That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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That's just one of the things President Trump has said about one of the most high profile departments in federal government — a department Trump says he wants to eliminate.
Trump says he wants to save money, and kill policies he doesn't like. Trump and Elon Musk's DOGE has already started cutting funding from the department.
The Trump administration wants the Department of Education gone. But can they get rid of it, and what could be lost in the process?
For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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Up First from NPR - Migrants Leave Guantanamo, Israeli Hostages Update, Changes at FEMA
Nearly all migrants held at Guantánamo Bay have been released, with over 170 Venezuelans flown to their home country. Israeli authorities say a hostage body returned by Hamas is not who the militants claimed it to be. And the impact of job cuts at FEMA.
Want more comprehensive analysis of the most important news of the day, plus a little fun? Subscribe to the Up First newsletter.
Today's episode of Up First was edited by Eric Westervelt, Didi Schanche, Neela Banerjee, Reena Advani and Janaya Williams. It was produced by Ziad Buchh, Nia Dumas and Christopher Thomas. We get engineering support from Stacey Abbott and our technical director is Carleigh Strange. Our Executive Producer is Kelley Dickens.
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Want more comprehensive analysis of the most important news of the day, plus a little fun? Subscribe to the Up First newsletter.
Today's episode of Up First was edited by Eric Westervelt, Didi Schanche, Neela Banerjee, Reena Advani and Janaya Williams. It was produced by Ziad Buchh, Nia Dumas and Christopher Thomas. We get engineering support from Stacey Abbott and our technical director is Carleigh Strange. Our Executive Producer is Kelley Dickens.
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NPR's Book of the Day - New books from Reid Hoffman and Bill Gates look at tech revolutions past and future
Reid Hoffman has invested in AI for years. The LinkedIn co-founder said he used AI to vet his new book, Superagency, written with Greg Beato, which makes an optimistic case for an AI-powered future. In today's episode, Hoffman joins NPR's Steve Inskeep for a conversation about the book that touches on his decision to back Kamala Harris for president in 2024 and on his falling out with Elon Musk. Then, Bill Gates joins NPR's Scott Detrow for a conversation about his new memoir Source Code. Much of Gates' writing has focused on the future – but here he reflects on his early life, from his childhood to the birth of Microsoft. He speaks with Detrow about the death of Gates' high school best friend and the opportunity he saw in personal computing.
The Gates Foundation is a financial supporter of NPR.
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The Gates Foundation is a financial supporter of NPR.
To listen to Book of the Day sponsor-free and support NPR's book coverage, sign up for Book of the Day+ at plus.npr.org/bookoftheday
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The Indicator from Planet Money - Chicken meat, Gulf of Mexico lawsuit and Social Security beyond the grave
Surprisingly stable chicken meat prices, a lawsuit threat against the Gulf of Mexico's name change, and the Trump administration's false claims about Social Security beyond the grave are all under the microscope on this edition of Indicators of the Week.
Related episodes:
What the cluck is happening with egg prices?
What does the next era of Social Security look like?
The fight for a legendary shipwreck's treasure
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.
Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.
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Related episodes:
What the cluck is happening with egg prices?
What does the next era of Social Security look like?
The fight for a legendary shipwreck's treasure
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.
Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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