In the first half of March, three banks - Silicon Valley Bank, Signature Bank, and Silvergate - all had relatively classic bank runs and collapsed. Which sparked some major banking stress. As a result, the Federal Reserve got a lot of requests to use one of its oldest and most important tools for soothing such troubles: the discount window.
The discount window is like a safety net for banks. And recently, a lot of banks have needed it. So, what is the discount window, where did it come from, and how does it work? And, amidst all the recent banking turmoil, has it been working the way it should? In this episode, we crack open the discount window.
This episode was produced by Emma Peaslee with help from Willa Rubin. It was engineered by Katherine Silva. It was fact-checked by Sierra Juarez and edited by Sally Helm. Jess Jiang is our acting executive producer.
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Planet Money - A Great Recession bank takeover
Earlier this month, we saw the largest bank collapse since the 2008 financial crisis. For many of us, seeing Silicon Valley Bank's meltdown brought us right back to that time 15 years ago, at the beginning of what would become the Great Recession.
In early 2009, one or two banks were failing every week. That's when Planet Money reporter Chana Joffe-Walt went inside one of those banks: the Bank of Clark County, in Washington State. Her reporting on the inner workings of a bank collapse and government takeover helps explain exactly what happens when a bank goes under, minute-by-minute.
This story originally aired in March 2009 on This American Life, from WBEZ Chicago. We're airing it for the first time in full on our podcast.
This version of the story was produced by Dylan Sloan and edited by Dave Blanchard. It was fact-checked by Sierra Juarez and engineered by Katherine Silva. Jess Jiang is Planet Money's acting executive producer.
Music: "Butter" "Bassline Motion" and "Fantasmi."
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In early 2009, one or two banks were failing every week. That's when Planet Money reporter Chana Joffe-Walt went inside one of those banks: the Bank of Clark County, in Washington State. Her reporting on the inner workings of a bank collapse and government takeover helps explain exactly what happens when a bank goes under, minute-by-minute.
This story originally aired in March 2009 on This American Life, from WBEZ Chicago. We're airing it for the first time in full on our podcast.
This version of the story was produced by Dylan Sloan and edited by Dave Blanchard. It was fact-checked by Sierra Juarez and engineered by Katherine Silva. Jess Jiang is Planet Money's acting executive producer.
Music: "Butter" "Bassline Motion" and "Fantasmi."
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
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Planet Money - The battle over Osage headrights
Richard J. Lonsinger is a member of the Ponca tribe of Oklahoma, who was adopted at a young age into a white family of three. He eventually reconnected with his birth family, but when his birth mother passed away in 2010, he wasn't included in the distribution of her estate. Feeling both hurt and excluded, he asked a judge to re-open her estate, to give him a part of one particular asset: an Osage headright.
An Osage headright is a share of profits from resources like oil, gas, and coal that have been extracted from the Osage Nation's land. These payments can be sizeable - thousands or even tens of thousands of dollars a year. Historically, they were even larger – in the 1920s the Osage were some of the wealthiest people in the world. But that wealth also made them a target and subject to paternalistic and predatory laws. Over the previous century, hundreds of millions of dollars in oil money have been taken from the Osage people.
On today's show: the story of how Richard Lonsinger gradually came to learn this history, and how he made his peace with his part of a complicated inheritance.
This episode was produced by Willa Rubin with help from Alyssa Jeong Perry and Emma Peaslee. It was engineered by Brian Jarboe and fact-checked by Sierra Juarez. It was edited by Keith Romer, with help from Shannon Shaw Duty from Osage News.
Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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An Osage headright is a share of profits from resources like oil, gas, and coal that have been extracted from the Osage Nation's land. These payments can be sizeable - thousands or even tens of thousands of dollars a year. Historically, they were even larger – in the 1920s the Osage were some of the wealthiest people in the world. But that wealth also made them a target and subject to paternalistic and predatory laws. Over the previous century, hundreds of millions of dollars in oil money have been taken from the Osage people.
On today's show: the story of how Richard Lonsinger gradually came to learn this history, and how he made his peace with his part of a complicated inheritance.
This episode was produced by Willa Rubin with help from Alyssa Jeong Perry and Emma Peaslee. It was engineered by Brian Jarboe and fact-checked by Sierra Juarez. It was edited by Keith Romer, with help from Shannon Shaw Duty from Osage News.
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
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Planet Money - Inside a bank run
Sometimes you hear these stories about an airplane that suddenly nosedives. Everyone onboard thinks this is it, and then the plane levels out and everything is fine. For about 72 hours, people and companies that had deposited millions of dollars at the Silicon Valley Bank — many of whom were in the tech industry — thought they had lost absolutely everything to a bank collapse.
Two weeks later, the situation at Silicon Valley Bank has leveled off. The FDIC seized the bank and eventually made all of its depositors whole. But to understand what that financial panic felt like, we retrace the Silicon Valley Bank run and eventual collapse. We hear from four people who were part of the bank run — when they realized early rumblings, what it felt like in the full stampede, what hard decisions they faced, and what the aftermath felt like. And along the way, we uncover the lessons you can only learn when you think the entire world is ending.
This episode was reported by Kenny Malone, produced by Alyssa Jeong Perry with help from Dave Blanchard, engineered by Brian Jarboe, fact-checked by Sierra Juarez, and edited by Jess Jiang.
Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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Two weeks later, the situation at Silicon Valley Bank has leveled off. The FDIC seized the bank and eventually made all of its depositors whole. But to understand what that financial panic felt like, we retrace the Silicon Valley Bank run and eventual collapse. We hear from four people who were part of the bank run — when they realized early rumblings, what it felt like in the full stampede, what hard decisions they faced, and what the aftermath felt like. And along the way, we uncover the lessons you can only learn when you think the entire world is ending.
This episode was reported by Kenny Malone, produced by Alyssa Jeong Perry with help from Dave Blanchard, engineered by Brian Jarboe, fact-checked by Sierra Juarez, and edited by Jess Jiang.
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
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Hayek Program Podcast - Viviana A. Zelizer — 2022 Markets & Society Conference Keynote
On this episode of the Hayek Program Podcast, we'll hear a keynote from the 2022 Markets & Society conference given by Viviana A. Zelizer, the Lloyd Cotsen ’50 Professor of Sociology at Princeton University. In her lecture, Zelizer discusses the social developments concerning the world of money during the COVID-19 pandemic. She begins by identifying three pandemic-era, money puzzles: the surge in donated money, the resilience of remittance money, and the gender of household money. Zelizer uses her pandemic-inspired insights to make a case for the power of sociological answers to these puzzles, focusing on money’s multiple meanings rather than its multiple material forms.
If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.
Learn about Zelizer here.
To read more about her work, check out our newly released edited volume, “Living Better Together: Social Relations and Economic Governance in the Work of Ostrom and Zelizer”, here.
Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to season one on digital democracy.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
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Planet Money - Planet Money Records Vol. 3: Making a hit
Since we started Planet Money Records and released the 47-year-old song "Inflation," the song has taken off. It recently hit 1 million streams on Spotify. And we now have a full line of merch — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers — n.pr/shopplanetmoney.
After starting a label and negotiating our first record deal, we're taking the Inflation song out into the world to figure out the hidden economics of the music business. Things get complicated when we try to turn the song into a viral hit. Just sounding good isn't enough and turning a profit in the music business means being creative, patient and knowing the right people.
This is part three of the Planet Money Records series. Here's part one and part two.
Listen to "Inflation" on Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.
Listen to our remix, "Inflation [136bpm]," on Spotify, YouTube Music & Amazon Music.
"Inflation" is on TikTok. (And — if you're inspired — add your own!)
This episode was reported by Erika Beras and Sarah Gonzalez, produced by Emma Peaslee and James Sneed, edited by Jess Jiang and Sally Helm, engineered by Brian Jarboe, and fact-checked by Sierra Juarez.
Music: "Inflation," "Superfly Fever," "Nola Strut" and "Inflation [136bpm]."
Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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After starting a label and negotiating our first record deal, we're taking the Inflation song out into the world to figure out the hidden economics of the music business. Things get complicated when we try to turn the song into a viral hit. Just sounding good isn't enough and turning a profit in the music business means being creative, patient and knowing the right people.
This is part three of the Planet Money Records series. Here's part one and part two.
Listen to "Inflation" on Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.
Listen to our remix, "Inflation [136bpm]," on Spotify, YouTube Music & Amazon Music.
"Inflation" is on TikTok. (And — if you're inspired — add your own!)
This episode was reported by Erika Beras and Sarah Gonzalez, produced by Emma Peaslee and James Sneed, edited by Jess Jiang and Sally Helm, engineered by Brian Jarboe, and fact-checked by Sierra Juarez.
Music: "Inflation," "Superfly Fever," "Nola Strut" and "Inflation [136bpm]."
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
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Planet Money - How Silicon Valley Bank failed
Silicon Valley Bank was the 16th largest bank in America, the bank of choice for tech startups and big-name venture capitalists. Then, in the span of just a few days, it collapsed. Whispers that SVB might be in trouble spread like wildfire through group texts and Twitter posts. Depositors raced to empty their accounts, withdrawing $42 billion in a single day. Last Friday, after regulators declared that SVB had failed, the FDIC seized the bank.
As the dust settles on the biggest bank failure — and bank rescue — in recent memory, we're still figuring out what happened. But poor investment choices, weak regulation, and customer panic all played their parts. We'll look into the bank's collapse to understand what it can teach us about the business of banking itself.
This episode was produced by Willa Rubin, with help from Dave Blanchard. It was edited by Keith Romer, and engineered by Brian Jarboe. Fact-checking by Sierra Juarez. Our acting executive producer is Jess Jiang.
Music: "I Don't Do Gossip," "Groovy Little Penguins" and "Vision."
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
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As the dust settles on the biggest bank failure — and bank rescue — in recent memory, we're still figuring out what happened. But poor investment choices, weak regulation, and customer panic all played their parts. We'll look into the bank's collapse to understand what it can teach us about the business of banking itself.
This episode was produced by Willa Rubin, with help from Dave Blanchard. It was edited by Keith Romer, and engineered by Brian Jarboe. Fact-checking by Sierra Juarez. Our acting executive producer is Jess Jiang.
Music: "I Don't Do Gossip," "Groovy Little Penguins" and "Vision."
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
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Planet Money - Dude, where’s my streaming TV show?
Over the past year, dozens of shows have been disappearing from streaming platforms like HBO Max and Showtime. Shows like Minx, Made for Love, FBoy Island, and even big budget hits like Westworld have been removed entirely.
So why did these platforms, after investing millions of dollars in creating original content, decide not just to cancel those shows, but to make them unavailable altogether?
We dive into the economics of the television industry looking for answers to a streaming mystery that has affected both fans and creatives. And we find out what happens when the stream runs dry.
This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Keith Romer. Engineering by Josh Newell. Sierra Juarez checked the facts. Jess Jiang is our acting executive producer.
We want to hear your thoughts on the show! We have a short, anonymous survey we'd love for you to fill out: n.pr/pmsurvey
Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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So why did these platforms, after investing millions of dollars in creating original content, decide not just to cancel those shows, but to make them unavailable altogether?
We dive into the economics of the television industry looking for answers to a streaming mystery that has affected both fans and creatives. And we find out what happens when the stream runs dry.
This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Keith Romer. Engineering by Josh Newell. Sierra Juarez checked the facts. Jess Jiang is our acting executive producer.
We want to hear your thoughts on the show! We have a short, anonymous survey we'd love for you to fill out: n.pr/pmsurvey
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
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Planet Money - The value of good teeth
As a kid, Ryanne Jones' friend accidentally hit her in the mouth with a hammer, knocking out her two front teeth. Her parents never had enough money for the dental care needed to fix them, so Ryanne lived much of her adult life with a chipped and crooked smile.
Ryanne spent a while as a single mom working low-wage jobs, but she had higher aspirations: she interviewed dozens of times a year for higher-paying roles that she was more than qualified for. But she never landed any of them. And to her, it really seemed like the only thing standing between her and a better job was her rotting, brown front teeth.
Our physical appearances can communicate a lot about our financial status. There are some things, such as clothing, that we have more control over. But there are other things that we don't — and they can have serious long-term economic consequences.
This episode was originally run as part of Marketplace's This is Uncomfortable podcast.
Reported by: Reema Khrais
Edited by: Micaela Blei.
Produced by: Zoë Saunders, Peter Balonon-Rosen, Megan Detrie, Hayley Hershman and Daniel Martinez. The Planet Money version was produced by Alyssa Jeong Perry.
Mastered by: Charlton Thorp
Music: Wonderly
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
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Ryanne spent a while as a single mom working low-wage jobs, but she had higher aspirations: she interviewed dozens of times a year for higher-paying roles that she was more than qualified for. But she never landed any of them. And to her, it really seemed like the only thing standing between her and a better job was her rotting, brown front teeth.
Our physical appearances can communicate a lot about our financial status. There are some things, such as clothing, that we have more control over. But there are other things that we don't — and they can have serious long-term economic consequences.
This episode was originally run as part of Marketplace's This is Uncomfortable podcast.
Reported by: Reema Khrais
Edited by: Micaela Blei.
Produced by: Zoë Saunders, Peter Balonon-Rosen, Megan Detrie, Hayley Hershman and Daniel Martinez. The Planet Money version was produced by Alyssa Jeong Perry.
Mastered by: Charlton Thorp
Music: Wonderly
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
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Hayek Program Podcast - Ordoliberalism For the Modern Day — Erwin Dekker & Karen Horn
On this episode of the Hayek Program Podcast, we finish our miniseries on ordoliberalism in the modern day, hosted by Erwin Dekker. Joining Dekker for this episode is Karen Horn as they consider the ordoliberal thinkers, Walter Eucken and Wilhelm Röpke, as well as their philosophical backgrounds. Horn elaborates on how Eucken and Röpke shaped ordoliberal thought and explains how the concept of the "good life" influenced their thinking. Later in the podcast, Horn discusses her time in economic journalism and how it has informed her research over the years.
If you like the show, please leave a 5-star review for us on Apple Podcasts and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.
To read more of Horn's work, visit her website here.
Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to season one on digital democracy.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium