Consumer sentiment — as in, how everyday people feel about the economy — fell to a low not seen since 2022, according to the University of Michigan’s Surveys of Consumers. The decline was consistent across demographics, except among the wealthiest Americans (as measured by volume of stock market holdings). In other words, economic mood just became another k-shaped indicator. Also in this episode: Colleges shutter satellite campuses to cut costs and small and midsize businesses shrink their headcounts.
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On today’s edition of Economics on Tap, we’re heading to Virginia! The state held major elections this week, and affordability was top of mind for voters. VPM News reporter Patrick Larsen joins Kimberly to debrief the election results and explain why rising energy costs were a key campaign issue—and what data centers have to do with it. Plus, we’ll play a round of Half Full/Half Empty!
The president of the Pacific island nation, Palau, considers whether COP is still worth it. Also on the programme, thousands of flights have been cancelled or delayed in the US on the first day of reduced air traffic caused by the government shutdown; and, the so-called "Google Maps" of Roman Roads -- the most extensive digital map that reveals hundreds of thousand of kilometres of old roads.
(Photo: Brazil's President Luiz Inacio Lula da Silva and Spanish Prime Minister Pedro Sanchez embrace next to European Council President Antonio Costa and Para state Governor Helder Barbalho as delegates attending the Belem Climate Summit ahead of the United Nations Climate Change Conference (COP30) gather for a family photo, in Belem, Brazil, November 7, 2025. REUTERS/Adriano Machado)
Investor sentiment has dropped down to extreme fear as the financial headlines increasingly stoke concerns. Many stocks have dropped into bear territory but our analysts are decided to celebrate the "holiday" and give some of these bears a hug. The team also tackles Berkshire Hathaway's record pile of cash, Elon Musk's $1 trillion payday, and restaurant stocks before wrapping up with stocks on our radar.
Jon Quast, Lou Whiteman and Emily Flippen discuss:
- The fear and greed index is showing extreme fear.
-Berkshire Hathaway is sitting on $382 billion.
-Tesla approves Elon Musk's performance award that includes important operational milestones.
-Denny's is being acquired, Papa John's bid is pulled, and Yum! Brands may be looking for a buyer for Pizza Hut.
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P.M. Edition for Nov. 7. Falling tech stocks drove the Nasdaq down 3% this week. WSJ markets reporter Hannah Erin Lang discusses what’s got investors on edge. Plus, flight cancellations due to the government shutdown scrambled travelers’ plans today, but it could get even worse, with up to 20% of flights nixed as the shutdown continues. And Microsoft’s AI chief lays out the company’s new artificial intelligence vision separate from OpenAI. WSJ tech reporter Sebastian Herrera joins to discuss. Alex Ossola hosts.
Dusty Slay drops by with "Wet Heat" fresh on Netflix to talk Opelika lore (a.k.a. Snopalika), becoming parade Grand Marshal, and how a onetime pesticide salesman turned country-music linguist builds jokes from tiny word quirks. We get into his love of language (Carlin vibes), song-lyric autopsies ("It's Five O'Clock Somewhere," Brooks & Dunn's "Hard Workin' Man"), the origin of "We're having a good time," Comedy Cellar war stories, Opry nights, accent drift, trailer-park childhood, and why he's plotting an ASMR sleep-comedy album. Also: milk, hand-washing, and the eternal mystery of gas stations named "Kum & Go."
Last month, former Democrat Speaker of the House Nancy Pelosi suggested that local and state authorities in California, a sanctuary state, could arrest federal agents for enforcing federal immigration law, saying that while “the president may enjoy absolute immunity courtesy of his rogue Supreme Court, those who operate under his orders do not.”
The former speaker, as well as other mayors and governors who see fit to nullify federal law, should take a moment and reread the supremacy clause of the U.S. Constitution, which “details that local state authorities are subject to treaties and the laws that the federal government makes. And, therefore, pursuant to those laws, they are subordinate,” argues Victor Davis Hanson on today’s edition of “Victor Davis Hanson: In a Few Words.”
“We know in 1961-63, we had another attempt to nullify the supremacy clause. Southern governors in Mississippi and Arkansas and Alabama said, 'Federal law does not apply here. The Supreme Court ruling does not apply here. In our opinion, we can run our schools the way local people want. And we're gonna resist you.' The Eisenhower, and then later the Kennedy administration, said, 'No, you're not. We have the federal government's military, and we can federalize and hold you in contempt and arrest you because of the supremacy clause.'"
Tuesday’s election was the first time voters registered how they’re feeling since President Trump entered the White House.
And after Democratic candidates won marquee races in Virginia, New Jersey and New York City, the answer was clear: they are not happy with the party in power.
So what are the two major political parties taking away from this week?
NPR correspondents Domenico Montanaro and Tamara Keith break it down.
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.
This episode was produced by Michael Levitt, Casey Morell, Connor Donevan and Karen Zamora, with audio engineering by Peter Ellena. It was edited by Kelsey Snell and Patrick Jarenwattananon. Our executive producer is Sami Yenigun.
Plus: Affirm shares jump on popularity of its buy now, pay later service. And Tesla stock falls after shareholders approve Elon Musk’s massive pay package. Katherine Sullivan hosts.
An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.
