Everybody's Business

This week Federal Reserve Chair Jerome Powell had a message for the nation, and President Donald Trump: intimidation has no place at the Central Bank. Stacey sits down with former Fed Chair and Treasury Secretary Janet Yellen to talk about why this is such a dangerous moment in history and why Powell's two-minute video was so important. Then Bloomberg reporter Ashley Carman joins Max and Stacey in the studio to discuss what Spotify's new CEOs mean for how you'll stream music and more in the future. Plus, Stacey wonders "are you dead yet?" and Max discovers a spicy way to swipe your way to a new job.See omnystudio.com/listener for privacy information.

Back in the 1970s, Venezuelans became famous for their glamorous one-day shopping trips to Miami. "Ta barato, dame dos," the saying went. "That's cheap. I'll take two." Nowadays, the bolivar has lost practically all its value. Max and Stacey are joined by David Papadopoulos to understand what exactly went wrong with the Venezuelan economy. How did the country go from being stable and wealthy to experiencing runaway inflation and rampant poverty? Papadopoulos traces it back to fluctuating oil prices, too much spending and the difficulty of adjusting to a new way of life.  Also, Deena Shanker sits down in the studio to discuss her new story on weight loss drugs and their impact on the food industry. To get with the times, some restaurant are offering up small, high-protein meals. But are they any good? The trio digs in to find out.See omnystudio.com/listener for privacy information.

Businessweek editor Brad Stone joins Max and Stacey to talk about what we could expect from the new year. Leaving such a banner year for odd stories in the rearview mirror, 2026 is bound to include a lot of surprises. Will the imperial presidency continue or fizzle out? Will the AI bubble keep growing or pop? What economic indicators are worth watching? Is there a hot new office trend on the horizon? The agenda is packed. In addition, Stacey attempts to predict the future using mad libs, and Max presents an updated feud ranking for the new year.See omnystudio.com/listener for privacy information.

How does one recap 2025? A herculean task by all accounts. In this episode, Max and Stacey collects the best and brightest in business podcasting to see if they can help make sense of yet another norm breaking year. Joining in the studio are Odd Lots' Tracy Alloway, Slate Money's Felix Salmon and Planet Money's Robert Smith. Together, the quintet covers a year full of feuds, CEO tweets, flubs, big personalities and, of course, numbers. They also play a high stakes game called Who is Donal Trump Talking About?See omnystudio.com/listener for privacy information.

This week, we talk about two of the biggest economic stories of 2025: Buy Now Pay Later and $Trump. First, Amanda Mull stops by to discuss BNPL: why its on the rise, how people use it, potential pitfalls and how it's different than just paying with a credit card. Then, Zeke Faux goes through the implausible story of $Trump - the Donald Trump meme coin launched just a few days before the 2025 inauguration. Faux tells Max and Stacey how the Trump team made an estimated $350 million on the coin, while many investors lost money. Also: tepid jobs numbers and new opportunities in sports for the older parts of the population.See omnystudio.com/listener for privacy information.

This week we take a look at Trump's latest AI gambit: letting Nvidia sell their AI chips to China. Will this move help feed AI's growth or is it just another step towards making the bubble all the more explosive when it pops? The Verge's Nilay Patel joins Max and Stacey to get to the bottom of this. Also on this show, Lucas Shaw goes through the ins-and-outs of the complicated fight over Warner Bros. Will Netflix succeed in their bid for the storied media giant, or will it be Paramount with its attempt at a hostile takeover?See omnystudio.com/listener for privacy information.

We here at Everybody’s Business are big fans of our colleagues and friends over at Big Take, Bloomberg’s daily news podcast. So when they released an episode with our very own Max Chafkin, we can’t resist to share it. Please enjoy, and hop on over to subscribe to their feed if you like what you hear!——Excel. If you work in corporate America, that word either inspires laser-focused productivity or pure dread. Over the last 40 years, the spreadsheet software has become synonymous with the best — and worst — of late-stage capitalism. It’s seeped into popular culture and, along the way, made Microsoft one of the world’s most valuable companies.But in a world of AI and new competition where Excel=Sum(39+1), can it stay on top? On today’s Big Take podcast, Bloomberg’s Dina Bass and Businessweek’s Max Chafkin join host Sarah Holder to track the rise and challenges ahead for one of the most ubiquitous programs around.See omnystudio.com/listener for privacy information.

Live from the stage at our Dec. 4 event at Bloomberg’s headquarters in New York, Ellen Huet joins Max and Stacey to talk about her recent story on chatbot delusion. As people’s lives get increasingly entangled with AI, cases of intense human-bot connections breaking up families, businesses, and even pushing people to question their own sanity is raising with an alarming rate. They also discuss Huet's recent book Empire of Orgasm: Sex, Power, and the Downfall of a Wellness Cult. Also, back in the studio, Max and Stacey take a look at puzzlingly positive Black Friday sales.See omnystudio.com/listener for privacy information.

To celebrate Black Friday, this week’s Everybody’s Business is all about two staples of this unofficial US holiday: commerce and football. First, New York Times’ Ken Belson sits down with Max and Stacey to discuss his new book Every Day Is Sunday: How Jerry Jones, Robert Kraft, and Roger Goodell Turned the NFL into a Cultural & Economic Juggernaut. Belson explains how the National Football League has managed to grow into the most valuable sports league in the world and why the game is so perfectly suited for television. Also paying a visit to the studio is Wirecutter’s Annemarie Conte. She breaks down how the popular site manages to dig out and organize such a barrage of deals, and previews what jaded consumers can expect this Black Friday, amid tariffs and trade wars.See omnystudio.com/listener for privacy information.

Reporter Max Abelson gives Stacey and Max a primer on the business dealings of disgraced financier and convicted sex offender Jeffery Epstein. Abelson has sifted through thousands of emails to and from Epstein and explains to Max and Stacey what Epstein's business dealings, both legal and unlawful, really was. He also describes why - 20 years into a career of reporting on money and power - he is taken aback of the cruelty involved. Plus, as America gears up for Thanksgiving, there’s a lot of anxiety about rising food prices. But are the worries warranted? A recent report shows that the average Thanksgiving meal might actually be cheaper in 2025 than previous years. What gives? Deena Shanker joins Max and Stacey to set the record straight. For more information about the first Everybody's Business live event - happening December 4 in New York City -  click here!See omnystudio.com/listener for privacy information.

As the government reopens, the Trump administration introduces a new solution to the American housing crisis—the 50 year mortgage. The idea is getting hammered from the right and the left alike but gets support from at least one person: economist and Bloomberg Opinion contributor Allison Schrager. Can this new concept take some pressure off of struggling first-time homebuyers or will it be yet another white whale in an increasingly impossible financial game? Max and Stacey pick Allison’s brain to find out. Also, Amanda Mull joins in the studio to talk about her new Businessweek cover story on Ulta, which she dubs the " Home Depot of the beauty industry.” While other retailers are struggling, Ulta is thriving as the largest beauty store in America. Does all this success ultimately come down to the so-called “lipstick effect?” Amanda explains.See omnystudio.com/listener for privacy information.

Matt Yglesias, author of the Slow Boring newsletter, sits down with Max and Stacey to discuss the recent string of Democratic victories in US elections. The most remarkable happened in New York City, where Democratic socialist Mayor-Elect Zohran Mamdani will soon be in charge of one of the global capitals of capitalism. Will Mamdani be able to go through with his ambitious agenda or will he soon realize - like many before him - that being a mayor is more about garbage collection than transforming the transit system and launching city-run grocery stores?The duo also talk to The Atlantic’s Ellen Cushing about her recent story on food delivery apps and how they are impacting US food culture and social life.Also, for this week’s underrated story, Max presents a surprising attempt for a government bailout.See omnystudio.com/listener for privacy information.

Max and Stacey are joined by Leo Feler, an economist with a unique perspective on the Trump administration’s immigration and deportation policies. During a  recent renovation project, Feler’s property was raided by federal agents looking to detain workers they believed were in the country illegally. Feler recounts the dramatic incident and explains how raids like these could have a chilling effect on the US economy. Also on the show, Sean Fennessey, chief content officer of The Ringer, and co-host of The Big Picture podcast joins to debate just how bad of a year this has been for Hollywood.See omnystudio.com/listener for privacy information.

Kyla Scanlon visits the studio armed with her three most pressing indicators of the state of the economy. What do we make of all those auto loan defaults? Is Jamie Dimon’s new $3 billion “fortress” a harbinger of fundamental changes in the labor market? And why does an economically anxious population keep on spending? Lots to discuss. Max and Stacey also sit down with David Papadopoulos to talk about the forthcoming, high stakes election in Argentina and try to make sense of the Trump administration’s attempt to help the country out: a currency swap. Is it a bailout or does the US really need $20 billion worth of pesos?See omnystudio.com/listener for privacy information.

Make sense of the world with one essential conversation, every week. Mishal Husain, one of Britain's best interviewers, brings her signature blend of curiosity and tenacity to weekly conversations with world leaders, business titans, and cultural icons, revealing who they really are and how they see the world changing around them.Follow the podcast wherever you listen, so you don't miss an episode.https://link.podtrac.com/iu94w2n4See omnystudio.com/listener for privacy information.

This week we hear from Domer - a longtime prediction markets junky who has placed more than $400 million worth of bets using Polymarket. At any point he might have 1,000 or more bets on prediction market sites, ranging from wagers of a few thousand dollars to as much as $1 million, roughly the sum he put on Taylor Swift’s new album sales. Plus, Bloomberg Businessweek columnist Amanda Mull explains the premium credit card wars, and we discuss OpenAI's forthcoming foray into pornography.See omnystudio.com/listener for privacy information.

Polymarket is a strange place. You can bet on the price of Ethereum, whether Russia and Ukraine will agree to a ceasefire this year or who the next French prime minister will be. As silly as this might sound, Polymarket is worth $8 billion, according to an investment by the owner of the New York Stock Exchange. This deal comes on the heels of the new partnership between the Chicago Mercantile Exchange and sports betting site FanDuel. Now, in addition to betting on wheat futures, you can bet your life savings on the Lions making it to the Super Bowl. (Side note: Please do not put your life savings on the Lions going to the Super Bowl).  For decades, Wall Street has fought the accusation that investing was “just gambling.” Banks, financial institutions, regulators and the US government have spent decades establishing credibility, legitimacy, oversight and institutions to distinguish Wall Street as much as possible from the nickel slots. Now it seems that Wall Street is embracing its inner casino. Does this shift mean investment banks, hedge funds and bond traders are really all about gambling now? Is there a difference between shorting Tesla and picking which Taylor Swift song will be the least streamed this week? (At least $500,000 is riding on Honey—check out our recent podcast on this very subject. This week , Bloomberg Odd Lots podcast co-host Joe Weisenthal joins Max and Stacey to talk betting markets, investing and what these new partnerships mean for the economy.  Also this week, Casey Newton, host of the Hard Fork podcast, joins to talk about the future of artificial intelligence. Worries about AI companies and technologies being over-valued have been making the rounds. If AI is indeed a bubble, the economic implications could be dire. At the same time, companies, think tanks and workers are desperately trying to game out what kind of impact AI will have on jobs and industries. Everyone, it seems, is placing their bets—and the stakes are high.  See omnystudio.com/listener for privacy information.

The federal government shut down on Wednesday, which in the near-term probably sounds worse than it is. Yes, 750,000 workers are expected to be furloughed and yes, certain functions including visitor centers at national monuments and the release of economic data will pause. But functions deemed “essential” are continuing: mail is still being delivered, courts are still open, airport security continues and animals at the National Zoo are being fed.  In other words, you might be forgiven for ignoring the latest dispute, which stems from a White House insistence that Democrats vote for a new spending bill and Democratic leaders insist the Republicans restore some of the massive cuts to health care they pushed through earlier this year before millions lose coverage. But this shutdown may play out differently, as Justin Wolfers, the University of Michigan economist and author, explains on this week’s episode of Everybody’s Business. The White House, led by budget director and Project 2025 author Russell Vought, has indicated it wants to go beyond merely furloughing staff–and instead use the threat of a crisis to make the kinds of drastic job cuts Donald Trump attempted in the early months of his second term. Like many of those cuts, these too are arguably illegal and already being challenged in court. The first round, under the auspices of Elon Musk’s so-called Department of Government Efficiency, was both wildly unpopular and disruptive, leading to a backlash that ultimately may have cost Republicans a special election in Wisconsin and forced Musk to leave the White House. The government shutdown gives Trump—through Vought this time—a second bite at the apple. Later on the episode, Bloomberg reporter Zeke Faux joins to talk about his latest story on Justin Sun, the crypto entrepreneur whose colorful life has included a diplomatic post in Grenada, spaceflights with Blue Origin, a prime minister post in a libertarian micronation and the purchase of one of the most talked-about works of art in recent memory. Most recently though, the headlines have centered around his dealings with Trump and how in just a few short months Sun managed to go from being sued by the Securities and Exchange Commission to seeing the case dropped and having dinner alongside the Republican president. Finally, we discuss the Bustle story about a supposed vibecession in sex work. Apparently, “sugar daddies” are cutting back on payments to their romantic partners, who have derisively begun calling them “Splenda daddies.” Stacey explains why, vibecession or no, the entire phenomenon is depressing.See omnystudio.com/listener for privacy information.

This year came with a promising start for Argentina. Inflation seemed under control, investment was coming back, double-digit poverty was (according to the government) beginning to fall and President Javier Milei—the chainsaw wielding, leather jacket-wearing, self-described libertarian—was being hailed by supporters as a tough-love leader bringing the country’s economy back from crisis. Milei also became a favorite of fellow political travelers to the north, namely Donald Trump and Elon Musk. But the year hasn’t been kind to Argentina or its populist leader. Once again, the country finds itself in crisis—crushing debt, panicked investors and the threat of political instability. But this time the US is pledging to help. The Trump administration has offered its support, both in terms of money and encouraging investment in Argentine businesses. This week, Max and Stacey talk to David Papadopoulos, executive editor of markets, about what happened and whether Milei can turn the economy around. Also this week, Lucas Shaw joins the show to talk about two of the modern kings of digital: David Ellison, son of Oracle founder Larry Ellison, who quickly became one of the most important players in Hollywood when his company Skydance snapped up Paramount last month; and MrBeast, the YouTube breakout star who has built an empire on video stunts (and more recently chocolate bars) and whose company, Best Industries, after years of astonishing growth, is experiencing growing pains. The show also explores the latest fad in workplace culture: Quiet cracking. The combination of low hiring rates, increasing workplace unhappiness and an uncertain economy is squeezing workers to the limit. See omnystudio.com/listener for privacy information.

On this week’s episode of Everybody’s Business we're joined by Rohit Chopra, former director of the now largely kneecapped Consumer Financial Protection Bureau. He argues that Trump’s efforts to apply political pressure to the Fed present an opportunity to scrutinize the central bank’s decision-making. Chopra points out that the Fed’s governors, who tend to either come from academia or Wall Street, originally came from a more eclectic array of backgrounds—with perhaps more sensitivity to the needs of small business owners and consumers. “I really think a good central bank is really good for democracy,” Chopra says. “But I think it has to also change with the times so that it is responsive and that it is not seen as a group of priests and priestesses who make determinations about our lives without really understanding how the economy is working on the ground.” Also this week, we bring in Bloomberg News reporter Randall Williams to unpack the story that is currently roiling the world of professional basketball: allegations that Los Angeles Clippers-owner Steve Ballmer improperly funneled payments to one of the team’s stars via a dubious (and now bankrupt) fintech company, Aspiration. Ballmer has denied the allegations, which first surfaced in an episode of the podcast Pablo Torre Finds Out. Aspiration’s co-founder has denied being party to any scheme to evade the salary cap. Williams explains why the story has garnered so much interest among NBA owners and how it illustrates the importance of salary caps in order to maintain competitive balance.  Finally, we unpack a strange case of fake branding, involving the logo of Elon Musk’s aerospace company.See omnystudio.com/listener for privacy information.