Digest

The podcast begins with a discussion of a newly discovered asteroid, 2024 PT5, which will be captured by Earth's gravity and orbit the planet for two months. This asteroid is being called a "mini-moon" by astronomers. The podcast then features a sponsorship segment for Wise Business, an app for handling payments in multiple currencies. The hosts discuss the app's features, including its two-factor authentication system and fraud team. The Biden administration is continuing its antitrust crusade, this time targeting Visa. The DOJ accuses Visa of operating an illegal monopoly in debit card transactions, penalizing merchants who use alternatives and making deals with fintech companies to prevent competition. The podcast then discusses the sentencing of Caroline Ellison, former CEO of Alameda Research, to two years in prison for her role in the FTX fraud. Despite cooperating with the government, the judge felt the severity of the fraud warranted jail time. Bernie Sanders and Elon Musk, despite their differences, agree that weight loss drugs like Ozempic are too expensive in the US. Sanders grilled the CEO of Novo Nordisk, the maker of Ozempic, about the drug's high price compared to other countries. The podcast then discusses a potential strike by dockworkers at US East and Gulf Coast ports, which could disrupt supply chains and lead to higher prices or shortages for certain goods. The workers are demanding higher wages and protections against automation. Marques Brownlee, a popular tech reviewer, launched a wallpaper app called Panels, which has been met with criticism for its lack of ambition, high price, and excessive permissions. The podcast concludes with a discussion of the Chicago White Sox, who are on track to have the worst season in MLB history, despite a high payroll. The team's poor performance is attributed to dysfunction in the front office and bad hires. The podcast concludes with a summary of the day's news and a call to action for listeners to share the episode. The hosts also promote Morningbrud's newsletter, Brew Markets, which provides daily commentary on the investing landscape.

Outlines

00:00:00

Mini-Moon, Antitrust, and Ozempic: A Week in News

This episode covers a range of news topics, including the discovery of a mini-moon orbiting Earth, the DOJ's antitrust lawsuit against Visa, and the controversy surrounding the high price of weight loss drugs like Ozempic.

00:01:58

Wise Business Sponsorship

The podcast features a sponsorship segment for Wise Business, an app for handling payments in multiple currencies. The hosts discuss the app's features, including its two-factor authentication system and fraud team.

00:08:31

FTX Saga and Port Strike

The podcast discusses the sentencing of Caroline Ellison, former CEO of Alameda Research, for her role in the FTX fraud. It also covers a potential strike by dockworkers at US East Coast ports, which could disrupt supply chains.

00:22:40

Tech Backlash and White Sox Tanking

The podcast discusses the backlash against Marques Brownlee's new wallpaper app, Panels. It also covers the Chicago White Sox's poor performance and their potential record-breaking season for tanking.

Keywords

Q&A

• What is a mini-moon and why is it significant?

  A mini-moon is a temporary natural satellite of a planet, typically an asteroid captured by the planet's gravity for a short period. 2024 PT5 is an example of a mini-moon that will orbit Earth for two months. This event is significant because it's relatively rare, only happening a few times per decade.

• What are the main allegations against Visa in the DOJ's antitrust lawsuit?

  The DOJ accuses Visa of operating an illegal monopoly in debit card transactions, penalizing merchants who use alternatives and making deals with fintech companies to prevent competition. The lawsuit alleges that Visa's practices have resulted in higher prices for consumers and limited innovation in the payments industry.

• Why is the price of Ozempic so high in the US compared to other countries?

  The high price of Ozempic in the US is attributed to a combination of factors, including the high cost of drug development, the lack of price negotiation power by the US government, and the high demand for the drug. Critics argue that the price is excessive and limits access to the drug for many Americans.

• What are the potential consequences of a strike by dockworkers at US East Coast ports?

  A strike could lead to significant supply chain disruptions, higher prices for consumers, and shortages for certain goods. The strike could also impact the US economy, potentially costing billions of dollars per day.

• Why is the Chicago White Sox's poor performance so unusual?

  The White Sox are on track to have the worst season in MLB history, despite a high payroll. This is unusual because it suggests that the team's poor performance is not simply due to a lack of talent, but also to other factors, such as dysfunction in the front office and bad hires.

Show Notes