The veteran loan calamity

This is the story behind one of the most valuable — and perhaps, most improbable — technologies humanity has ever created. It's a breakthrough called extreme ultraviolet lithography, and it's how the most advanced microchips in the world are made. The kind of chips powering the latest AI models. The kind of chips that the U.S. is desperately trying to keep out of the hands of China.For years, few thought this technology was even possible. It still sounds like science fiction: A laser strong enough to blast holes in a bank vault hits a droplet of molten tin. The droplet explodes into a burst of extreme ultraviolet light. That precious light is funneled onto a wafer of silicon, where it etches circuits as fine as a strand of DNA. Only one company in the world that can make these advanced microchip etching machines: a Dutch firm called ASML.Today on the show, how this breakthrough in advanced chipmaking happened — and how it almost didn't. How the long-shot idea was incubated in U.S. nuclear weapons laboratories and nurtured by U.S. tech giants. And, why a Dutch company now controls it.This episode was hosted by Jeff Guo and Sally Helm. It was produced by Willa Rubin and edited by Jess Jiang. It was fact-checked by Dania Suleman, and engineered by Patrick Murray. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy

On the day after the election, Wall Street responded in a dramatic way. Some stocks went way up, others went way down. By reading those signals — by breaking down what people were buying and what they were selling — you can learn a lot about where the economy might be headed. Or at least, where people are willing to bet the economy is headed.On today's show, we decode what Wall Street thinks about the next Trump presidency — what it means for different parts of the economy, and what it means for everyone. Does the wisdom of the market think President Trump will actually impose new tariffs and lift regulations? What about taxes and spending? And will inflation ultimately go up or down?What markets bet President Trump will do. That's today's episode.This episode was hosted by Jeff Guo, Sally Helm, Erika Beras, and Keith Romer. It was produced by Sam Yellowhorse Kesler and Willa Rubin. It was edited by Martina Castro and fact-checked by Sierra Juarez. Engineering by Gilly Moon. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy

Back in the 90s, the federal government ran a bold experiment, giving people vouchers to move out of high-poverty neighborhoods into low-poverty ones. They wanted to test if housing policy could be hope – whether an address change alone could improve jobs, earnings and education.The answer to that seems obvious. But it did not at all turn out as they expected.Years later, when new researchers went back to the data on this experiment, they stumbled on something big. Something that is changing housing policy across the country today.Today's episode was originally hosted by Karen Duffin, produced by Aviva DeKornfeld, and edited by Bryant Urstadt. The update was hosted by Amanda Aronczyk, produced by Sean Saldana and fact checked by Sierra Juarez. Our supervising executive producer is Alex Goldmark.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/adchoicesNPR Privacy Policy

Ray and Becky Queen live in rural Oklahoma with their kids (and chickens). The Queens were able to buy that home with a VA loan because of Ray's service in the Army. During COVID, the Queens – like millions of other Americans – needed help from emergency forbearance. They were told they could pause home payments for up to a year and then pick up again making affordable mortgage payments with no problems.That's what happened for most American homeowners who took forbearance. But not for tens of thousands of military veterans like Ray Queen.On today's show, we follow two reporters' journey to figure out what went wrong with the VA's loan forbearance program. How did something meant to help vets keep their houses during COVID end up stranding tens of thousands of them on the brink of foreclosure? And, once the error was spotted, did the government do enough to make things right?Today's episode was produced by James Sneed. It was edited by Meg Cramer. And fact-checked by Dania Suleman. Engineering by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy

If you... exist in the world, it's likely that you have gotten a letter or email at some point informing you that your data was stolen. This happened recently to potentially hundreds of millions of people in a hack that targeted companies like Ticketmaster, AT&T, Advance Auto Parts and others that use the data cloud company Snowflake.On today's show, we try to figure out where that stolen data ended up, how worried we should be about it, and what we're supposed to do when bad actors take our personal and private information. And: How our information is being bought, sold, and stolen.This episode was hosted by Amanda Aronczyk and Keith Romer. It was produced by Sam Yellowhorse Kesler and edited by Meg Cramer. It was engineered by Ko Takasugi-Czernowin with an assist from Kwesi Lee, and fact-checked by Dania Suleman. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy

There's something strange going on in hospitals. Cheap, common drugs that nurses use every day seem to be constantly hit by shortages. These are often generic drugs that don't seem super complicated to make, things like dextrose and saline (aka sugar water and salt water).So what's going on? The answer, as with anything in healthcare, is complicated.On today's show: why hospitals keep running out of generic drugs. The story behind these shortages tells us a lot about how these drugs are made, bought and sold–and, it shows us how these markets can falter without the proper care.This episode was hosted by Sally Helm and Alexi Horowitz-Ghazi. It was produced by Willa Rubin, with help from James Sneed and Sam Yellowhorse Kesler. It was edited by Martina Castro. Fact-checking by Dania Suleman. Planet Money's executive producer is Alex Goldmark.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/adchoicesNPR Privacy Policy

On today's show, we have two stories from The Indicator, Planet Money's daily podcast. They just launched Love Week, a weeklong series exploring the business and economic side of romance.First, hosts Wailin Wong and Adrian Ma fire up the gas logs and pour a mug of cocoa to discuss the made-for-TV rom-com machine, and how television executives learned to mass produce seasonal romance.Then, Wailin and host Darian Woods discuss another romance medium: the romance novel. Once relegated to supermarket aisles, these books are now mainstream. And authors, an often-maligned group within publishing, have found greater commercial success than many writers in other genres. We find out how romance novelists rode the e-book wave and networked with each other to achieve their happily-for-now status in the industry.This episode is hosted by Erika Beras, Wailin Wong, Adrian Ma, and Darian Woods. These episodes of The Indicator were originally produced by Julia Ritchey and engineered by Kwesi Lee. They were fact-checked by Sierra Juarez. Kate Concannon is The Indicator's Editor.You can listen to the rest of the series at The Indicator's feed, or at npr.org/loveHelp 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/adchoicesNPR Privacy Policy

Over the past two decades, there's been a sort of tectonic economic shift happening under our feet. More and more companies have switched from selling goods one by one to selling services, available as a subscription. These days everything from razor blades to meal kits to car washes have become subscriptions. But all that convenience has also come with a dark side – some companies have designed their offerings to be as easy as possible to sign up for and also as difficult as possible to cancel. Many consumers are now paying for way more subscriptions than they even know about.On today's show, we discover how we all fell into this subscription trap – who is winning and who is losing in this brave new subscription based world – and what both the government and the free market are doing to try and fix it.This episode was hosted by Alexi Horowitz-Ghazi and Jeff Guo. It was produced by James Sneed. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy

(For our story on this year's Nobel in Economics, check out our daily show, The Indicator!)Let's face it. Economics is filled with terms that don't always make sense to the average person. Terms that sometimes mean what you think they mean, but sometimes not at all. Not even close.We surveyed 188 economists. And we asked them: What are the most misunderstood terms in the field of economics?On today's show, their answers! Hear stories about near recessions, a problem with insurance, econ at your local movie theater, and... an economics term that will make undergrads blush. Strap in, and bring your popcorn!This episode was hosted by Amanda Aronczyk and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang, engineered by Valentina Rodríguez Sánchez and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.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/adchoicesNPR Privacy Policy

Even in our modern world with planes and jets and drones, the vast majority of goods are moved around the planet in cargo ships. Which means our ports are the backbone of our global economy. The longshoremans' strike closed the eastern ports for only three days, but those three days raised a lot of questions.Like - why is a discount furniture store the fourth largest importer on the East Coast? How come so many bananas come through Wilmington, Delaware? Why do we need live frogs delivered into the US six times a month? And... how do we even keep track of all of these imports? On today's episode, we get into #PortFacts!This episode was hosted by Kenny Malone and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Audrey Quinn, and fact-checked by Dania Suleman. Engineering by Cena Loffredo and Kwesi Lee with an assist from Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.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/adchoicesNPR Privacy Policy