Spirit Airlines and the future of cheap flights

It’s way more than fuel costs that pushed Spirit Airlines to the brink of liquidation and led President Trump to muse about “buying” them. Many low cost airlines are struggling due to a canny and calculated set of strategies from bigger airlines that we can think of as ‘revenge of the legacy carriers.’ Today on the show, we go back in time to when Spirit was riding high and pressuring the whole industry to cut costs. We talk with then-CEO Ben Baldanza about his radical vision for cheap air travel and then travel to the present day to hear how legacy airlines beat Spirit and other budget airlines at their own game. Plus, what happens to us passengers if Spirit does go away. Newsletters:Greg’s weekly deep diveThe brand new Indicator link roundupRelated Episodes: People Express and how flying got so bad (or did it?)Book: Planet Money: A Guide to the Economic Forces That Shape Your Life is in stores now. Support: Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find us on Socials: Facebook / Instagram / TikTok This episode of Planet Money was hosted by Greg Rosalsky, Jacob Goldstein, Zoe Chace and Emma Peaslee. It was produced by Emma Peaslee. It was edited by Alex Goldmark. It was fact-checked by Vito Emanuel and engineered by Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

At one point in history, one U.S. company monopolized the rare earths industry. Then China took over the industry. Can the U.S. bring it back?Rare earths are critical to making, like, everything. From smart phones to electric vehicles to microwaves. They’ve also become a powerful political weapon for China, which controls the majority of mining and processing of rare earths. Today, we have the story of the rise and fall of America’s rare earth industry told through that single company. It’s a corporate saga made for prestige television about the elements that literally, once, made prestige televisions. Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Emma Peaslee and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo and Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

We talk with Anthropic co-founder Jack Clark and Chief Economist at Redfin Daryl Fairweather about two of the biggest issues of our time: AI and housing. We have been crisscrossing America doing live shows to help promote the new Planet Money book. In each city, we’ve been doing interviews with special guests. And since we won’t be able to make it to every city in America (or most cities) we wanted to bring the tour to you! Live show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was edited and produced by Eric Mennel and Emma Peaslee. It was fact checked by Sierra Juarez. It was engineered by Robert Rodriguez and Kwesi Lee. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Have you noticed a lot of young people getting into antenna-maxxing as alpha? Or, maybe searching for any bit of copium after they fat-fingered and got rinsed? Or maybe they farmed during a yes-fest on Mention Markets resulting in some serious printing? If none of that made sense to you, then we have the perfect episode for you. Prediction markets have taken off in the past few years, using the same legal loopholes as the crypto market to essentially claim they are a “swap,” or “futures market,” similar to that of the totally legal grain and pork belly markets, and less like the state-regulated sports gambling market. And they are great for the bondsharps who print on the regular (or, in English, “well known market makers who often make a lot of money”). These prediction market companies exist because they’ve convinced regulators that they’re also great for the rest of us. They're adding new knowledge to the world. Making us more informed about the future. On today’s episode, the case Kalshi has been making to regulators, the courts and the public as to why what looks like gambling and seems like gambling … is not. Why that argument’s kinda been working. And – if no one stops them – what prediction markets could do to our future.For more, listen to former CFTC Commissioner Kristin Johnson on The Indicator from Planet Money.Live show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Bobby Allyn and Mary Childs. It was produced by Sam Yellowhorse Kesler. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

The United States has been at war with Iran since February 28th. And for a month and a half, Iran’s main leverage over the U.S. has been their control over the Strait of Hormuz — a key global shipping route. Iran has attacked ships that try to pass without approval. And recently they’ve insinuated that one part of the Strait — the part near Oman — is not safe. Which means that captains had to go right by Iran’s shores to get through the Strait … effectively creating a chokepoint for the global economy. On today’s show, a source inside Iran tells us how ships had been getting through the strait, and how the tollbooth Iran set up works. And we ask: What does this all mean for the global economy? Live show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Nick Fountain. It was produced by James Sneed. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Kwesi Lee. Alex Goldmark is Planet Money’s executive producer.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

How do bookstores choose the books they stock, and how does that affect what customers read? It may not seem like it, but every shelf in a bookstore is a highly valuable and contested piece of commercial real estate. And for every new book that a bookstore decides to stock, there are thousands of others that did not make the cut. So how do bookstores make those decisions? And how will the Planet Money book fare under the discerning eyes of the booksellers, the final gatekeepers in the long gauntlet of the publishing industry?Today on the show: the third episode in our series. Planet Money sets out to actually sell a book. We burrow behind the bookstore shelves to learn the secret codes that publishers use to try to convince booksellers to carry the book, from little mom and pops to airport juggernauts. There will be corporate intelligence networks, bargain bin shenanigans, and a giant industrial saw chewing up books by the thousands. Call it Pulp Non-fiction.Related:- Fisher Nash’s Substack- Episode 1: Inside a BOOK auction- Episode 2: Our BOOK vs. the global supply chain - Series: Planet Money makes a bookLive show tour and book info. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Music: NPR Source Audio - “A Peculiar Investigation,” “Round Round,” and “Neighbourhood Watcher.”See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Live event info and tickets here. If your company got bought by a private equity firm, how would you feel? Maybe a little nervous? You might find yourself wondering if there will be layoffs.And you’d be right to worry about that. Research shows that while private equity ownership can boost a company’s productivity, it does generally result in job cuts. But one private equity executive is trying to do things a different way – giving workers equity, little cuts of ownership in their own companies. To see if doing so can improve outcomes overall. On today’s show, private equity is not widely beloved for its societal costs – job losses, product degradation, worsening inequality. And this one guy at this one firm can’t solve all of his industry’s ills. But for the past 15 years, he’s been running a large-scale, real-world experiment to see if giving workers ownership can fit into the big bad world of PE. And maybe lead to more … equity. Recommended Listening/Reading:What Do Private Equity Firms Actually Do?The risk of private equity in your 401(k)Here's what happens when private equity buys homes in your neighborhood (newsletter)JScrewed Find the Planet Money book. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Mary Childs and Wailin Wong. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang with an assist from Marianne McCune, fact-checked by Sierra Juarez, engineered by Cena Loffredo with help from Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer. Music: Universal Production Music - "Make Me Want You," "Baby I Surrender," and "Bye Bye Bye"See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Live event info and tickets here. When ingredient costs skyrocket, companies have three basic options: They can raise their prices (a sort of product-specific inflation), shrink the size of the products (often called “shrinkflation”), or, sometimes, find more creative ways to reduce costs by degrading the quality of their products - which our very own Greg Rosalsky has dubbed as  “skimpflation.” The latest alleged culprit? Hershey’s.The Hershey Company is using ingredients in some of their Reese’s candies that — legally — they cannot call milk chocolate or peanut butter. This has infuriated Brad Reese, a grandson of H.B. Reese, the inventor of the Reese’s Peanut Butter Cup. On today’s show, why chocolate makers might be skimping on chocolate and peanut butter, what else might explain these ingredients, and how Brad Reese has launched a skimp-shaming campaign to get Hershey’s to go back to using classic Reese’s ingredients.And – EXCLUSIVE – you’ll hear Planet Money break some big news to third-generation peanut butter cup scion Brad Reese.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Greg Rosalsky and Sarah Gonzalez. It was produced by James Sneed. It was edited by Kenny Malone, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Live event info and tickets here. For more than 60 years, Cuba has survived on two seemingly contradictory economic strategies: leaning on friendly communist and socialist countries, and flirting with capitalism. And right now it seems the US is making both strategies impossible.Since January, the U.S. has been preventing almost all oil from reaching the island. Doctors can’t get to the hospitals where they work, many buses aren’t running, trucks can’t deliver food and medicine where they’re needed. And there have been frequent blackouts. On more than one occasion over the last few weeks, the entire country has lacked power. It’s hard for people to even talk on the phone because they can’t always charge them or get cell service. So we asked them to send us voice notes describing this moment in Cuba’s history. We also wanted to know: How did Cuba get here? On today’s episode: a brief history of Cuba’s communist-capitalist experiment. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This show was hosted by Erika Beras and Nick Fountain. It was produced by Luis Gallo. It was edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer.  See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

LIVE SHOW TOUR INFO HERE. New stories, live tapings, special guests, book signings and more. What would you build on a piece of land when all the normal rules go out the window?On today’s show, how the Squamish Nation reclaimed a sliver of prime urban real estate and were liberated from zoning restrictions, to the consternation of their wealthy NIMBY neighbors.We trace the 100 year saga of what might be the most interesting real estate development in North America right now: There’s a violent eviction, a tense legal battle, and a giant, tough decision for the Squamish Nation that culminates in the daring project that they’re building today.It’s a story with lessons for every city trying to lower housing costs and build more.This episode is adapted from Planet Money: A Guide To The Economic Forces That Shape Your Life. Pre-order before April 7 and you can get a poster. Details here. The working paper we mentioned on “ready-to-issue” permits in Los Angeles.Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Sam Yellowhorse Kesler with an assist from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy