Al Drucker used to work for the IRS doing tax enforcement. One thing he found really helpful in the job was when someone from the public would give a tip on who he should look into.
Planet Money reporters David Kestenbaum and Jacob Goldstein went to Kenya to see the work of a charity called GiveDirectly in action. Instead of funding schools or wells or livestock, GiveDirectly has decided to just give money directly to the poor people who need it, and let them decide how to spend it.
David Kestenbaum tells Ira about the time, when he was doing graduate work in physics, he and his other single friends decided to figure out the mathematical probability that they’d find girlfriends. They wanted to know what the chances were that there was more than one person in the world for them.
This week Southerners were still digging out in the wake of last week's tornados. David Kestenbaum, from our Planet Money team, heads to Tuscaloosa, Alabama where he finds that facts are not so easy to hold onto.
In the 1970s, Dave Kestenbaum's cousin Dan Weiss got promoted from stocker to gift shop manager at the Kennedy Center for the Performing Arts in Washington DC. It was a good job... except for the fact that the place was bleeding cash because of apparent embezzlement.
Though the name of the Federal Reserve includes the word "federal," it's not actually part of the government. It's an independent institution tasked with something very simple, but very huge: Creating money out of thin air.
David and Chana buy a toxic asset, from a guy named Wit Solberg, who used to work on Wall Street and now helps small banks who've been saddled with toxic assets. Turns out...it's hard to buy a toxic asset.
David and Chana meet another toxic asset owner, like themselves. Only difference, David and Chana bought theirs after it was already toxic, for a steep discount, 99% off.
Alex Blumberg and NPR correspondent (and "Planet Money" reporter) Dave Kestenbaum examine what went wrong with the credit ratings agencies. When all these financial instruments that brought down our economy—the mortgage backed securities, the derivatives—were originally issued, the rating agencies (Standard and Poors, Moody's and Fitch) gave many of these things their top rating of triple-A.
NPR reporter David Kestenbaum tells host Ira Glass about the time, when he was doing graduate work in physics, he and his other single friends decided to figure out the mathematical probability that they'd find girlfriends. They wanted to know what the chances were that there was more than one person in the world for them.
In the war on terror, the government is rounding up foreigners, checking their immigration status, and then, sometimes, deporting them. It won't give out their names.
We hear two stories of everyday life which are more easily understood if one knows some of the laws of physics, specifically the Mediocrity Principle and the Casimir Effect.