The Big Take

On today’s Big Take podcast, Bloomberg’s Amanda Gordon and Emily Birnbaum join host Sarah Holder to discuss how political spending is shaping the US midterm elections, who is funding candidates behind the scenes and what’s at stake for both Republicans and Democrats. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Guests: Amanda Gordon and Emily Birnbaum; Edited by Nicole Beemsterboer. Fact-checking by Big Take team; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Backers of the venture are big fans of a town in Idaho where a preacher with a flamethrower tells our reporters how much he hates feminism. Today on The Big Take: Chapter 3 of Our Town, a limited-run series from Bloomberg and The Big Take, hosted by Meribah Knight with Bloomberg’s Susan Berfield. Our Town tells the story of a battle over identity fought on one small town’s soil, where acreage, heritage, and what it means to be an American are all up for grabs. New episodes of Our Town publish on Mondays, but you can listen early on Fridays right here in The Big Take feed. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Meribah Knight with Susan Berfield Produced by: Rebecca Laks with Julia Weaver and David Fox and help from Laura Newcombe Edited by: Ken Armstrong with Rebecca Laks Original Score and Mixing by: Alex Sugiura Fact-checking by: Annika Robbins Executive Producer: Nicole Beemsterboer See omnystudio.com/listener for privacy information.

On today’s Big Take podcast, economy reporter Shawn Donnan walks David Gura through what eight years of tariffs have meant for steel mills, can manufacturers, food growers and consumers. And as the second Trump administration continues to pursue tariffs – see this week’s 11th-hour negotiations with Canada over the US’s latest proposed duties – Donnan looks at how manufacturers have tried to adapt. Read more: What the American Tin Can Reveals About Trump’s Volatile Tariff Policy We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Shawn Donnan; Edited by Jeffrey Grocott. Fact-checking by Brunella Tipismana Urbano; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s John Authers unpack the bond market rollercoaster: a sell-off, the highest US 30-year bond yields since the financial crisis — and a sudden intervention. Read more: The 30-Year Itch Comes for Bonds — and Brazi Further listening: What Higher Bond Yields Mean for Markets and Everyday Borrowers (Big Take Podcast) We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Stacey Vanek Smith; Produced by Rachael Lewis-Krisky and Victor Swezey; Guest: John Authers; Fact-checking by the Big Take team; Engineering by Zoltan Sindhu and Alex Sugiura. Senior Producer and editor: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

North Korea was supposed to be broke and isolated. Now, it’s enjoying an unexpected economic boom. On today’s Big Take Asia podcast, Bloomberg’s Cat Barton and host K. Oanh Ha unpack North Korea’s shift from pandemic-era hardship to a multibillion-dollar windfall, and discuss how the country’s newfound wealth is reshaping geopolitical alliances. Read more: Kim Jong Un Flouted Sanctions to Amass $22 Billion WindfallFurther listening: North Korea’s Nuclear Program Reaches Tipping Point for the US Watch, from Originals: Why Sanctions Aren’t Stopping North KoreaSee omnystudio.com/listener for privacy information.

New York City Mayor Zohran Mamdani is backing a bill that would challenge the subcontractor model Amazon relies on for last-mile deliveries, and the company is spending millions to fight it. On today’s Big Take podcast, reporters Spencer Soper and Josh Eidelson unpack what this bill could mean for the delivery drivers — and corporate America’s reliance on subcontractors more broadly. Read more: Amazon Is in the Crosshairs of Mamdani’s Worker Agenda What Trump Delivered for Amazon We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky and Julia Press; Reported by Josh Eidelson and Spencer Soper; Edited by Naomi Shavin and Julia Weaver. Fact-checking by Victor Swezey and Brunella Tipismana Urbano; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Diana looks into the town’s newest arrivals: What’s their deal — and who are their friends?Today on The Big Take: Chapter 2 of Our Town, a limited-run series from Bloomberg and The Big Take, hosted by Meribah Knight with Bloomberg’s Susan Berfield. Our Town tells the story of a battle over identity fought on one small town’s soil, where acreage, heritage, and what it means to be an American are all up for grabs. New episodes of Our Town publish on Mondays, but you can listen early on Fridays right here in The Big Take feed. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Meribah Knight with Susan Berfield Produced by: Rebecca Laks with Julia Weaver and David Fox and help from Laura Newcombe Edited by: Ken Armstrong with Rebecca Laks Original Score and Mixing by: Alex Sugiura Fact-checking by: Annika Robbins Executive Producer: Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

The 7.4-magnitude earthquake that devastated Colombia this week was also an immediate test for the country’s new Trump-aligned president. Abelardo de la Espriella, who campaigned on slashing Colombia's deficit and cracking down on armed rebel groups, now faces the prospect of stalling coffee shipments and a costly relief effort, in his first week in office. On today’s Big Take podcast, host David Gura talks to Bloomberg’s Oscar Medina in Bogotá, Colombia, and Travis Waldron in Brasília, Brazil, about what this moment could mean for a divided Colombia — and for Latin America’s tilt to the right. Read more: ‘Waiting for Any Sign of Life’: Colombia Reels After Quake Colombia Quake Toll Tops 260, Prompting Economic Emergency Colombia Earthquake Pressures President Right From the Get-Go We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Rachael Lewis-Krisky and Victor Swezey; Reported by Travis Waldron and Oscar Medina; Edited by Jeffrey Grocott. Fact-checking by Laura Newcombe and Brunella Tipismana Urbano; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The launch of Moonshot AI’s Kimi K3 model has taken the tech world — and Washington — by storm, raising urgent questions about how a Chinese startup can suddenly rival the world's most powerful AI systems. On today’s Big Take Asia podcast, host Oanh Ha speaks with Bloomberg’s Mark Anderson about the distillation method behind Moonshot’s breakthrough and what it means for the high-stakes AI race between the US and China. Read more: Moonshot Plans IPO in Six Months After China AI BreakthroughSee omnystudio.com/listener for privacy information.

The online shopping app Phia raised over $43 million and captured media attention for its A-list investors and its high-profile co-founders — Phoebe Gates, daughter of Bill Gates, and her college roommate and podcast co-host Sophia Kianni. But Bloomberg reporting suggests that Phia was pushing features that took credit for sales it didn’t drive. On today’s Big Take podcast, Bloomberg technology editor Olivia Solon shares her reporting on Phia and what the startup’s founders may have known about those features. Read more: Gates Heir’s Shopping App Claimed Sales It Didn’t Drive Phoebe Gates Knew Phia Shopping App Took Credit for Sales It Didn’t Drive We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Olivia Solon. Fact-checking by Victor Swezey and Brunella Tipismana Urbano; Engineering by Alex Sugiura and Emma Munger. Senior Producer and Editor: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

US Treasury Secretary Scott Bessent’s move to prop up the yen was as surprising as its impact was fleeting. By Monday, the yen lost half of its gains since last month’s intervention, raising questions about what comes next. On today’s Big Take podcast, Bloomberg’s Daniel Flatley and Chris Anstey join David Gura to break down Bessent’s unorthodox currency strategy and to explore how far Bessent might be willing to go to support another country’s currency. Read more: How Bessent Brings a ‘Buy-Side’ Mindset to Economic Statecraft Behind Bessent Moves, Wall Street Sees a Bond-Market Angst Listen More: Why a Weak Yen Is America’s Problem Carry Trades, Explained Hosted by David Gura; Produced by Laura Newcombe and David Fox; Reported by Daniel Flatley and Chris Anstey; Edited by Jeffrey Grocott. Fact-checking by Victor Swezey and Brunella Tipismana Urbano; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Oh, the things you can find with an inquisitive mind – and a metal detector.Today we’re bringing you Chapter 1 of Our Town, a limited-run series from The Big Take, hosted by Meribah Knight with Bloomberg’s Susan Berfield. The series tells the story of a battle over identity fought on small town soil, where acreage, heritage, and what it means to be an American are all up for grabs. The limited-run series will publish on Fridays in The Big Take. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Meribah Knight with Susan Berfield Produced by: Rebecca Laks with Julia Weaver and David Fox and help from Laura Newcombe Edited by: Ken Armstrong with Rebecca Laks Original Score and Mixing by: Alex Sugiura Fact-checking by: Annika Robbins Executive Producer: Nicole Beemsterboer See omnystudio.com/listener for privacy information.

Situational Awareness, a hedge fund run by a 24-year-old hailed as “Nostradamus of AI”, swelled to $45 billion in assets until a mix of highly leveraged bets, short sellers and a market swoon threw it into crisis. On today’s Big Take podcast, Bloomberg’s Katherine Burton and Hema Parmar join Sarah Holder to discuss how risky bets led the fund to the brink and whether the episode speaks to broader vulnerabilities among hedge funds investing in AI. Read more: The 24-Hour Race to Salvage Situational Awareness’ AI Bets Bloomberg Opinion: Hedge Fund’s 439% Return Should Have Been the Warning Situational Awareness Returns to Investing With $400 Million Bet Listen to Money Stuff Podcast: No Kiddie Pool We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Katherine Burton and Hema Parmar; Edited by Jeffrey Grocott. Fact-checking by Victor Swezey and Laura Newcombe; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

When new neighbors move into Gainesboro, Tennessee, a small town at the foothills of Appalachia, locals are confused. Who are these self-proclaimed pioneers? And what do they want with their little town?Locals soon discover the new arrivals are connected to something much larger: A network of far-right Christians who have ties to Washington and are backed by venture capital. This is a story about a battle over identity fought on small town soil with small town spunk. Where acreage, heritage, and what it means to be an American are all up for grabs. Episode 1 will be available to Big Take listeners Friday, August 7.See omnystudio.com/listener for privacy information.

For generations, women have struggled to access information about menopause and how best to treat its symptoms. Social media and the rise of telehealth have filled some of that gap, giving way to a $19 billion economy. But is the commercial menopause marketplace serving women or leaving them behind? On today’s Big Take podcast, health and science journalist Kristen V. Brown explores the benefits and risks of the menopause treatment gold rush, and we hear from a woman who spent years navigating the vast market herself. Read more: The Menopause Gold Rush Is Failing Women We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Kristen V. Brown; Edited by Aaron Edwards. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

As the Japanese yen hit a 40-year low against the US dollar, Japan's government stepped in to support its currency. And it has a powerful ally in US President Donald Trump, who is putting the US financial might behind the historic currency intervention in what he called a “signal of friendship.” On today’s Big Take Asia podcast, host K. Oanh Ha sits down with chief Asia foreign exchange correspondent Ruth Carson to unpack how the yen fell so far, what it could take to get it back on track and what’s at stake for the global economy. Read more: Bessent Says Yen Level Problem for Japan, Other Currencies Further listening: Carry Trades, Explained Could the Chinese Yuan Ever Replace the US Dollar? We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Naomi Ng, Yang Yang, Rachael Lewis-Krisky and Victor Swezey; Reported by Ruth Carson; Edited by Paddy Hirsch and Tracey Samuelson. Fact-checking by Victor Swezey; Engineering by Emma Munger and Taka Yasuzawa. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or attacks jolt oil markets, fuel prices at US gas stations have remained high. Late last week, US oil companies Exxon and Chevron reported their biggest profits in years. On today’s Big Take podcast, oil reporter Mitchell Ferman joins host Sarah Holder to explain why oil companies are built for global conflict. Read more: Big Oil Set to Reap Profit Bonanza From Soaring Fuel Prices Exxon, Chevron Steer Windfall Profits Into Paying Down Debt We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Mitchell Ferman; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. But the entanglement with private credit is also changing the insurance industry itself, raising a number of questions about risk and regulation. In this week's Weekend Listen, Odd Lots speaks to Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," examining the relationship between private credit and insurance. Granato (an assistant professor at the UT Austin Law School) and Drall (JD-PhD student in Financial Economics at Yale) talk to us about how PE got so interested in insurance in the first place, how both sides benefit from the relationship, and why taxpayers might ultimately be on the hook. Read more:Blue Owl Surges as Leaders Stress It’s More Than a Direct LenderAres $29 Billion Private Credit Fund Sees Uptick in Non-Accruals Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

The path to the future of the Democratic Party — and to the White House in 2028 — may well run through Michigan. The state’s upcoming Democratic primary election is a highly anticipated showdown between a Democratic-Socialist-backed candidate and a centrist one, who are vying for both a crucial seat in the US Senate and a major say in the party’s priorities. On today’s Big Take podcast, host David Gura sits down with senior political correspondent Nancy Cook and Bloomberg Opinions’ Ronald Brownstein to unpack the stakes of the Democratic primaries in this midterm cycle and what they could reveal about the party’s future. Read more: How the Michigan Primary Could Shape the Midterms Democrats’ 2028 Map Reshapes the Fight Between Left and Center We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Nancy Cook and Ronald Brownstein; Edited by Naomi Shavin. Fact-checking by Laura Newcombe and Victor Swezey; Engineering by Sean Carter. Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

From margarine to chocolate treats, some brands are swapping in cheaper ingredients to save money on their most beloved products. It’s a trend known as “skimpflation.” But what happens when consumers start to notice? On today’s Big Take podcast, Stacey Vanek Smith hears from Brad Reese, grandson of the Reese’s Peanut Butter Cup creator, about his crusade against the practice, the multi-million-dollar cottage industry that’s formed around it and the economic conditions that got us here in the first place. Read more: How Brands Sneak In Cheaper Ingredients to Protect Their Profit Margins We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.See omnystudio.com/listener for privacy information.

With the US midterms fast approaching, voters and the media are increasingly looking to a new forecasting tool: prediction markets. The leading platforms, Kalshi and Polymarket, have been touted as a truth serum for political forecasting — arenas for mass betting that reveal what people really think when they’ve got money on the line. But a new Bloomberg investigation has found evidence that these markets are vulnerable to manipulation. On today’s Big Take podcast, host Sarah Holder and Bloomberg investigative reporter Liam Vaughan dig into what can happen when prediction markets mix with politics — and how cheap and easy it can be to sway them. Read more: How a Few Hundred Dollars Could Manipulate Election Prediction Markets We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Victor Swezey and David Fox; Reported by Liam Vaughan; Edited by Tracey Samuelson. Fact-checking by Julia Press; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Weeks of student-led protests forced the resignation of India’s education minister, in a rare public setback for Prime Minister Narendra Modi. On today’s Big Take Asia podcast, guest host Rebecca Choong Wilkins and Bloomberg reporter Atul Dev discuss how India’s cockroach movement grew from a satirical online joke into a powerful anti-Modi protest and why its economic grievances resonate so deeply among young Indians at this moment. Read more: Awakened Indian Students Hand Modi One of His Biggest SetbacksIndia Youth Protests End as Modi Bows to Group’s Demands Hosted by Rebecca Choong Wilkins; Produced by Naomi Ng; Reported by Atul Dev; Edited by Jeffrey Grocott, Paddy Hirsch and Julia Weaver. Fact-checking by Rachael Lewis-Krisky and Julia Press; Engineering by Taka Yasuzawa, Alex Sugiura, Emma Munger Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

As President Trump paused strikes on Iran over the weekend, he ratcheted up pressure on another front: his renewed trade war. On Friday, the US president imposed levies of 10 or 12.5% on 60 economies, the first in many steps to rebuild the tariff wall destroyed when the Supreme Court overturned Trump’s IEEPA tariffs in February. On today’s Big Take podcast, Bloomberg’s global trade editor Brendan Murray sits down with host David Gura to break down the latest tariffs, what they reveal about the administration’s new strategy and whether they’ll hold up in court. Read more: Trump Rebuilds Tariffs With New Levies on 60 Economies How Trump’s Section 301 Tariffs Are Being Challenged in Court Watch more: US Trade Rep. Greer on China Relations and Section 301 Tariffs We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Julia Press and Rachael Lewis-Krisky; Reported by Brendan Murray; Edited by Nicole Beemsterboer. Fact-checking by Rachael Lewis-Krisky; Engineering by Emma Munger.See omnystudio.com/listener for privacy information.

As wealth becomes increasingly concentrated — and artificial intelligence threatens to shift even more income from workers to investors — has the US tax system become outdated? On this Weekend Listen, Trumponomics' Stephanie Flanders speaks with Harvard professor Jason Furman, a former economic adviser to President Barack Obama, and Bloomberg reporter Caitlin Reilly about wealth taxes, capital gains, inheritance and whether taxing America's richest is politically or constitutionally possible. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.See omnystudio.com/listener for privacy information.

American consumers disputed nearly 30% more credit card transactions in 2025 than they did just four years earlier. Some of those “chargebacks” are legitimate issues or outright scams. But increasingly, many are what Bloomberg Businessweek reporter Amanda Mull says is friendly fraud — transaction disputes that aren’t completely honest or the retailer’s fault. On today’s Big Take podcast, Mull joins host Sarah Holder to discuss the sharp rise in chargebacks, and the consequences of this trend for retailers, banks and consumers. Read more: Credit Card Holders Are Using ‘Friendly Fraud’ to Get Back at Retailers We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Amanda Mull; Edited by Naomi Shavin. Fact-checking by Laura Newcombe; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

After the pandemic-era run on medical gloves, the US government set a plan in motion to reshore manufacturing. Roughly six years and almost $1 billion later, America is once again facing potential shortages of medical gloves because of supply chain disruptions stemming from the war in Iran. On today’s Big Take podcast, host Sarah Holder and health care industry reporter Anna Edney break down why US efforts to make American medical gloves have largely failed, what it says about reshoring manufacturing writ large and where the industry goes from here. Read more: Almost $1 Billion Later, the US Still Can’t Make a Medical Glove We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe and Rachael Lewis-Krisky; Reported by Anna Edney; Edited by Naomi Shavin. Fact-checking by Victor Swezey; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

How did Tether — the largest stablecoin issuer in the world — go from fighting stablecoin regulation to supporting the Genius Act? That’s the subject of a new Bloomberg News investigation into how Trump insiders helped to loosen safeguards and shape the process that led to the law in ways that benefitted the company. On today’s Big Take podcast, Bloomberg’s Anthony Cormier and David Kocieniewski detail their reporting for host Sarah Holder, including how US Commerce Secretary Howard Lutnick, according to court filings, ‘managed to kill’ less favorable legislation before taking office, and how former White House aide Bo Hines defended a provision Tether wanted – before going to work for the company. Read more: How Tether Benefited as Trump Insiders Shaped First US Crypto Law Further listening: Meet Tether, The Most Powerful Crypto Firm You’ve Never Heard Of We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by David Fox; Reported by Anthony Cormier, David Kocieniewski and Annie Massa; Edited by Aaron Edwards, Tracey Samuelson. Fact-checking by Rachael Lewis-Krisky; Engineering by Emma Munger, Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

When a 1,000-year-old Cambodian statue came up for auction at Sotheby’s in New York, it sparked off an investigation that uncovered one of the world’s most extensive art trafficking networks. On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Matthew Campbell and American lawyer Bradley Gordon on how Cambodia’s looted treasures ended up scattered around the world and what it takes to bring them home. Read more: Chasing the Man Who Stole the Gods Watch, from Originals: Cambodia to Museums: We Want Our Statues Back We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Naomi Ng; Reported by Matthew Campbell; Edited by Aaron Edwards. Fact-checking by Victor Swezey and Yang Yang; Engineering by Taka Yasuzawa and Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. Photo by Agnes Dherbeys/The New York Times/ReduxSee omnystudio.com/listener for privacy information.

From celebrity wedding details to the timing of military strikes, prediction markets have opened the door to gambling on almost anything. They’ve also created a new class of insider trader that platforms and US regulators are racing to stop. On today’s Big Take podcast, Bloomberg’s Denitsa Tsekova and Leonardo Nicoletti join host Sarah Holder to break down a $200 million surge in unusual bets on Polymarket — and explore what it will take for regulators to rein them in. Read more: Prediction Markets Are Minting a New Type of Insider Trader We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky and Victor Swezey; Reported by Denitsa Tsekova and Leonardo Nicoletti; Edited by Aaron Edwards and Julia Weaver. Fact-checking by Victor Swezey, Laura Newcombe and David Fox; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Tucker Carlson was one of Donald Trump’s most prominent allies when he campaigned for re-election and through his first year back in the White House. The US-Israel war with Iran, however, marked a decisive split between the two men. Carlson, a right-wing media personality, now argues that Trump has abandoned his “America First” agenda and allowed Israel to drive US foreign policy.In this conversation, Carlson tells Mishal Husain about how he advised against starting the war with Iran. He also talks about his faith in Vice President JD Vance and his belief that feminism has exploited women in the workplace. Contact The Mishal Husain Show mishalshow@bloomberg.net See omnystudio.com/listener for privacy information.

There’s a historic mismatch between fun-supply and fun-demand in the US this summer. Americans are clamoring for places to relax and socialize. But the purveyors and conduits of fun — like airlines, theme parks, resorts, concert venues, camps and more — are all grappling with the same inflationary pressures as the rest of us — making fun more expensive and harder to access. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg's Ben Steverman about why a fun shortage is a serious problem for society — and what can be done about it. Read more: The Fun Shortage Is Real, and It’s Making America Miserable We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Ben Steverman; Edited by Naomi Shavin. Fact-checking by Rachael Lewis-Krisky; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

A slate of new data this week painted a tepid but slightly optimistic picture of the US economy: Consumer prices declined in June for the first time in six years, jobless claims ticked down and retail sales rose modestly. So why doesn’t the data match up with how Americans are feeling? On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s Reade Pickert and labor economist Kathryn Anne Edwards about what the data does (and doesn’t) tell us about the state of the US economy. Read more: How’s Inflation? Depends How It’s Measured We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Reade Pickert; Edited by Aaron Edwards. Fact-checking by Victor Swezey, Rachael Lewis-Krisky; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

President Donald Trump’s 2025 financial disclosure showed earnings unlike anything Americans have seen from a sitting US president: $1.4 billion in cryptocurrency, 21,000 securities trades and millions from his resorts and golf clubs. On today’s Big Take podcast, Bloomberg campaign finance reporter Bill Allison joins host Sarah Holder to look at the ethical concerns the disclosure raises and what — if any — political fallout could follow. Read more: Trump Reports at Least $1.4 Billion in 2025 Crypto Earnings Trump Reports Receiving About $120,000 in Sports Events Tickets Trump Financial Disclosure Shows 21,000 Trades in 2025 We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Bill Allison; Fact-checking by Victor Swezey; Engineering by Alex Sugiura; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

China’s men’s soccer team has qualified for the World Cup just once, despite millions in investment and a personal push from President Xi Jinping to turn the nation into a footballing powerhouse. On today’s Big Take Asia podcast, host Oanh Ha speaks with Eric Zhu of Bloomberg Economics and Mark Dreyer, sports writer and author of Sporting Superpower, about why the country’s top-down engineering approach fails to capture the grassroots magic of the game and how academic pressure continues to push many young players off the field. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Oanh Ha; Produced by Yang Yang and Naomi Ng; Edited by Patrick Hirsch, Julia Weaver; Fact-checking by Julia Press; Engineering by Taka Yasuzawa Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The last few days have brought a flurry of developments in the Iran war. As armed hostilities between the US and Iran resumed over the weekend, news broke that US Senator Lindsey Graham had died. Graham was a staunch supporter of Israel and of the war in Iran. And on Monday, President Trump declared US control over the Strait of Hormuz and demanded a 20% reimbursement rate for all cargo that moves through the waterway. It’s not clear when the war with Iran will end. But when it does, the balance of power in the Middle East will look very different than it did before Hamas attacked Israel on October 7, 2023. On today’s Big Take podcast, Bloomberg’s Peter Martin joins host David Gura to discuss the new alliances, revised trade routes and expanded battlefields that are reshaping the Middle East. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Laura Newcombe; Reported by Peter Martin; Edited by Nicole Beemsterboer. Fact-checking by Victor Swezey; Engineering by Alex Suguira. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The great famine of the 1870s killed 50 million people – and El Niño was a key driver. Another El Niño phase has just begun and it’s expected to be among the strongest. There are five times as many people in 2026 as there were in the 1870s and the planet is 1.4C hotter. So are we better prepared? In this weekend's listen, Bloomberg’s Akshat Rathi speaks with Mingfang Ting, professor of climate at Columbia University, about the natural phenomenon and its interaction with human-caused climate change. Read more: Bloomberg Green's deep dive on extreme heat Thoughts or suggestions? Email zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.See omnystudio.com/listener for privacy information.

Some of the world’s top tennis players will face off at the Wimbledon finals this weekend. The players who make it to Centre Court have already achieved a bigger feat: a career as a tennis player. On today’s Big Take podcast, Bloomberg’s Hannah Miller and The Athletic’s Matt Futterman break down what sets tennis apart from other sports and the challenges the tournaments and players face to stay profitable. Further Listening : Rafael Nadal's Retirement Is So Great He Doesn't Miss Tennis Read more: Grand Slam prize money is enormous. The economics of tennis tournaments is complicated Wimbledon Investors Cash In With VIP Seats Costing Over $500,000 Matt Futterman’s book, The Cruelest Game, is available for pre-order We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Julia Press; Reported by Matt Futterman, Hannah Miller; Edited by Aaron Edwards. Fact-checking by Laura Newcombe; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Maine Democrat Graham Platner’s withdrawal from his US Senate race is ratcheting up an already intense run-up to the US midterm elections. And yet, across the political spectrum, lawmakers in Washington agree that they need to deliver — quickly — on promises of affordability. With broad bipartisan support, they passed the 21st Century ROAD to Housing Act, billed as allowing more Americans to achieve the dream of home ownership. But the bill’s fate has been thrown into doubt by President Trump, who surprised lawmakers by declining to sign it. On today’s Big Take podcast, Bloomberg housing policy reporter Katy O’Donnell and Megan Scully, who leads Bloomberg’s Congressional coverage, join Sarah Holder to discuss what’s in the housing bill, how Trump could still steer its fate and what his intervention could mean for Republicans in the midterms. Read more: Would Congress’ New Housing Bill Lower Home Prices? Trump, GOP Clash After President Scraps Housing Bill Signing We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Katy O’Donnell and Megan Scully; Edited by Jeffrey Grocott. Fact-checking by David Fox and Victor Swezy; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

For two decades, American universities have doubled down on master’s programs, relying on graduate degrees as their financial backbones. Now, the Trump administration’s policies are posing existential threats to that business model. On today’s Big Take podcast, education reporter Liam Knox joins host Sarah Holder to break down the administration’s three-pronged attack on graduate school and the impact it could have on students, universities and America’s place on the global stage. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson. Fact-checking by Victor Swezey; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

China rattled neighbors from Japan to Australia on Monday by test-launching a long-range ballistic missile from a nuclear submarine in the Pacific Ocean. While such launches are rare, the latest test reflects Beijing’s increasing openness about its growing military strength. On today’s Big Take Asia podcast, Rebecca Choong Wilkins, who covers Asian government and politics, joins host K. Oanh Ha to discuss the surprise launch, China’s expanding arsenal and what they reveal about Beijing’s military aspirations for 2027 and beyond. Read more: China’s ICBM Tests Point to New Normal Rattling the Pacific China Holds Rare Test of Sub-Launched Missile in Pacific Ocean China’s Secretive Missile Program Is Making Dozens of Companies Rich We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Naomi Ng and Rachael Lewis-Krisky; Reported by Rebecca Choong Wilkins; Edited by Jeffrey Grocott, John Liu and Julia Weaver; Fact-checking by Julia Press, David Fox and Yang Yang; Engineering by Taka Yasuzawa and Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market. On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy. Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin. Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

For America’s 250th anniversary and our Weekend Listen, the Pulitzer Prize-winning historian Jill Lepore joins Mishal Husain to take her through her book on the US Constitution.We The People explores how the Constitution came about and, crucially, how there was an expectation that it would likely change over time. This is not, however, an episode entirely set in the past, because Jill Lepore is acutely alive to the pressures of the moment and of the contested sense of what America is or should be.Contact The Mishal Husain Show mishalshow@bloomberg.net Subscribe today on Apple Podcasts and Spotify.See omnystudio.com/listener for privacy information.