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We're joined by Alexandra Scaggs to talk Deals, Tariffs, Bonds… things of a financial nature…and try to figure out what's going on. Read The Hedge by Alexandra Scaggs: https://theehedge.substack.com/ Discover more episodes at podcast.trueanon.com.
This week we're joined by FT Alphaville writer Alexandra Scaggs (@alexandrascaggs) to discuss all the latest market news from this week: tariffs, reversing the tariffs, reversing the tariff reversals, bond vigilantes, and of course the Art of the Deal Support us on Patreon: www.patreon.com/trillbillyworkersparty
Today on the show, host Katie Martin pits two teams against one another in a historic finance trivia showdown, complete with trash talk, ridiculously hard questions, and strongly-worded protests. In one corner, the cerebral duo behind the FT's Alphaville newsletter, Alexandra Scaggs and Robin Wigglesworth. In the other, the brains behind the FT's Unhedged newsletter, our own Robert Armstrong and Ethan Wu. An epic clash like this will not be seen again in our lifetimes, or at least not until another slow news week. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X, formerly Twitter. You can email Ethan at ethan.wu@ft.com.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
Sam and Emma host Alexandra Scaggs, reporter for the Financial Times, to discuss the recent turmoil surrounding the Silicon Valley Bank and Signature Bank. First, Sam and Emma run through updates on inflation, the FDIC's upcoming bank auctions, EPA water regulations, SCOTUS taking on a massive Shadow Docket case on trans rights, and South Carolina lawmakers proposing a death penalty for abortions, before diving into the incestuous dealmaking behind SVB's collapse. Alexandra Scaggs then joins as she walks Sam and Emma through the four central elements of Silicon Valley Bank's collapse, starting by assessing the rollback of the Dodd-Frank capital checks on banks with under $250 Billion in assets, which allowed SVB, the 16th biggest bank in the US, to completely undercapitalize without any awareness from regulators or the Federal Reserve. Next, Alexandra looks to the behind-the-scene shenanigans at SVB that kept them below the $250 Billion threshold, before turning to their relationship with depositors, making outlandish deals to get their clients to deposit well above the FDIC $250k insurance threshold. Bringing these various elements together, Scaggs explores how rumors of SVB's undercapitalization with the Fed's constant interest hikes were then spread to depositors, who made these losses official with en masse withdrawals during last Friday's bank run. Wrapping up the interview, Alexandra, Sam, and Emma tackle how endemic this particular failure was to the ideology of Silicon Valley, one that is grounded in cash-poor companies with promises of future profits, alongside the general culture of Big Tech. Sam, Emma, and the MR Crew also discuss the SVB collapse's relationship to the US' general failure of centralized planning. And in the Fun Half: Emma and Sam talk with Sterber from Idaho about the various disturbing bills coming out of the state, Sam eases Hamza from Utica's fears of a 2008-esque recession, and Newsmax brings on the post-Great-Recession gold hawks in the wake of SVB's collapse. They also summarize the Supreme Court's upcoming shadow docket case on trans civil rights, watch Judge Kyle Duncan throw an absolute hissy fit in front of Stanford students, and Cuomo turns to the anti-progressive AIPAC grift. Mike in Orange County expands on the culture of Venture Capitalism that led to the SVB collapse, and Amy from Nashville parses through the potential impact of various anti-trans bills coming out of Tennessee. Trump continues his spectacular anti-DeSantis rants, plus, your calls and IMs! Check out Alexandra's work here: https://www.ft.com/alexandra-scaggs Become a member at JoinTheMajorityReport.com: https://fans.fm/majority/join Subscribe to the ESVN YouTube channel here: https://www.youtube.com/esvnshow Subscribe to the AMQuickie newsletter here: https://am-quickie.ghost.io/ Join the Majority Report Discord! http://majoritydiscord.com/ Get all your MR merch at our store: https://shop.majorityreportradio.com/ Get the free Majority Report App!: http://majority.fm/app Check out today's sponsors: ZBiotics: Go to https://thld.co/zbiotics_majority_0123 and get 15% off your first order of ZBiotics Pre-Alcohol Probiotic by using my code MAJORITY at checkout. Henson Shaving: Go to https://hensonshaving.com/majority and use code MAJORITY for a free 100-pack of blades! Follow the Majority Report crew on Twitter: @SamSeder @EmmaVigeland @MattBinder @MattLech @BF1nn @BradKAlsop Check out Matt's show, Left Reckoning, on Youtube, and subscribe on Patreon! https://www.patreon.com/leftreckoning Subscribe to Discourse Blog, a newsletter and website for progressive essays and related fun partly run by AM Quickie writer Jack Crosbie. https://discourseblog.com/ Check out Ava Raiza's music here! https://avaraiza.bandcamp.com/ The Majority Report with Sam Seder - https://majorityreportradio.com/
To hear the full episode, subscribe at patreon.com/TrueAnonPod ---------- TrueAnon FinCo correspondent and Financial Times journalist Alexandra Scaggs joins us to make sense of the multiple charges levied against FTX's Sam Bankman-Fried, what this has to do with our old friends at Tether, and just what JPoww and the Fed really think about the labor market situation.
Is the Bottom Falling Out of the EM Sovereign Debt Market? The dollar is rising in value; interest rates are rising, borrowing costs for EM sovereigns are rising, and energy prices are rising. And then there is the continuing horrific war in Ukraine. Does this all, put together, spell disaster for the EM sovereign debt market? Alexandra Scaggs of FT Alphaville, one of our favorite financial reporters and someone who has always been able to see the big picture better than we have, joins us to talk about the state of things. Producer: Leanna Doty
The US Federal Reserve has just announced it's hiking its core interest rate by 75 basis points and it won't stop there, with further increases expected. This figure has been speculated for days, leaving the global markets in tumoil while investors waited for the decision. The United States Federal Reserve chair, Jerome Powell says it's crucial inflation is brought under control. He says the Fed is likely to push the key rate up to 3.4 percent by year end. Financial Times journalist Alexandra Scaggs spoke to Susie Ferguson from New York.
If you're confused about the current state of the economy and where it's headed, you're not alone. The United States is experiencing inflation at the highest rate since the 1980s, and most Americans generally feel as bad about the economy as they did during the Great Recession of 2008. At the same time, unemployment is low and wages are rising.On today's episode of “The Argument,” host Jane Coaston consults two economics reporters to break down these conflicting trends in the economy and to ask the question so many people want answered: Are things going to get worse before they get better?Peter Coy is an Opinion writer for The New York Times. Alexandra Scaggs is a senior writer at Barron's, where she covers bonds markets. Both have different takes on how the Federal Reserve can try to bring inflation down without long-term repercussions, including a recession. “There are people who would say, well, fine, that's what needs to happen, if that's what it takes to extinguish this high inflation, so be it,” Coy says. “And I'm just saying, I'm not willing to go that far.”Mentioned in this episode:“Unemployment Is Low. That Doesn't Mean the Economy Is Fine.” by Peter Coy in The New York Times“How Should Democrats Respond to Rising Inflation and High Gas Prices?” by John Cassidy in The New Yorker“Making Sense of a Complicated Economy,” EconoFact Chats episode from EconoFact(A full transcript of the episode will be available midday on the Times website.)
Fretting about financial market failures in an interview with Barron’s reporter Alexandra Scaggs. This is an excerpt from Friday's District Sentinel Radio, available to subscriber at Patreon.com/DistrictSentinel
To hear the full episode, subscribe at patreon.com/TrueAnonPod We investigate the insane rise of Cathie Wood’s infamous ARK ETF and her increasingly large illiquid holdings. Then fan fave Alexandra Scaggs returns to walk us through all the funnies happening in the bond and repo markets, how much congress loves the banks and finally answer: Is Mr Market About To Have A Sad?
A week is a very, very, very long time online, and in the time it's taken to record and produce this episode, Gamestop stocks have skyrocketed, tanked, and flatlined. A bunch of daytraders are pissed, Dave Portnoy is once again 100 grand in debt and none of us actually know what happened.--------So, we asked our friend Alexandra Scaggs from Barron's to explain whether going long on Gamestop was actually as revolutionary as Reddit posters on Wall Street Bets keep saying it was. Does the intervention of finance apps like Robinhood signal a future where platforms will be less hasty to intervene? And more importantly, does Mimetic phenomena like the $GME surge also show how we've actually given up on politics being able to change anything, so that the only way we can "challenge power" is to exploit a loophole every so often that means rich people will not be as rich as they could have been, had it not been for those meddling posters?--------You can follow us @10kpostspod --------Ten Thousand Posts is hosted by Hussein (@HKesvani), Phoebe (@Phoebe_Rosa_Holly) and produced by Drew (@Mydrewds)
We enlist Alexandra Scaggs to help us make sense of this Gamestop/Wall Street saga. Alexandra is a writer for Barron's, and can be found on twitter at @alexandrascaggs. Please support us on Patreon: www.patreon.com/trillbillyworkersparty
This week, we're joined by financial journalist Alexandra Scaggs (@alexandrascaggs) to discuss billionaire and "philanthropist" Ray Dalio. We investigate his mega-yacht based ocean awareness campaign, his company's abusive corporate culture, and read a few excerpts from his garbled screed on business principles.
This week, we're joined by financial journalist Alexandra Scaggs (@alexandrascaggs) to discuss billionaire and "philanthropist" Ray Dalio. We investigate his mega-yacht based ocean awareness campaign, his company's abusive corporate culture, and read a few excerpts from his garbled screed on business principles.
Bakes’ Takes Podcast Show Notes SundaySeptember 27, 2020 :38 1) Trump likely to win, buckle up!2) Watch out for zombies!3) COVID-19 vaccines-buy rumor, sell news? Bakes’ Takes—My/Our Portfolio 2:40 Clean Power, No Thanks to Al GoreNuclear energy took a leap toward being cost-effective. Yet the green lobby hasn’t noticed.By Andy KesslerSept. 20, 2020 4:29 pm ET One NuScale cluster on 30 acres replaces 11 square miles of solar panels.NuScale is not alone. Bill Gates has reportedly invested $500 million or more in TerraPower, which started in 2006 and was hoping to build SMRs in China before Trump trade tensions put the kibosh on those plans.No one likes nuclear bombs and nuclear accidents—the industry needs a marketing makeover. The HBO series “Chernobyl” was haunting but overblown. How about some rebranding? Instead of nuclear, call it carbon-free heavy metals. No? Maybe particle power? Quark spark? Anything but nukes.Either way, this sets up a great test. Joe Biden has promised to spend $2 trillion on clean energy and “achieve a carbon pollution-free power sector by 2035.” If there is a Biden administration and it doesn’t encourage the rollout of nuclear power, then, like Messrs. McKibben and Gore and other alarmists, that’s proof they’re not really serious about climate change. So what is their agenda?Write to kessler@wsj.com. Long term positive for uranium. Bakes’ Take—Fan Mail! Calls! Questions! Mike! 5:41 John, NJ—ETF’s vs. mutual fund? Mutual fund I like? Not really. I believe stocks move in groups, try to find best. Bakes’ Take—FD, algos have made it tough to outperform, if you find one that does so consistently, invest. I want our themes (SUE-Silver, Uranium, eSports) to be layered on top of SPY and international index fund base. Ideas, services you’d like me to add, etc. Please! 9:10 Bakes’ Take—Podcasts of the Week! https://podcasts.apple.com/us/podcast/algorithmic-commerce/id1498802610?i=1000492345242Scott Galloway—at 9 minutes or so, ACOM, WMT, why Tik Tok, no click vs. AMZN’s 1-click, include what you like and maybe didn’t know you would, return what you’d like, fascinating perspective imo https://podcasts.voxmedia.com/show/pivotw/ Kara Swisher, recommend highly, at 48 minutes ACOM mentioned here too https://podcasts.apple.com/us/podcast/635-what-is-the-state-of-us-economy-with-jim-mckelvey/id794030859?i=100049176537012:02 The James Altucher Show, big fan, almost weekly, Jim McKelvey’s, co-founder Square, Fed vice-chair, Invisibly, clever digital poll taking, my description not his, 3/3 digital primaries within a point! 55 minutes, Trump wins, vs. traditional polls showing Biden lead. Stock market predicts Trump, his to lose with month to go. https://podcasts.apple.com/us/podcast/637-who-is-going-to-win-election-what-should-you-do/id794030859?i=100049221469514:09 Altucher again, 22 minutes w/ Philip Stutts, 34 minutes—no new normal, 44 minutes 10% distrust government 3/20, 53% now, 101 minutes aggregate of public polls—electoral votes Biden 353, Trump 185 in the bank, aggregate of prediction markets Biden 290 Trump 248 need 270, PA “ground zero” right now. If win PA Trump 84% wins Presidency, 93% if Biden wins PA. Trump FL, NC PA if win those, re-elected. Trump African-American 15% vs. 8% ’16. Hispanics in FL Trump, especially Cubans. PA, WI key. Trump door-to-door 10 million doors, 1 mil doors PA, Biden phone. Fascinating debates. 96% turnout dems, 98% republicans, turnout likely record. Vaccine, economy, debates, RBG, last minute scandals ie. Access Hollywood, Woodward book, violence, etc. Trump wins. https://adamanddrdrewshow.com/18:50 Participation trophies=no losers, election outcome will not be accepted by half the country, worse than ’16 imo Bakes’ Take—Losing side won’t accept it, will drag for weeks at least. Volatility has to increase. Doesn’t seem net bullish. Bakes’ Take—Reporters of the Week! https://www.barrons.com/articles/how-to-recognize-the-growing-ranks-of-zombie-companies-5160108894020:02 Alexandra Scaggs https://www.barrons.com/articles/10-stocks-to-buy-as-the-health-care-revolution-races-ahead-5160108066221:36 10 Stocks to Buy as the Health-Care Revolution Races Ahead, According to Experts By Lauren R. RublinUpdated September 28, 2020 / Original September 25, 2020 Geoffrey Porges: We have spent a lot of time trying to figure out whether drug companies will make any profit from Covid-19 treatments or vaccines. The investment community has swung from thinking the virus would be a windfall for pharma and biotech companies to more or less discounting the expected value of Covid vaccines and therapeutics. Companies like Gilead Sciences [ticker: GILD], for example, have seen their shares round-trip. I don’t think we have ever had a more challenging forecasting assignment because we don’t know who the buyers of these products will be, what the prices will be, what the competitive landscape will look like, and even whether the products will work. The medical professionals I talk to are profoundly skeptical about the basis for EUA approval. If you map out the timeline for a more general recommendation, or what I would consider adequate safety characterization, that doesn’t happen until the second quarter of next year. Bakes’ Take—Buy the rumor, sell the news bigger risk than many believe. 25:00 Bakes’ Take—Charts/Tweets of the Week! SPAC $’s match stock market highs. Some may be great, but…26:20In our view, looking out 5-7 years there is a large disconnect between rosy electric vehicle sales forecasts and the commodity infrastructure needed to fuel this much talked-up run. Next, think about the $3T of capex reductions which came out of the commodity space in recent years and left us with dramatically LESS of a supply threat. This crucial fact dramatically improves the risk/reward in the commodity and resource space looking out over the next 3 years.The risk-reward setup is very attractive looking out to 2021-2023. ETFs in the metals / materials space include; XME, PICK, DBB, and CPER. With inflationary pressures on the rise, we must realize the asymmetric pay-off in being long commodities. Relative to equities they are at multi-decade lows. Commodities cycles are historically much longer than the business or credit cycle, in our view, we are at the bottom of a generational super-cycle. Soybeans--$13.27 to $16+, now consolidating Please also subscribe to my Bakes’ Takes YouTube Channel, the audio is the same but the charts that I reference are on the screen. Follow us on Twitter @BakesTakes_ and other social media. Please use your voice memo app, tape your question(s) and email to bakes@bakestakespodcast.com or write if you prefer. I will also keep you anonymous is you’d like. Thank you for listening, Mike Wilson is my producer. Have a great week. Bakes 30:00 Much needed levity— https://www.youtube.com/watch?v=k4r-2emIpQUAnthony Jeselnik, Trump roast https://podcasts.apple.com/us/podcast/the-jeselnik-rosenthal-vanity-project/id143490450930:25 Anthony, Gregg Rosenthal, Erica Tamposi, every podcast worthwhile imo https://www.youtube.com/watch?v=s-FltLJ2hvM30:57 Christopher Titus, Loser TrophyNew episode
Why is the line detached from the material reality of so many people? Why is the line divorced? Why are there so many zombie companies, and why does it seem like the financial movers and shakers are fine with government stimulus to basically non-functional entities? Well, to answer big important finance questions, we have Barrons journalist Alexandra Scaggs (@alexandrascaggs) to investigate, alongside Riley (@raaleh), Milo (@Milo_Edwards), Hussein (@HKesvani), and Alice (@AliceAvizandum). If you want access to our Patreon bonus episodes and powerful Discord server, sign up here: https://www.patreon.com/trashfuture We support the London Renters Union, which helps people defeat their slumlords and avoid eviction. If you want to support them as well, you can here: https://londonrentersunion.org/donate Here's a central location to donate to bail funds across the US to help people held under America's utterly inhumane system: https://secure.givelively.org/donate/the-bail-project If you want one of our *fine* new shirts, designed by Matt Lubchansky, then e-mail trashfuturepodcast [at] gmail [dot] com. £15 for patrons, £20 for non-patrons, plus shipping. *WEB DESIGN ALERT* Tom Allen is a friend of the show (and the designer behind GYDS dot com). If you need web design help, reach out to him here: https://www.tomallen.media/
This snippet comes from Money On The Left with Alexandra Scaggs called Covering the Paradigm Crisis, at around the 7 minute mark, then continues at around the 46 minute mark.
Uber PostmatesThere is a cartoon version of certain gig-economy startup industries that goes like this. Several companies get into the market for, say... it’s the same investorslovedearlyannounced todayTae KimShira Ovideraised about $900 milliondoesn’t seem to be profitablethis thing is backa sort of bid-ask spreadtalked the other dayAlexandra Scaggs has a storysold $4 billion of bondsdivesting some assetsannounced last monthit saysa story about Tommy TubervilleI did speculatethe next dayMusk’s tweetsuggested “Ivan the K”the shorts are realDominion Betlossmaking for yearsFabricated Transactionspandemic bondskeep buying bondsBad Market Timinga Day After BuyingOil Crash Crushes Individual InvestorsCEO and Chairman to Resignclash with activistDitching London OfficesCybercrime TrialNew Bird Song in Canadaplaguecoronavirussubscribe at this linkheretalked beforetalked about SMRs before
New York Times media columnist Ben Smith, documentarian Akisa Omulepu and Barron’s reporter Alexandra Scaggs call in from their respective social isolations to look over what's happening in New York in the midst of all of this.
Barron's financial journalist Alexandra Scaggs explains to Alex Brook Lynn how the stimulus bill impacts lending, what big things are changing with the federal reserve, and how the issue of municipal bonds, something that progressive economists have been on about for years, is finally entering the mainstream.
**UNLOCKED** We talk Coronavirus updates, get off some basic prepper tips and talk the stocks with TrueAnon financette Alexandra Scaggs twitter.com/alexandrascaggs
To hear the full episode, subscribe at patreon.com/TrueAnonPod We talk Coronavirus updates, get off some basic prepper tips and talk the stocks with TrueAnon financette Alexandra Scaggs twitter.com/alexandrascaggs
How did writing about Treasury markets bring Alexandra Scaggs to MMT? Join us for episode 56
Our guest, Alexandra Scaggs, is a senior writer at Barron’s, where she covers markets and fixed income. The episode begins as an interview about financial journalism and dealing head-on with the neoliberal economic narrative, but evolves into a conversation that is both personal and political in which she and Steve share their experiences with everything from sobriety to learning about MMT. As Alexandra tells it, news organizations maintain the mainstream narrative through ways both subtle and direct. In her career, she hasn’t faced overt censorship. Financial publications often hire young journalists who don’t yet have a sophisticated understanding of functional finance or economics. They tend to respect credentials and positions of authority, thus are likely to accept the word of those in positions of power. Reporters are also dealing with deadlines, leaving them no time to investigate other explanations. Austerity begets austerity; the publication doesn’t hire enough journalists, so each of them are doing the work of several. Sounds like the conditions most workers face, doesn’t it? Steve likes to ask his guests about the “aha moment” -- that point in time when the veil was lifted, the haze cleared, and Modern Monetary Theory pointed them toward the truth. Alexandra remembers that shortly after the 2016 election there were a number of Democrats writing op-eds that sounded the alarm about the economic devastation that the Drumpf presidency would surely cause, driving our fiscal health into the ground, plunging the US into bankruptcy. She was struck by the disingenuousness of it. The political parties don and remove their cloak of fiscal responsibility depending on whose team is in power. She had also been aware that interest rates continue to be low regardless of the size of national debt or deficit. Alexandra credits friend-of-the-podcast Rohan Grey with teaching her about MMT. She was covering the treasury market where certain facts weren’t making sense. She met Rohan, “a very effective advocate, who sat me down and shouted at me until I understood it,” she says, “and I’m so glad he did.” The scarcity mindset pits us against each other in a zero-sum game. If the pie is small, we must scratch and scramble to secure our own little slice. With everyone competing for scraps there's little time to think of an alternative and yet Alexandra’s experience in the recovery community inspires her to imagine a broader collaboration that rejects the neoliberal imperative. She believes we can construct an economic reality in which all are valued and her optimism, in turn, inspires us. Alexandra Scaggs is a senior writer at Barron's covering markets, with a focus on fixed income. She previously wrote news and commentary about markets, the economy, and social issues for the Financial Times and FT Alphaville. Before that, she covered markets for Bloomberg and The Wall Street Journal. https://www.barrons.com/authors/8576 @alexandrascaggs on Twitter
Alexandra Scaggs joins Money on the Left to discuss her experience covering the ongoing paradigm crisis in mainstream economics, central banking and finance--and why leftists should be paying close attention. Alexandra is presently a senior writer at Barron’s, where she covers markets and fixed income. Giving credit to Modern Monetary Theory (MMT) for turning her toward left politics, Alexandra has proven an important contributor to the MMT project through her critical financial journalism and online commentary. During our conversation, we discuss Alexandra’s recent reporting on the complex topic of “repo markets.” We also talk about the inordinately powerful role played by so-called “primary dealers” in concealing money’s political constitution and possibilities. Ultimately, we stress the need for leftists to seize the moment in order to reverse the unjust neoclassical and monetarist consensus that has organized neoliberal political economy since the late 1970’s.Find Alexandra’s reportage at Barron’s (https://www.barrons.com/authors/8576) and follow her on Twitter (@alexandrascaggs).
In this new episode of Bespokecast we sit down with Alexandra Scaggs of Barron’s. Alexandra joins us to discuss the plumbing of fixed income markets and the evolution of Federal Reserve policy. In recent weeks, the New York Fed has had to intervene in repo markets, driven by a sudden scarcity of liquidity that didn’t exist […]
Host Alex Eule is joined by Barron's senior writer Alexandra Scaggs to talk about where Pacific Gas & Electric stock is heading after the company declared bankruptcy in the aftermath of California's wildfires. The Readback is a weekly, finance and business podcast from Barron's. Produced by Mette Lützhøft.
Alexandra Scaggs is a senior writer at Barron’s covering financial markets with a special emphasis on bond markets, and she previously wrote news and commentary for the Financial Times and for Bloomberg. Alexandra joins the show today to talk about the current state of bond markets and what it means for the economy. David and Alexandra also discuss corporate debt, the inversion of the treasury yield curve, and the lasting impact of the modern monetary theory debate. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/04292019/bond-markets-and-macroeconomics Alexandra’s Twitter: @alexandrascaggs Alexandra’s Barron’s profile: https://www.barrons.com/authors/8576 Related Links: *Negative-Yielding Bonds Top $9 Trillion as Growth Worries Return* by Adam Haigh https://www.bloomberg.com/news/articles/2019-03-14/negative-yielding-bonds-top-9-trillion-as-growth-worries-return David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
We take one more look at the developing story around PG&E. Barron's writer Alexandra Scaggs joins Behind the Idea to discuss the moving parts, including the latest boost to the shares from a Citigroup research note. We also discuss the gaps in modern markets around climate change and flood insurance, the political influence that might come to bear, and whether the claims bill is going to overwhelm everything else. Learn more about your ad choices. Visit megaphone.fm/adchoices
How do societies help people fulfill their potential? And how do you make sure the programs meant to help people grow - like education and job retraining - are actually working? Nobel Prize-winning economist James Heckman joins Alexandra Scaggs to discuss this and more. Music by Podington Bear. See acast.com/privacy for privacy and opt-out information.