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Choiceology with Katy Milkman

A Comedy of Economic Errors

Choiceology with Katy Milkman

Charles Schwab

Investing, Social Sciences, Behavioral Economics, Science, Society & Culture, Decision Making, Charles Schwab, Dan Heath, Business, Katy Milkman

4.71.5K Ratings

🗓️ 4 May 2026

⏱️ 31 minutes

🧾️ Download transcript

Summary

From market booms to historic downturns, learn how major economic events impact us and influence how much risk we're comfortable taking.

Transcript

Click on a timestamp to play from that location

0:00.0

Marla Jones Newman remembers the moment the world stopped feeling solid.

0:14.9

It was August of 2005.

0:17.7

She was in a car with her husband and infant daughter and just three days' worth of clothes.

0:23.2

They were fleeing New Orleans and heading for Alabama, away from Hurricane Katrina's projected path.

0:30.1

But we are now hearing the storm has taken an unexpected turn toward the coast.

0:35.2

But then Katrina changed course, and Alabama was no longer safe.

0:40.5

So they pushed on to Atlanta, where they watched images of their city turn from bad to worse.

0:49.9

For months, home became a moving target for Marla and her family.

0:54.8

They moved between Baton Rouge, New Orleans, and Mississippi.

0:59.2

They helped relatives gut their homes, strip mold from walls,

1:03.1

all while trying to maintain some kind of normal routine.

1:07.9

But after hearing repeated warnings about air quality and mold dangers in their home city,

1:13.7

Marla drew the line and made a vow that would change their lives.

1:18.0

She told her husband, I'm done with water. I will not deal with water anymore.

1:23.7

So when a job transfer came up for him, the family looked at their options.

1:28.3

They considered Florida or Atlantic City, but decided they had too much coastline.

1:33.3

Then came an opportunity in Littleton, Colorado.

1:37.3

Marla didn't know much about the area, except that it was landlocked, high, and dry.

1:42.3

And that was all she needed to know.

1:45.1

Her family moved there straight away.

1:50.1

20 years later, the events of the summer of 2005

1:53.7

still shape Marla's decision-making.

...

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