Welcome back to this pro rhod.

Where we take just 10 minutes to get you smarter on the collision of tech, business, and

politics.

I'm Dan Primmack.

On today's show, President Trump keeps blaming the Fed and the markets are now worried about

something more than trade wars.

But first, a political windfall for local media.

So going into this presidential election cycle,

everyone expected it would be the most expensive in history,

with estimates that upwards of $10 billion would be spent on advertising

between presidential campaigns, congressional campaigns,

and issue advocacy. It's the sort of thing that local media outlets, particularly radio and TV,

bake into their long-term financial projections, particularly in early voting states like Iowa,

New Hampshire, and South Carolina. And local media is pretty much in the dumps right now,

so any life raft is worth

clinging on too tight. What's changed recently, though, is that the life raft might have

become even more inflated, thanks to the unexpected staying power of Tom Steyer, who's already

spent an estimated $100 million on his campaign, and the unexpected entry of former New York City Mayor

Mike Bloomberg, who makes Steyer look like a pauper and who is talking about spending at

least $1 billion.

The question, therefore, is if these billionaire businessmen and throw President Trump in

there too, are the saviors that local news has been looking for, or if it's just lipstick

...