Berry, berry, quite contrary
Make Me Smart
Marketplace
4.6 • 5.5K Ratings
🗓️ 29 July 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
Yes, we know, the GDP numbers are in. The United States reported today a 0.9% drop in gross domestic product in the second quarter. We’ll discuss. Also, Chinese officials expect to miss economic growth targets. On today’s show, Kai Ryssdal and guest host Matt Levin discuss the “squishy” situation China could find itself in. Plus, a bold move from the Federal Trade Commission could signal a new path to regulating Big Tech. Then we’ll wrap up the show with a “berry” delicious Make Me Smile from Down Under!
Here’s everything we talked about on the show today:
- “Chinese Leaders Indicate Country Is Likely to Miss Economic Growth Targets” from The Wall Street Journal
- “The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started” from Bloomberg
- “F.T.C. Sues to Block Meta’s Virtual Reality Deal as It Confronts Big Tech” from The New York Times
- “Don’t panic about the Chinese space junk crash this weekend” from Space.com
- “Australia Is Begging People to Eat More Avocado Toast” from Motherboard
Join us tomorrow for Economics on Tap! We’ll be livestreaming on YouTube starting at 6:30 p.m. Easter time, 3:30 p.m. Pacific time.
Transcript
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| 0:00.0 | You're here. I'm here. Bridges here. Charlton, why don't we just begin? Shall we? |
| 0:10.4 | Wait a minute, just take a coffee. |
| 0:13.3 | Hey, everybody, I'm Kyle. Rosadon, welcome back to Make Me Smart, where we make today, |
| 0:16.8 | which is I think a Thursday. It makes sense. |
| 0:19.6 | And I'm Matt Levin in For Kimberly Adams. Thanks for joining us. We're going to be talking |
| 0:23.7 | about the news today and then end on a Make Me Smile. Kyle, you want to get started with the |
| 0:28.8 | news fix. Let us get started. I just do want to get this in before I forget. We are off next week. |
| 0:34.3 | This podcast is off. So we're going to have a special surprise episode in the feed on Tuesday. |
| 0:40.8 | But otherwise, this will not be showing up for your listening pleasure, just so we all know. Okay. |
| 0:44.8 | So I will start with two reasonably significant items that may or may not have escaped your notice. |
| 0:55.0 | The first one is we obviously got US economic growth here this morning. This is Thursday morning. |
| 1:00.4 | We got US GDP down 9.10 of a percent. The economy shrank, April to June, which is not great. |
| 1:06.0 | And it's even worse that it shrank 1.6 percent from January to March. So that's six months |
| 1:13.2 | in a row of a shrinking economy, which is bad. It's arguably worse and hear me out. It's |
| 1:20.5 | arguably worse that the Chinese government now says that it is going to miss its economic |
| 1:25.9 | growth targets for the quarter. And that would be a really bad thing globally for two reasons. |
| 1:33.7 | One is China is the world still the world's factory. It is the world's second biggest economy. |
| 1:42.0 | It is a source of a huge amount of American imports, you know, tariffs are selling. |
| 1:46.7 | So when they slow down, that's not good for us. That's item number one. And item number two |
| 1:53.6 | is that when the national government gets worried about missing economic growth targets over there, |
| 2:00.1 | they lean on the provinces. And then the provinces lean on the cities and the cities lean on the |
| 2:04.2 | municipalities. And what you have is a cascading series of reasons to bump up artificially |
... |
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