Hello and welcome to the Brady Supply Shock episode of Slate Money, your guide to the business and finance news of the week. I'm Felix Simon of Axios.

I'm here with my colleague Emily Peck. Hello. Hello. And of course, Elizabeth Spires.

Hi. Hi, Elizabeth. We are going to talk about Tom Brady this week because he just signed a massive

deal to get paid huge amounts of money by someone who isn't a

sports team. So we're going to talk about why anyone who isn't a sports team would want to hire

that guy. We are going to talk about the baby formula shortage and what it says about the

degree to which the FDA is captured and what the government can or should have been doing

about it for the past two years. And of course, we are going to talk about stable coins, crypto,

and the whole implosion of that market and whether it matters. It's all coming up on slate

money. So let's start with this idea that there's a whole bunch of magical beans with no intrinsic value,

but which trade randomly at random prices at random times.

And this week, the random price was lower than it was last week.

And this seems to have freaked out a lot of people.

I'm talking, of course, about the crypto market.

I know, Elizabeth, that you are a bit of a crypto skeptic, as am I. I have

been for about a decade at this point. But I also wrote a piece this week saying there is a

potential, just a little bit of potential that at this point, it is such big money and

real money, like institutions have money in crypto, that there could possibly be systemic

consequences to a crypto meltdown. Do we buy this?

That could be happening. You know, I think of the crypto market is,

or I feel like the conventional wisdom about it is that it sort of sits outside of the real

financial markets, but what we're seeing in the last week is that, you know, if you have a lot of

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