The glitz and glamor market
Marketplace Morning Report
Marketplace
4.5 • 928 Ratings
🗓️ 13 November 2024
⏱️ 8 minutes
🧾️ Download transcript
Summary
At Marketplace, it’s our job to explain how marketplaces work. This week, we’re turning from traditional stock and financial markets to the in-person kind. As part of our “Tricks of the Trade” series, we’re heading to five different markets in LA. Today, we’re visiting the LA jewelry and gemstone district. But first, we’ll look at a new entity the incoming Trump administration is calling the Department of Government Efficiency.
Transcript
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| 0:00.0 | Government overhaul Donald Trump style. I'm David Brancaccio in New York. Few details yet of the structure of a new entity the incoming Trump administration wants to set up to overhaul federal government operations. Will it be an official part of the administration like the Federal Trade Commission, or will it be semi-outside, like the Consumer Financial Protection Bureau, |
| 0:22.0 | or will it be on the outside looking in like a think tank with no congressional approval required? |
| 0:27.4 | The news is that two major donors to Donald Trump's campaign, Elon Musk of Tesla and SpaceX, |
| 0:32.8 | and Vivek Ramoswamy, a former Republican presidential candidate, will help run the thing. |
| 0:37.4 | Here's Marketplace's Novosopo. Trump presidential candidate, will help run the thing. Here's Marketplace's |
| 0:38.1 | Nova Safo. Trump said the organization will be called the Department of Government Efficiency, |
| 0:43.4 | the acronym DOGE, or DOGE. Elon Musk's cryptocurrency of choice is Doge coin. It's not clear under |
| 0:50.7 | what legal authority the organization will fall under, but there is a law that governs external advisory groups. |
| 0:57.2 | During the campaign, Musk said he could find at least $2 trillion a year in savings in the federal budget, |
| 1:03.3 | but total discretionary spending is actually a bit less than $2 trillion. |
| 1:06.8 | The rest is mandatory spending, such as Social Security and and Medicare and interest on the national debt. |
| 1:12.1 | The federal government has operated under a deficit since 2002. |
| 1:16.5 | Thanks. Dow, S&P, and NASDAQ futures are all down 0.16 of a percent. |
| 1:22.5 | Weird. |
| 1:23.3 | And early in the pandemic, the Amsterdam-based Just Eat Takeaway had spent over $7 billion for restaurant delivery and pre-ordering app Grubhub in the U.S. |
| 1:32.9 | Now it's selling it to an outfit called Wonder for a mere $650 million. |
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| 2:30.1 | in just one click. Join the 70,000 teams and 30 million people who use Grammarly to move work forward. |
| 2:37.1 | Go to grammerly.com slash enterprise to learn more. Grammarly, Enterprise Ready, AI. |
| 2:43.5 | This week has brief respites from the post-election news, whatever your politics. |
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