Time is running out! | Our fundraiser ends in 24 hours, and we still have a long way to go. Give today to keep economic reporting clear and accessible to everyone. |
| |
|
|
Anyway, on today’s show we played “Stormy Weather” because markets were rough. We’ll do the numbers in this evening’s newsletter, and look at a few other things costing you money: The pay gap, sports betting, corporate jargon and gas. But first: Two years after a container ship brought down the Key Bridge in Baltimore, our colleague Stephanie Hughes looks at how 38,000 commuters who used to cross it are making do until an improved replacement opens in 2030. —
Carrie Barber and
Tony Wagner, newsletter editors | | |
|
|
|
 |
Stephanie Hughes/Marketplace | Two years later, Marylanders still feel the loss of the Key Bridge |
The more than 38,000 drivers who used to cross the Francis Scott Key Bridge every weekday have had to find alternate routes, which can cost time and money. |
Longshoreman Dave Couslin likes to work nights at the port of Baltimore. Before he leaves, he checks his car to make sure he’s got all the necessary gear.
“I’ve got rain boots if it rains, regular shoes if it doesn’t rain,” Couslin said. “I’ve got spider spray right there. Raid. Because spiders are starting to come out now.”
The 71-year-old works as a line handler, which means he attaches ropes to cargo ships coming in to dock. Couslin lives in Severn, Maryland, to the south of Baltimore. He used to take the Francis Scott Key Bridge to work. But now that it’s gone, he spends a lot more time in traffic.
It’s been two years exactly since the Dali, a container ship, hit the Key Bridge in Baltimore, causing it to collapse. When the bridge fell, six construction workers died, Baltimore lost an iconic piece of infrastructure, and the region lost a critical piece of interstate highway. Work on a new bridge is underway, with a goal of having it
open to traffic by late 2030. But until then, the
more than 38,000 drivers who used to cross the bridge on an average weekday have had to find alternate routes, which can cost time and money.
For longshoreman Dave Couslin, his commute used to be a tight 20 minutes. Now, it can be more than an hour.
“’Course you don't like to be late for work, because if a ship comes in, there's four guys: me and three others to tie it up. And if you're not there, it makes it hard on the three guys,” he said. |
| | |
|
|
|
|
Let’s do the numbers: The stock markets took a steep dive today as oil prices rose and the war in Iran trudged on. The S&P 500 had its worst day since January, closing down 1.7%. The Dow dropped 1% and the Nasdaq dropped 2.4% to correction territory.
Work Play What happens to your brain when you can bet on almost anything, anytime? Our podcast “This Is Uncomfortable” took a deep dive into the “casinofication” of the economy this week, and how it’s changing our relationship with money.
Are prediction markets gambling? Utah says yes, and is challenging federal regulators to manage companies like Kalshi and Polymarket accordingly, with billions at stake. Spending on sportsbooks grew tenfold in states where mobile sports betting is legal, the New York Fed found. Delinquancies rose in those areas too, and they’re showing up on credit reports.
| | |
|
|
|
QUOTE OF THE DAY | “You might not think that oil was used in the production of an apple.” |
— Laura Veldkamp, Columbia University economist |
Let’s back up a little. The Bureau of Labor Statistics reported yesterday that import prices spiked 1.3% in February. There are lots of reasons for this: Tariffs, war in Iran, shifting supply chains, a weaker dollar and and an unusually cold winter. Anything that pushes up fuel import prices can spill over to other import prices.
And here’s where we get back to oil and apples. Whether it’s a Honeycrisp from Canada or a Gala from New Zealand, “we needed fuel to get that apple from the tree where it was grown into your supermarket,” Veldkamp said. |
| |
|
|
|
Keep business news accessible to all |
Listeners like you power Marketplace’s independent reporting, keeping us accountable to the public — not commercial pressures. Your support today ensures this service continues. Don't wait; our fundraiser ends tomorrow. | | |
|
|
 |
RapidEye via Getty Images | Final note |
You can’t jargon your way out of critical thinking |
Office jargon is like empty calories — easily consumed with zero value. Like this sentence: “By getting our friends in the tent with our best practices, we will pressure-test a renewed level of adaptive coherence.”
|
| | |
|
|
Thanks for reading! If you enjoyed this newsletter, forward it to a friend. If this newsletter was forwarded to you, subscribe to Marketplace newsletters here.
Got feedback for us? Just reply to this email. We can't get back to everyone, but we read it all. | |
|
| | |
|
|
|
