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 Long-form stories about history, money and technology, made for listening on the drive. Two hosts, one properly researched story, three mornings a week, out before the commute: Tuesday: Case Files. A scandal, a swindle or a disaster, told from the record. Wednesday: The Week. The one story from the news worth understanding. Thursday: Technology. The machines, chips and money behind the headlines. Arthur takes the history, the people and the world. George takes the money, the markets and the tech. You don't need to watch: everything is in the telling, so it works with the screen dark and your eyes on the road. Every episode is built from the record: primary documents, contemporary reporting, and the parts most retellings leave out. Sources are listed in each episode's description. Arthur and George are AI voices. Phil writes and researches every episode.© 2026 Drive and Listen Economics World
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  • Why Some Carmakers Are Going Back to Electric Motors Without Magnets

    Why Some Carmakers Are Going Back to Electric Motors Without Magnets
    5 Nov 2026
    In some electric cars, the push comes from a spinning part that's always a little behind the magnetic field it's chasing, whenever it's pulling. Nikola Tesla wrote that down in an 1888 patent, and the car company named after him started on that kind of motor before it brought in magnets. Those magnets need metals that are mostly refined in one country, and a few carmakers now build motors without them.What this episode is careful about:- The lag belongs to induction motors while they're pulling; magnet motors turn in step with the field. Running free, Tesla's 1888 motor turns "nearly synchronous" with it.- "Descended from" rests on Tesla's engineer Wally Rippel, who in 2007 called Nikola Tesla's invention a "forerunner" of the three-phase induction motor. The company's name coming from Nikola Tesla is as reported by The Almanac (2019) and Electrek (2026).- "About three percent behind" is the US Energy Department's industrial motor example (1,800 rpm field, 1,750 rpm rated rotor; 50 ÷ 1,800 = 2.8% is our math), not an electric-car figure.- That the push would vanish if the rotor caught the field is our reading of Rippel and MIT's course notes. The stadium wave is our picture, not evidence.- Konstantinos Laskaris's reasons for Model 3's magnet motor are his own, from Charged EVs in 2018. "Over ten percent more range" is Tesla's own 2019 claim.- China's shares are the IEA's for 2024: about 91% of the refining of magnet rare earths, and 94% of sintered magnets. The 69% of all rare earths mined in 2025 is a US Geological Survey estimate, 270,000 of 390,000 tonnes by our math.- The Ford plant idled for a week builds the Explorer SUV, and the Suzuki line the Swift; the magnets they lacked are used all through a car (Bloomberg). Suzuki's cause rests on Reuters and Kyodo quoting unnamed sources; Suzuki itself only cited a shortage of components.- As of November 3, 2026, China's written pause on its wider rare-earth controls ends on November 10. Both governments say their truce runs to January 10, 2027, but China's September statement didn't mention rare earths.- "No magnets" means no permanent magnets. Renault and BMW say their motors use none. Tesla's 2026 claim, in Elon Musk's post, is no rare earth metals, and one outlet reports it's still a magnet motor. That BMW's "asynchronous" front motor is the induction kind is our reading.This episode explains how these motors work; it isn't advice about which car to buy.Arthur and George are AI-voiced characters. Phil writes and researches every episode.Chapters0:00 The push that comes from falling behind1:23 The field that goes round2:05 Tesla's two motors of 18883:49 The chase5:13 Why Tesla brought in magnets6:50 The metals behind the magnets7:44 The 2025 squeeze10:03 Motors without magnets11:29 CloseSources (selected)- US Patent 382,279 (1888): https://patents.google.com/patent/US382279A/en- Wally Rippel, Tesla blog (2007), archived: https://web.archive.org/web/20170324165738/https://www.tesla.com/blog/induction-versus-dc-brushless-motors- Tesla Motors, Form 10-K, 2012: https://www.sec.gov/Archives/edgar/data/1318605/000119312513096241/d452995d10k.htm- Charged EVs, Konstantinos Laskaris interview (2018): https://chargedevs.com/features/teslas-top-motor-engineer-talks-about-designing-a-permanent-magnet-machine-for-model-3/- US Energy Department, motor load and efficiency: https://www.energy.gov/sites/prod/files/2014/04/f15/10097517.pdf- IEA, Rare Earth Elements (2026): https://www.iea.org/reports/rare-earth-elements- USGS, Mineral Commodity Summaries 2026, Rare Earths: https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-rare-earths.pdf- China's commerce ministry, Announcement No. 18 (2025): https://english.mofcom.gov.cn/Policies/AnnouncementsOrders/art/2025/art_0dd87cbee7b045bf93fabe6ab2faceee.html- Bloomberg on Ford (2025): https://www.bnnbloomberg.ca/business/2025/06/13/ford-struggles-with-supply-of-rare-earth-magnets/- Reuters factbox (2025): https://finance.yahoo.com/news/factbox-auto-companies-face-shortages-145217523.html- Global Times (November 2025): https://www.globaltimes.cn/page/202511/1347646.shtml- Renault Group, E7A (2023): https://media.renaultgroup.com/?p=172144- BMW Group, the new iX3 (2025), archived: https://web.archive.org/web/20260524152612/https://www.press.bmwgroup.com/united-kingdom/article/detail/T0452406EN_GB/the-start-of-a-new-era-the-new-bmw-ix3- Electrek (2026): https://electrek.co/2026/09/04/teslas-new-rare-earth-free-ev-motor-is-a-big-deal-but-not-that-big-a-deal/Diagrams are drawn for this episode from the sources above and are not to scale unless marked.Drive and Listen: stories for your drive.Tuesdays: Case Files. Wednesdays: The Week. Thursdays: Tech.Business and sponsorship inquiries: winterfallplanning@gmail.com
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    12 dk.
  • How Visa and Mastercard Make Money Without Lending You a Cent

    How Visa and Mastercard Make Money Without Lending You a Cent
    4 Nov 2026
    Of a typical $100 credit card purchase, the store gives up about $2.25. About $1.90 goes to the bank that issued the card, about 14 cents to the card network, and most of the bank's share goes back out as rewards. And because stores generally charge one price however you pay, people paying with cash or debit help cover those rewards.This episode follows one card tap from the store's terminal to the bank that issued your card. Then it asks why the price on the shelf hides the fee, why a fancier card costs the store more, who pays for the rewards, why big card banks are based in South Dakota, and what a hearing in Brooklyn could change.What this episode is careful about:- $2.25, $1.90 and 14 cents are averages for a typical US credit card sale, from a 2026 working paper and our own math, not any one store's rate; big chains tend to pay lower interchange rates.- Visa and Mastercard say they don't issue cards or lend; the banks pay them fees to carry each payment.- On October 26 a federal appeals court upheld a ruling that throws out the Fed's 21-cent cap on big banks' debit fees, but the cap stays in force until the court issues its formal order, about December 17 if nobody asks for a rehearing.- Economists at the Boston Fed estimated in 2010, with a model, that on average each household that doesn't pay by credit card hands about $150 a year to credit card users.- A 2026 working paper using Fiserv's merchant data puts the transfer from cash and debit users to credit card users at around $30 billion a year; it isn't yet peer reviewed, and its authors disclose ties to Fiserv. It finds the biggest dollar losers from premium cards' higher fees are debit users and people with basic cards.- In 2013 PERC, a private research group, re-ran the Boston Fed's numbers and argued the effect could be small, zero or even reversed if taking cards brings stores just 1 percent more sales.- A federal judge in Brooklyn gave preliminary approval on June 9, 2026 to a proposed settlement that would let stores turn down premium rewards cards and still take basic ones; a final approval hearing is set for mid-November, and the ruling could come then or later.This episode isn't advice about how to pay or which card to carry.Arthur and George are AI-voiced characters. Phil writes and researches every episode.Chapters0:00 One tap, four companies1:41 Why the price hides it3:35 Fancier card, bigger fee4:48 Who pays for the rewards7:12 Why card banks moved to South Dakota8:37 The hearing in Brooklyn10:06 CloseSources (selected)- NBER Working Paper 35067, Who Pays for Payments? (2026): https://www.nber.org/papers/w35067- Boston Fed, Who Gains and Who Loses from Credit Card Payments? (2010): https://www.bostonfed.org/-/media/Documents/Workingpapers/PDF/ppdp1003.pdf- Boston Fed Working Paper 20-13, payment card pricing in the US and Canada (2020): https://www.bostonfed.org/-/media/Documents/Workingpapers/PDF/2020/wp2013.pdf- PERC, A Reexamination of Who Gains and Who Loses from Credit Card Payments (2013): https://www.perc.net/wp-content/uploads/2013/08/Summary-of_A-Reexamination-of-Who-Gains-and-Who-Loses-from-Credit-Card-Payments.pdf- Visa, annual report on Form 10-K, fiscal 2025: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm- Mastercard, annual report on Form 10-K, 2025: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm- Visa USA interchange reimbursement fees: https://usa.visa.com/content/dam/VCOM/download/merchants/visa-usa-interchange-reimbursement-fees.pdf- Federal Reserve Board, Regulation II average debit interchange fees: https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm- Eighth Circuit, Corner Post v. Board of Governors, No. 25-3000 (October 26, 2026): https://ecf.ca8.uscourts.gov/opndir/26/10/253000P.pdf- Supreme Court, Expressions Hair Design v. Schneiderman (2017): https://www.law.cornell.edu/supremecourt/text/15-1391- Supreme Court, Marquette National Bank v. First of Omaha (1978): https://tile.loc.gov/storage-services/service/ll/usrep/usrep439/usrep439299/usrep439299.pdf- Chicago Fed Letter, June 1988: https://www.chicagofed.org/publications/chicago-fed-letter/1988/june-10- Visa, Form 8-K on the proposed settlement (November 10, 2025): https://www.sec.gov/Archives/edgar/data/1403161/000140316125000093/v-20251110.htm- Payments Dive on the final approval hearing (October 16, 2026): https://www.paymentsdive.com/news/visa-mastercard-urge-court-to-approve-fee-settlement/833241/Diagrams are drawn for this episode from the sources above and are not to scale unless marked.Drive and Listen: stories for your drive.Tuesdays: Case Files. Wednesdays: The Week. Thursdays: Tech.Business and sponsorship inquiries: winterfallplanning@gmail.com
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    11 dk.
  • Lehman Brothers: The Bank Run With No Line at the Door

    Lehman Brothers: The Bank Run With No Line at the Door
    3 Nov 2026

    In September 2008, Lehman Brothers, the fourth-largest investment bank in the US, died in a bank run nobody queued for. Its overnight lenders pulled back, and its clearing bank demanded billions more. Within two days of the filing, the run had reached a money-market fund holding Lehman's IOUs: the kind of fund companies and ordinary people used instead of a bank account.

    This episode follows the overnight loans Lehman ran on, the weekend at the New York Fed, where the run went next, why there was no rescue, the quarter-end move called Repo 105, and the rules that changed afterwards.

    What this episode is careful about: "a bank run with no line at the door" is our phrase. The Fed chairman's word was "run", as he was told it that Sunday night. Lehman's bankruptcy was the largest in American history when it was filed. The run on money-market funds was led by big institutional investors; the fund was where companies and ordinary people parked cash instead of a bank account. On September 16 the fund announced its shares were worth 97 cents, and from September 17 its investors couldn't take their money out. By January 2010 they had got back more than 98 cents on the dollar. The reasons officials gave for not rescuing Lehman are each person's own account, given at the time or later, and they are contested. The bankruptcy examiner didn't decide whether Repo 105 broke the accounting rule, and as of 2013, reporters noted, no Lehman executive had been charged. This episode explains what happened. It isn't advice about money-market funds, banks or investing.

    Arthur and George are AI-voiced characters. Phil writes and researches every episode.

    Chapters
    0:00 A run with no line
    1:07 The overnight loop
    3:47 The weekend at the New York Fed
    5:45 Where the run went next
    8:54 Why no rescue
    10:18 The quarter-end move
    12:24 What changed
    13:23 Close

    Sources (selected)
    - Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report (January 2011): https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
    - Report of Anton R. Valukas, Examiner, In re Lehman Brothers Holdings Inc., Bankr. S.D.N.Y. (March 2010), Volume 1: https://web.stanford.edu/~jbulow/Lehmandocs/VOLUME%201.pdf
    - Examiner's report, Volume 3 (Repo 105), from the examiner's firm's site via the Internet Archive: https://web.archive.org/web/20150105103239/http://jenner.com/lehman/VOLUME%203.pdf
    - Examiner's report, Volume 4, on the secured lenders and the clearing bank: https://web.stanford.edu/~jbulow/Lehmandocs/VOLUME%204.pdf
    - SEC v. Reserve Management Co., complaint (May 5, 2009): https://www.sec.gov/files/litigation/complaints/2009/comp21025.pdf
    - SEC press release 2010-16, Reserve Primary Fund distributes assets to investors (January 29, 2010): https://www.sec.gov/newsroom/press-releases/2010-16-reserve-primary-fund-distributes-assets-investors
    - SEC, Money Market Fund Reform, final rule IC-29132 (2010): https://www.sec.gov/files/rules/final/2010/ic-29132.pdf
    - SEC, Money Market Fund Reform, final rule 33-9616 (2014): https://www.sec.gov/files/rules/final/2014/33-9616.pdf
    - SEC press release 2023-129, money market fund reforms (July 12, 2023): https://www.sec.gov/newsroom/press-releases/2023-129
    - White House, press briefing by Treasury Secretary Paulson (September 15, 2008): https://georgewbush-whitehouse.archives.gov/news/releases/2008/09/20080915-8.html
    - Federal Reserve, Chairman Bernanke's testimony to the Senate Banking Committee (September 23, 2008): https://www.federalreserve.gov/newsevents/testimony/bernanke20080923a1.htm
    - Federal Reserve, Chairman Bernanke's statement to the Financial Crisis Inquiry Commission (September 2, 2010): https://www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm
    - Federal Reserve press release on AIG (September 16, 2008): https://www.federalreserve.gov/newsevents/pressreleases/other20080916a.htm
    - U.S. Treasury press release hp-1147, guaranty program for money market funds (September 19, 2008): https://home.treasury.gov/news/press-releases/hp1147
    - Laurence Ball, The Fed and Lehman Brothers, NBER Working Paper 22410 (2016): https://www.nber.org/papers/w22410
    - Investment Company Institute, money market fund assets: https://www.ici.org/research/stats/mmf

    Diagrams are drawn for this episode from the sources above and are not to scale unless marked. The examiner's report page is shown as a screenshot of the report; records marked "Redrawn from" are redrawn from the documents named on screen.

    Drive and Listen: stories for your drive.
    Tuesdays: Case Files. Wednesdays: The Week. Thursdays: Tech.

    Business and sponsorship inquiries: winterfallplanning@gmail.com
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