Navigated to Trump’s War on Data and Rise of the Pricing Bots - Transcript

Trump’s War on Data and Rise of the Pricing Bots

Episode Transcript

Speaker 1

Bloomberg Audio Studios, podcasts, radio news.

Speaker 2

This is Everybody's Business from Bloomberg BusinessWeek.

Speaker 3

I'm Max Chafkin and I'm Stacey Vannoxsmith.

Max.

Speaker 4

I think the theme of this week is war.

We've got the newest iteration in the trade war.

Trump's new tariff deadlines this week, India, Switzerland, all this news coming in hot.

Speaker 2

Oh my god, tariff.

Okay.

We also have the war on government data.

We're going to do a deep dive into the unemployment data, the data that's at the center of all these controversies with a former head of the Bureau of Labor Statistics.

Speaker 4

And then AI's war on your wallet.

You might be asking chat GPT for tips on like setting better boundaries with your family.

Meanwhile, it is silently mining your data and figuring out how much it can overcharge you for going home to visit your family for the holidays.

Speaker 2

Maybe we'll talk about that.

And finally, Stacy, the underrated story of the week, which I actually I have no idea what it is.

Speaker 3

I know, I'm very excited.

I've kept it a secret.

Here is what I'm gonna tell you, Max, how.

Speaker 4

Do you fight off one of the biggest baddest deadliest apex predators.

Speaker 3

On the planet.

I will give you a hint, stick around.

Oh will be revealed.

Oh, Max?

Another week, another round of tariff news.

This week is no.

Speaker 4

Exception, another big tariff deadline, lots of negotiations happening India, Switzerland.

Speaker 2

It's a lot, yeah.

I.

Meanwhile, you have these like tech companies, Apple getting out of tariffs.

We're gonna have to come back to this, I don't know, probably as soon as next week, Stacy.

But now we want to talk about politics, right, the politics of consumption.

Speaker 4

Yes, because another one of the big stories this week had to do with Sydney Sweeney and the American Eagle ad.

Speaker 3

Did you see this ad?

Speaker 1

I'm a very world weary right now.

Max, Yes, I have seen the ad.

I've absorbed the discourse somewhat unwillingly.

But I guess should I summarize.

Speaker 4

Yes, summarize it for in case people have been substantive stories.

Speaker 2

Actress Star of Euphoria is in an advertisement created by American Eagle to sell a new line of dungarees, and the the ads.

Speaker 3

Not a word for genes that they used in the thirties or something.

Speaker 2

Okay, so the ads play on jeans, the pants you wear, and genes, the genetic code in your body.

The tagline is Sydney Sweeney has great genes.

This has become controversial, I think mostly because Maga loves Sydney Sweeney.

Speaker 4

No, it's become controversial because in the ad, she's like, jeans are the thing that give you your skin color and your hair color and even your eyes.

And then it says Sidney Sweeney has gray geens and she is blonde with blue eyes, and so people are saying this is like a nod to eugenics or white supremacy, things like that.

Speaker 2

Gens are passed down from parents to offspring, often determining traits like hair color, personality, and even eye color.

Speaker 4

My genes are blue.

Speaker 2

I don't think there are that many people in the world who interpreted it that way, and.

Speaker 3

In that not only that controversy that I don't.

Speaker 2

Think they would have if there if a bunch of mag accounts hadn't kind of stirred this, you know, controversy out of nowhere.

For people who are sort of invested in the culture wars, Sidney Sweeney is this symbol of a thing that they feel is under attack.

I think they managed to provoke a response from some very very narrow corner of the left, and now all of a sudden, here we are talking about whether or not this ad is like a eugenic this thing or not.

Speaker 3

Have you seen the ad?

Speaker 2

I have seen the very serious several versions of the AD.

Speaker 3

I have actually seen the AD, and it's it is notable.

Speaker 4

I was kind I thought it was maybe overhyped, but there it's it's quite I was surprised when I saw it.

Speaker 2

I'm not saying there isn't an undertone of something here.

I just think that we are living in this moment where it is very easy to to sort of spin up a controversy out of essentially nothing.

I don't think American Eagle thought that this was going to happen when they created the ad.

Speaker 3

Maybe not well.

Speaker 4

However, Sidney Sweeney, as it turned out, was registered Republicans loves her, yes well, And now Donald Trump has weighed in on the American Egood.

Speaker 3

Here's what he said.

If Sidney Sweeney is a registered Republican, I think her AD is fantastic.

So things are getting very political.

Speaker 4

Like you said, all these things are very supercharged right now.

So I got cre worries about if politics are weighing into people's buying decisions.

There's been some of this with Target and Tesla and other things.

Remember, yeah, people are buying or not buying things based on politics.

Speaker 3

So I wanted to see.

Speaker 4

New York's is a big shopping capital.

There are lots of tourists here right now.

It's in August, so a lot of people shopping.

I went to an American Eagle store and soho they have ad is huge.

It's all on this big window.

It says Sidney Sweeney has great gens.

She's there like not much except for jeans and her hair, and all these people coming in and out of the store.

And so I asked them what they thought about the ad and if politics was informing their shopping.

Speaker 3

And here's what they said.

Speaker 4

Do you know about the whole Sydney Sweeney controversy.

Speaker 2

I don't.

Speaker 3

I try not to look into the politics things.

Speaker 4

What are the things that do factor into your decision when you're thinking about buying something?

Speaker 2

Style.

Speaker 5

I heard about the ad when I walked across the street and saw it in gigantic letters.

I was like, I think it's pretty disgusting.

Speaker 4

Honestly, do like politics ever factor into what you're buying.

Speaker 3

Yes.

Speaker 5

As an African American whose family has been here for a very long time, it's like everything seems small until it's not anymore.

Me personally, I wouldn't shop here.

Speaker 3

Do politics ever influence what you buy?

Yes?

I like to buy local.

Speaker 4

My mom was a small business owner, so I see how the struggle is when you're competing with these really big companies.

Do you ever buy things or not buy things because of the brand's politics?

Speaker 3

Not at all?

It gets buy it because I want it.

Speaker 2

Target used to be.

Speaker 5

My go to store, and then after like the whole like DII initiative.

I honestly haven't been in Target whole year.

I feel like the only way big companies see things is through like dollars and cents, and so if their sales goes down, then it's like, Okay, that was a bad ad and maybe let's not.

Speaker 3

Do it again.

Speaker 2

All right, Well that was I mean, I feel like clearly this this thing has broken through.

Was anyone like what are you even talking about here?

Yes?

Speaker 3

Yeah, several people actually had no idea what I was talking about.

It was interesting, you know, it's weird.

Speaker 2

I saw this on Twitter because I'm like terminally addicted to Twitter.

It was only after Donald Trump weighed in on the controversy that people in the real world, in my real world anyway, started talking about Like.

I had not had a real life conversation with anybody about this ad until earlier this week, and the ad has been around for a couple of weeks.

I had really okay in.

Speaker 4

My real world, So Max, it does seem like shopping has gotten political.

One thing that in my career covering business and economics for a while that I have always thought of as kind of not political is data.

Speaker 2

I feel like that's wishful thinking, Stacy, but I do see your point.

There's something about these numbers, whether it's the stock market, whether it's the prices, like the numbers don't lie.

The data doesn't lie.

The unemployment rate, it doesn't lie.

Speaker 4

Been the numbers in some way or another, or say well, this number means that, or they can argue over that like the numbers themselves.

Speaker 3

I feel like they're sort of like the neutral party in the middle.

Speaker 2

However, it turns out that actually you can argue about him, as we learned last week on Friday, just as our last week's show was going live.

Donald Trump showed up and said, hold my beer, Stacy Vanix Smith and went after the Bureau of Labor Statistics, which had just released a kind of me jobs report.

Speaker 3

He was he's pretty disappointing.

He had revised down the other job reports.

He's not good.

Speaker 4

He fired the head of the Bureau of Labor Statistics, Erica mcintarfur, and truthed out tweeted out on social media that the data was rigged.

Speaker 2

Right, and we wanted to talk about this with somebody who actually understood what this data is and how it's collected.

Can you even rig it?

And also, if Donald Trump succeeds in politicizing this, what does that mean for the US economy, for businesses, for all of us.

Speaker 4

Yes, we're very lucky to have Erica grosshen she headed the Bureau of Labor Statistics from twenty thirteen to twenty seventeen, a different Erica but also had that top job.

She's now an economic advisor at Cornell High Erica.

Speaker 6

Hello, glad to be here.

Speaker 3

So what went through.

Speaker 4

Your head when you heard this information?

What were your thoughts about, first of.

Speaker 3

All, the data getting accused of being corrupt and then this firing.

Speaker 6

It's so unprecedented that I had a zillion different thoughts, and people have asked me that over and over, and I've told them various of my locked.

I was shocked and I was sad at the same point that the line has been breached that had never been breached before.

I mean, presidents have tried to manipulate BLS data, but they've always been stopped.

The closest case, certainly in modern times, of that kind of effect was when President Nixon decided that the bad numbers coming out of the BLS we're due to a Jewish cabal and tried to fire the Jewish leadership in the BLS.

Two of them lost their jobs, although not the commissioner.

Speaker 4

Whoa So this is not entirely unprecedented.

In a certain way, it's not entirely unprecedented, but the actual firing of the commissioner has never happened before, all.

Speaker 2

Right, Erica.

I wanted to ask why this data that the center of all this sort of political controversy, like why it matters correct me if I'm wrong, like you have.

Basically, employment statistics and inflation statistics, those are the main things that come out of the BLS, and so Some of this is obviously useful to government, like the Social Security Administration, I think uses you know, the inflation numbers figure out how much it needs to increase the benefits.

But also lots of businesses, like if you're trying to price a good, this is data that you can use.

If you're trying to figure out if you're a software company that makes like human resources software, employment statistics are going to be helpful in figuring out like what your next quarters look like?

Like can you just talk about, like what's at stake with this infrastructure if we start messing with it?

Speaker 6

You know, our country's philosophy all the way down is to push decision making down to the most local levels.

Speaker 2

Right.

Speaker 6

Families should make as many decisions as possible for themselves.

Businesses should make decisions as much as possible for themselves.

So the BLS has a very deep, broad website.

The very busiest part of their website is actually the Occupational Outlook Handbook, where people who are looking for jobs, people who are advising people who are looking for jobs can see what wages and employment trends are likely to be for over three hundred occupations.

Speaker 4

They're looking to see if, like what about my profession is like is my profession hiring?

Speaker 3

Is it firing?

Speaker 2

Is?

Like?

Speaker 3

What about the healthcare sector?

Speaker 2

Or I'm trying to plan compensation costs for my company for the next year, Like what rays am I going to have to give my employees keep them from quitting?

Speaker 6

What qualifications should I look for for people in that occupation?

What are ten year prospects?

Where are those jobs geographically?

What are adjacent occupations that maybe I might be able to transition to?

Things like that?

So there's that.

When BLS was founded, it was during a time eighteen eighty four there was a lot of industrial unrest because of immigration, trade nascent unionism.

Speaker 3

Technology changing.

Speaker 6

Technology changing, right, and the policymakers at the time seeing all this unrest I mean, people were killing each other in the streets over this, said well, we'd be one step closer to industrial peace if both sides had benefit of truth that they can trust about the labor market, conditions, about pay, and about the cost of living.

And so the BLS was founded to provide that information to move negotiators and people in conflict close to resolution faster.

Speaker 3

So I wanted to talk about the actual data in question.

It's a couple of surveys.

Speaker 4

The big one I think that people tend to really look at and trust is the current employment statistics.

That is where we get the jobs added if I'm correct, So you know they'll say seventy three thousand jobs added it this month.

Speaker 3

Can you talk.

Speaker 4

About, like how do you get that information and why the revisions?

Like what is the process of getting this information?

Walk us through the data?

Speaker 6

Sure, So this is a survey of employers, right, every month, one hundred and twenty thousand employers are asked about all of the work units that they have.

Speaker 3

Work units being people, No.

Speaker 6

Not people, but the establishments the places of work oh okay, that they have.

So that covers about over six hundred thousand places of work like offices and offices that's right, spores, manufacturing facilities like that.

So you take these one hundred and twenty thousand employers have been recruited in advance and they know they're going to be tapped for the next X number of years to provide this information on a monthly basis.

So the biggest companies are sending this stuff electronically an automatic feed out.

Speaker 2

It goes right.

Speaker 6

The smallest ones may be emailing it They may be faxing it, they may be calling someone on the phone.

There are many modes because our businesses are quite varied.

So we're talking all the way from Microsoft and Amazon, all the way down to your local dentist, mom and pops store, the you know.

Speaker 3

The feed store in the middle of Iowa.

Speaker 6

Right the car repair shop.

Speaker 4

So basically you're just getting this information by any means you can.

And then are there people at the Bureau of Labor Statistics like counting this stuff, tallying it up?

Speaker 3

Like what happens to this data?

Speaker 6

Frankly, the people aren't doing the adding.

The computers are doing the ad okay, right, this is feeding into a data collection facility, and their reporting is fairly simple.

It's how many people did you have on your payrolls during the pay period that contains the twelfth of the month, Oh and that for that pay period, how much did you pay all of them?

How many hours on average did they work.

Then there's some basic information about the company that's already there.

What's your location, what's your industry, And that's pretty much it.

And it's more like a form, as I say, there's no opinion in.

Speaker 4

There, right, So why the revisions then they have like a week to get this information in.

Speaker 6

And some companies, if they're paying monthly, they haven't paid yet for the paypier that contains the twelfth of the month.

They don't know the answer yet, or they may be in the midst of changing their rit system, or they may be really busy with something else, hiring people or firing people sally, maybe sick that day right that week, right, so they can't all get it in on time.

Only about sixty to seventy percent of them actually get it in time for their first deadline.

Speaker 4

Oh so like thirty to forty percent of the responses are not in on time.

Speaker 3

They kind of extrapolate them out right.

Speaker 7

So the bill then has divided all of their sample into cells, industry location, workplace size cells.

And if you don't report during that time, then you're missing data, and they're going to calculate the average without you, okay, And so that implicitly imputes to you the average percentage change of everybody who did report.

Speaker 2

So I guess one thing I'm wondering is, and I think probably what a lot of people are wondering is sort of like how bad is this going to be?

Other countries.

There are some examples, I think Greece, Argentina where they've sort of mucked with economic statistics.

Speaker 3

China and is a big one.

Speaker 2

Yeah, yeah, and where there have been like real ramifications where like people are paying more in interest rates on mortgages or to borrow money than they otherwise would because investor like just don't really know what is going on in the country and demand a risk premium.

And the people who pay that risk premium are basically us, like right right, regular people who are just trying to like transact in the economy.

My understanding, Erica, is that the head of the Bureau of Labor Statistics doesn't actually like it would be pretty tricky to like get in there and muck with the survey in any given month.

Like it's it's not like just doing this firing is going to instantly change the survey.

On the other hand, you could imagine an erosion of trust.

You could also imagine a long term scenario where processes are changed and where these statistic sortcuts, yeah, that are really seen as like sort of gold standard.

Everybody trusts them, We trust them more than like the numbers that LinkedIn puts out or something, because like private companies put out numbers as well, but I don't think they're seen as quite as reliable as these numbers.

And like, what's at stake right now and what does the future look like over the next few years.

Are we in danger of crossing over to a point where basically like our statistics are like Greece's statistics, or are we kind of a long way from there?

Speaker 6

Well, we're still a long way from there, but we have crossed the line that's never been crossed before.

All right, So in the next month or two, I think there's going to be no change in the reliability of BLS statistics because all of these processes are still in place.

The Deputy Commissioner is now the acting commissioner.

His name is Bill Wyatrowski.

I appointed him to.

Speaker 3

The job, so if you feel good about him.

Speaker 6

I feel good about him.

He has been acting commissioner twice already.

That said, BLS is down about twenty percent of its staff, Its leadership is down by almost by a third.

Its advisory committees have been eliminated, Its contracts that it relied on have been terminated willy nilly, so so they're not on a particularly sustainable path.

Generally because of those policy changes.

Also, their funding had been lousy for years and is still problematic.

So it has continued to produce gold standard statistics in spite of all of this.

But some of those chickens are coming home towards because of that.

But it's not because of manipulation.

Speaker 3

So there's a lot of stuff going on in the government right now.

Speaker 4

And I think you could make the fair point of like, well, so what if the data.

Speaker 3

Is not as trustworthy, Like what is the big deal?

Speaker 2

Yeah?

Speaker 6

So think about social Security benefits which adjusted every year to the CPI.

Speaker 3

The CPI being inflation numbers.

Speaker 6

That's right, the consumer price Index.

If the CPI is wrong by a tenth of one percent of one basis point, the federal government will overpay or un under pay recipients by about a billion dollars.

Oh and that's just one example, right the Federal Reserve.

Now, remember that the Federal Reserve follows modern monetary policy, and it has this dual mandate of a maximum sustainable employment and stable prices.

Right, Well, what does it rely on for that is bless data that was originally created to quell industrial peace but has turned out to be useful for this other really important decision.

Speaker 3

Do you think trust is eroded in the data?

Speaker 6

Well, I think that for the people who are listening to what the president said, it erodes their trust in the data.

For people who are not swayed by his opinion, then the fear that his policies will inject politics.

It also makes people fear the data and fear that the data is going to be manipulated, and the knowledge that there are these real funding and operational issues is problematic.

And then there is the actual degradation of data that has happened because of falling survey response rates and the resource issues.

So right now that's showing up in the LS in eliminating some of the granularity of the data.

So the CPI is still being produced in these inflation inflation numbers use and really the standard error on the top line, the national number hasn't changed very much, so that you know, that's about as reliable as it was.

But the granularities, so one the city and the state estimates of inflation, the product estimates of inflation, some of that's just been eliminated entirely, and the margin of error, the ability to say, okay, the big headline number went up, But you know why and how does that impact this group of people or that industry or something like that.

That's what we're losing.

Speaker 2

All right, Well, we're gonna have to leave it there.

Eric, thank you for joining us.

Speaker 3

Yes, thank you so much.

Speaker 6

Oh it's my pleasure.

Great to be here.

Speaker 2

Stacy Vanicksmith, you are the biggest fan of artificial intelligence that I know.

Use it sometimes, okay, But when you think about what do you think about like the advances in this field, like AGI, super intelligence, Like what kind of springs to mind?

What is the future that this technology evokes for you?

Speaker 4

I mean I think of AI as kind of a personal assistant in a way.

Speaker 3

What are the movie times tonight?

Or can you help me write this email?

Speaker 2

The script for Bloomberg?

Speaker 3

Write this script?

Speaker 4

Yes, write me a shopping list kind of I don't know, like a helper, That's how I think of it, Like a helper, right, like.

Speaker 2

Some kind of amazing humanoid creation.

Maybe one day it'll even be our friends.

We've talked about that.

There's also like people these futurists, like the CEO of Open AI, Sam Altman, talks about you know, super intelligence, curing cancer or solving global.

Speaker 3

Warks, Zuckerberg saying it's going to be our main friends exactly.

Speaker 2

You're not going to need a romantic partner anymore because you can just hang on Facebook all day.

Speaker 3

It never forgets anniversaries AI exactly.

Speaker 2

But you know what, here's the thing, Stacey, I actually don't think any of that really reflects where this technology is going.

I think what all of these data centers that are going up everywhere around the country with all of this technology, these these coders who are being offered hundreds of millions of dollars a year to jump from like Anthropic to open AI to Facebook, They're all just going to basically make our airline tickets more expensive.

Explain Okay, So for this week in Business Week, I looked into a sort of controversy around AI pricing.

So this is the idea that instead of you know how, like you go on the website for an airline and you try to buy a plane ticket and one day it costs one hundred and fifty dollars, and the next day you go back and it costs two hundred dollars, and the day after that it maybe cost one hundred and twenty five dollars.

The price is always changing.

This is called dynamic pricing.

But there's this idea in the airline industry that they're going to use AI to make it even better.

Last year, during a Delta Airlines investor event, the president of the company said they were going to like, maybe we could raise the price twenty dollars, maybe we could raise it forty dollars, sort of suggesting that essentially what the AI is going to do is look at you and figure out what you, Stacey Vanock Smith are willing to pay to fly to Idaho today and get set the price at the exact highest point that they could poss set it.

Speaker 4

Okay, but this has been I know this has been going on for a long time in certain iterations with cookies and stuff.

I know this because my family lives in Idaho, and every time I try to book a ticket to Idaho that I have to go into I try to like incognito mode and all this stuff, because they all the cookies in my data they've mined of mine over the years mean that they're serving me up expensive ticket prices.

Speaker 3

So how's this.

Speaker 2

Here's the thing, It's it's gonna get worse.

Because I looked into one of the companies that is working with airlines is a company called Fetcher, and basically found this sales document that they put out, And this is a sales document not aimed at consumers, but aimed at businesses who of course just want to raise prices, want to raise revenue.

And it talks about the idea of applying what they call alien super intelligence to the problem of figuring out how much money they can charge you.

And the idea is to take the technologies that were used by high frequency traders, you know, these these crazy strategies that are too complex to even perceptual, but to bring that to domains with consumers.

So when you're buying an airplane ticket, there's some like crazy algorithm working behind the scenes that is figuring out how much you're gonna pay.

And I should say this idea of AI pricing is everywhere now, it's not just in airlines.

And this sense that you have of the frustration of buying airline tickets stacy, it is going.

It's going to be everywhere very soon, and in fact is everywhere.

We've seen landlords using it to figure out rents using AI software, and pretty much every online retailer in the planet has used AI to price to some extent.

You know about ride share fares, I assume because like Uber, when you know depending on when you when you do it, that affects the price.

It also affects ride share wages.

So so how much the driver is going to get paid?

And we've we've seen drivers complain, incredibly complain that it's not necessarily the same thing.

It's like your surge price may be different than the driver surge price.

Meat packing prices.

There were allegations of AIB used to raise those.

So let me just lay out the nightmare scenario which which you alluded to, which is like you need to fly somewhere for a funeral or for a medical procedure.

You cannot delay your trip and an AI figures that out and jacks it up like five times a normal price.

Or like you're driving for Uber and you have zero dollars in your bank account and Uber figures out, Oh, like this guy is desperate, Like I'm just going to pay him five dollars for this ride instead of fifteen, which is what I would have pay and he's going to do it because he's that desperate.

That is the scary situation.

I think that that is not quite there yet.

And in the course of this story and amid the outcry over Delta and the use of AI, the company has come out and set essentially we are not using personal data to set AI prices.

They did not say yet, but I do think that yet.

Is there that like many companies are going to use personal data?

Speaker 3

The Amazon does well, well yeah, yeah, openly yeah.

Speaker 2

So And the thing is, the thing about AI is that you don't really know what data is being used because it's a black box.

You're just putting a bunch of information into a large language model and telling a large language model or this model to which the company that works at Delta calls a large market model, but basically the same thing to sort of figure out.

And we've seen with large language models that personal data sometimes leaks into these data sets.

They don't mean to put your social Security number or your phone number into open AI, but because open AI is crawling something with some personal information, it could find its way in there.

So like that is a possibility.

The other thing is there are ways to learn about you without actually accessing your bank account or knowing ath or looking at you or more right like like really complicated behavioral targeting and I think the truth is that we are just more predictable than we realize, and they are able to figure out your own personal interests just by your behavior.

I think what we're leading towards is these companies are going to have so many even if they don't say it's personal data, they're going to be so many different fare classes.

Instead of having like ten different fare classes, there'll be like three hundred fare classes.

And if you have three hundred fair classes, you could imagine one of those is like desperate bereave traveler.

One is like broke uber drive.

You.

Oh, like you could get really granular or granular at the point where like it doesn't really matter if they know you Stacy Vanixsmith, but they know what your exact situation is and are able to use that to their advantage.

Speaker 4

Is that different than like data mining and consumer profiles and stuff like that.

Speaker 3

Is it like just like just a supercharge thing steroids.

Speaker 2

It's concerning that they could be using these like alien super intelligence to like squeeze a few bucks out of you.

But there's also this concern over AI collusion.

So this is the idea that I have an AI to set prices and one of my competitors has an AI to set prices, and the two AIS work together to just raise.

Speaker 3

Place for price fixing.

Speaker 2

Indeed, yes, And the thing is this has already happened so at least according to a complaint against Amazon.

So Amazon tried out this AI.

According to this FTC complaint, which Amazon disputed, that would essentially raise prices briefly and then see whether competitors would raise prices in turn, and if they did, keep the prices up, but if not, drop them down.

And then this led to a bunch of research by academics.

There's a paper by some Carnegie Mellon professors were basically showing how if you had two companies using these AI pricing algorithms, the two algorithms would start colluding with one another to raise prices.

Speaker 4

Is there a way to avoid this or is this just star like?

Is this just the future we need to prepare for.

Speaker 2

The cynical tech reporter in me says, we're this is the future we need to FuMB just because this stuff is basically unregulated right now.

The only thing that is stopping companies from doing more of this, essentially, I think, is embarrassment.

There was a point where you had a very active FTC under Lena Khan, where a lot of those examples I rattled off, we know about those because the FTC uncovered them and put them in complaints.

Trump has, you know, obviously made clear that he doesn't want to regulate businesses the way they were regulated under the Bid administration.

Also, there is this really powerful force within the Trump administration led by all these guys who gave Trump, you know, hundreds of millions of dollars who donated to his inauguration, who basically want to have zero regulation in AI.

So I'm not really holding my bread.

There are ways that you can kind of protect yourself, and you alluded to some of them, right you're clearing your cookies, you know, looking at airfares or any kind of price on different web browsers, just like being more cognizant of the ways that your own behavior and how you are purchasing a given item can affect the ultimate price you get, and using that knowledge to basically shop around, even if there's only one airline for one route, like just try try to buy it in a few different ways and see what happens.

The last thing, and this is maybe this is the optimistic tech reporter in me.

I do think we're going to see companies that attempt to apply these same algorithms on our own behalf.

So like there's an alien intelligence working for Delta to try or any airline to try to maximize revenue.

We're going to have our own algorithms, I hope to try to overcome those like will be our will have to act like our own.

Speaker 3

And stuff like yeah online banns.

Speaker 2

Kayak already does this, but I'm confident that as this stuff becomes bigger, there will be incentives for basically middlemen to come along and try to help make our prices lower.

So I guess what I'm saying is that Silicon Valley will save us this time, save us from it from it.

Yea, all right, Stacey, I know you've got a really important story to share with me.

That story there has not gotten enough attention from the lamestream media, and I'm ready to hear it.

Speaker 4

This is my favorite story of twenty twenty five.

So I don't know how much you know about cattle ranching.

Speaker 2

I know there are cows and cowboys.

Speaker 4

I think there's a big problem on cattle ranches in the West, which is wolves.

Speaker 3

So wolves got reintroduced.

Speaker 4

They were endangered.

They were reintroduced into a lot of the American West.

The problem is the wolves come onto cattle ranches and it's like a buffet.

It's like a golden corral.

Literally, it is like they walk into a buffet and they are like picking off these cows.

And the ranchers, because the wolves are endangered, cannot kill the wolves.

Speaker 2

This got be a big issue where you're from.

Speaker 3

It is, Yeah, my parents had cattle ranch, I didn't have wolves.

But this is a bit.

Speaker 2

I mean, if the wolves came, they wouldn't be like, look at these majestic beasts.

Yes, they would be.

Speaker 3

So wonderful to see them.

Speaker 4

They would be afraid, yes, And so this is a big issue and and ranchers are trying to figure out it is illegal to kill the wolves, but you have to think them out of But wolves are really smart and they're really strong.

How do you keep them away from the cattle?

Cows are not fast?

Okay, so they're trying all kinds of interesting things.

And one of the things that they are trying to do is they fly drones around.

Speaker 3

Heat seeking drones.

Speaker 4

Okay, they can spot wolves and then they play sounds for the wolves to scare them away.

Speaker 2

Like what kind of sounds like like a dog whistle type, like a sound that's so high pitched that human ears can't hear it, but it sends the wolves into a tizzy.

Speaker 3

Yeah, what is going to scare a wolf?

Speaker 2

Right?

Speaker 4

These are apex predators.

So, as it turns out, there are a couple things that they are using to scare the wolves.

One, I mean they use like thundersounds and gunshot sounds.

Speaker 3

Also a CDC.

The song Thunderstruck by.

Speaker 2

A CDC's a great song.

So I don't know what the wolves are thinking.

Speaker 4

Maybe they're thinking that it's actually an overrated song, but it gets better.

Speaker 2

Do you think it's the name they're like, Oh, the song is called Thunderstruck, so not just thunderstruck.

Speaker 4

Ad also play a scene from a movie, the movie Marriage Story.

This movie with Adam Driver and Scarlett Johansson.

Right, there is a scene where they get into a big fight.

Speaker 2

And the wolves don't like that.

Speaker 3

They play that fight scene to scare off wolves.

Here they play, Yeah, here's the.

Speaker 2

Clip that they I'm gonna try to connect with my lupine brain.

People used to tell me that you were too selfish to be a great artist, and I used to defend you.

Speaker 6

They were absolutely right.

Speaker 5

Well, your best acting is behind you.

Speaker 2

You're back to being a you.

Speaker 7

Get flighted me, you're a Really.

Speaker 3

You want to present yourself as a victim because it's a good legal strategy.

Speaker 5

Fine, but you and I both know you.

Speaker 2

Chose this life.

I have never seen the movie Marriage to it.

Speaker 4

Can you imagine, like this is what they're you doing to scare off wolves?

Speaker 2

But wow, I just.

Speaker 3

A couple fighting and like splitting up.

Speaker 2

You just lost your appetite, right, like toxic.

I don't really want to go to the Golden Corral.

I just I just want to go and cry.

Speaker 4

Yeah, wolves are like it's time for some self care.

I just I can't even eat right now.

I've just lost my appetite.

Speaker 2

Okay, So the heat seeking drones like fly around like there's some software that's like wolf and then it blasts and then and marriage.

Speaker 3

From a marriage story, Yeah, to scare off the wolves.

Apparently it's working.

Speaker 2

Yeah, if you and your significant other are are hiking together and you see a mountain lion just starts fighting.

Speaker 4

It's time it's time to go into like all the resentment that you have tamped down in the back of your brain.

Speaker 2

And use that stay safe out there, everybody and everybody who is listening to this show.

First of all, definitely want to know what songs you use to scare large predators.

But also if you have a pricing story, like we're talking about our own personal experiences around AI and pricing.

If you have experienced this in some way or you have thoughts on it, definitely send us an email.

Everybody's at Bloomberg dot net.

Everybody with an s at Bloomberg dot net.

Speaker 4

Or if you have an idea of what else could scare off the wolves.

Maybe you know markets news, you know, actually this podcast could be useful to scare off wolves.

Speaker 2

Who's the head of the Department of Interior under Trump now?

Anyway, if you're listening, just give it a shot.

Yeah, could send us right to the top of the can send us at the top.

Speaker 3

Yeah, we're big with wolves, I.

Speaker 2

Mean for now.

Speaker 5

Though.

Speaker 2

We could use your reviews to send us further up in these rankings and also to let other people know about the show.

Speaker 3

Yes, it helps them find the show.

You can do that wherever you get your podcasts.

Speaker 2

This show is produced by Stacy Wong.

Magnus Hendrickson is our supervising producer.

Amy Keen is our editor.

We get engineering support from Blake Maples, Dave Purcell, factchecks, Sage Bauman, Heads Bloomberg Podcast, and special thanks to Jeff Muscus, Julia Rubin and Maria Ling.

If you have a minute, if you are a wolf or a human, please rate and review this show or drown or drone.

It'll mean a lot to us.

And if you have a story that should be our business, email us at Everybody's at Bloomberg dot net.

That's everybody with an s APN at Bloomberg dot net.

Thanks for listening.

We will see you next week.

Never lose your place, on any device

Create a free account to sync, back up, and get personal recommendations.