Marketplace Morning Report – "Get got by Insta-scammers?"

Date: September 19, 2025
Host: David Brancaccio
Key Contributors: Christopher Lowe, Giselle Regatao, Melanie McGovern, Nancy Marshall Genzer

Episode Overview

This episode of Marketplace Morning Report delivers a concise roundup of overnight business and economic news. The headline story centers on escalating scams on Instagram and other social media platforms, where Americans are losing record sums to fraudsters. The episode also covers shifting mortgage rates in the wake of recent Federal Reserve decisions, a looming government shutdown, ongoing U.S.-China trade tensions affecting soybean farmers, and evolving restaurant portion trends in response to consumer cost-cutting.

Key Discussion Points & Insights

1. Fed Interest Rate Updates and Market Response

Time: 01:31–03:56

• Mortgage Rate Fluctuations: Thirty-year mortgage rates recently dipped to a 12-month low before rebounding, highlighting market uncertainty.
• Fed Moves and Market Sentiment: The Federal Reserve executed expected policy moves at their recent meeting. While the Fed's short-term rate cut was anticipated, the long-term interest rates remain volatile due to fiscal uncertainties.
• Debt Ceiling and Government Funding:
  • Congress passed a budget but didn't sufficiently raise the debt ceiling for the coming year.
  • Two competing budget packages are in play: one maintaining current levels, another adding $1.4 trillion in spending.
  • Markets are unsettled by congressional gridlock and the prospect of a government shutdown.

Christopher Lowe:
“One [driver of long-term rates] is the Fed doing what we want them to do, the other: How much debt do we have to finance in the next 10 years or so? And that is up in the air.” (02:41)

Christopher Lowe:
“It’s an example of the more things change, the more they stay the same.” (03:45)

2. Social Media Scams Surge—The Insta-Scam Epidemic

Time: 05:13–08:05

• Massive Losses: Americans have lost $1 billion to social media fraud just in the first half of the year—a tenfold increase over the past five years.
• Real Victim Story: Miriam Nunberg, a NYC education lawyer, bought a skirt from an Instagram ad and received an unwearable, low-quality item with no recourse for a refund.
• Consumer Protection Limits:
  • Complaints rarely lead to refunds, especially when the seller is overseas.
  • The Better Business Bureau can’t assist with overseas sellers.
  • Social media giant Meta did not respond to interview requests.
• Expert Guidance:
  • Rachel Toback, CEO of Social Proof Security, notes social platforms don't act quickly to remove scammy ads, harming user trust.
  • Melanie McGovern (BBB) urges vigilance:
    • Look for red flags (unusually low prices, guaranteed sizes/shipping).
    • Conduct reverse image searches to spot repeat scam ads.
  • Recent tariff changes mean scammers shipping to the U.S. now face higher costs, providing slight consolation.

Miriam Nunberg (via her son):
“It had looked really pretty in the ad, and I don’t normally buy things online at all.” (05:44)

Miriam Nunberg:
“The fabric is this stiff, thick polyester that doesn’t feel very good, and it’s very clammy when you wear it.” (06:02)

Rachel Toback:
“You would think social media companies would act quickly against scammy ads because it makes their platform seem scammy as a whole.” (06:36)

Melanie McGovern (BBB):
“We’re not able to secure… a refund or anything, because we only operate in North America.” (07:01)

Melanie McGovern (BBB):
“If that stylish linen dress for $50 looks too good to be true, Google it… you do that image search and you see it pop up on a bunch of different websites. It’s maddening.” (07:37, 07:43)

3. U.S.-China Trade Relations and Impact on Farmers

Time: 08:05–09:00

• Trade War Pause Expiry: The current truce in U.S.-China trade hostilities and punitive tariffs will end in November.
• Soybean Sales Plummet: For the first time, China hasn’t bought any of this year’s U.S. soybean crop, straining American farmers who depend on Chinese purchases for over half their sales.
• Farmers’ Challenges: With a bumper soybean crop and low prices, the lack of Chinese orders may drive prices further down.

4. Restaurants Adopt Smaller Portions as Diners Seek Savings

Time: 09:00–09:38

• Olive Garden Trial: The chain is experimenting with reduced portion sizes and lower prices to attract cost-conscious customers.
• Kids Menu Trend: Lightspeed survey finds 44% of adults now order from kids menus for better value.

David Brancaccio:
“The Olive Garden chain is experimenting with less giant individual portions at cheaper prices to see if it can lure back cost conscious diners... It found 44% of adults ordered from the kids menu. Why? Smaller portions and to save money.” (09:09–09:29)

Memorable Quotes

• David Brancaccio:
  “Social media has a vast network of pickpockets, scammers and thieves.” (01:31)

• Christopher Lowe (on political gridlock):
  “It’s an example of the more things change, the more they stay the same.” (03:45)

• Rachel Toback:
  “All social media companies have a long way to go in responding to scammy behavior.” (06:30)

• Melanie McGovern:
  “If that stylish linen dress for $50 looks too good to be true, Google it.” (07:37)

Additional Noteworthy Moments

• Consumer Advice:

  • Check the BBB scam tracker before buying.
  • Be wary when retailers guarantee sizing/shipping or offer prices that seem too good to be true.

• New Tariffs:

  • As of August, international online retailers must pay U.S. tariffs on parcels under $800, slightly raising costs for scammers. (07:49–08:05)

Timestamps for Major Segments

| Time | Topic | |----------|-----------------------------------------------------------| | 01:31 | Mortgage rates & Fed policy updates | | 05:13 | Rise of social media scams—feature segment | | 08:05 | U.S.-China soybean trade update | | 09:00 | Olive Garden portion-nomics and dining trends |

This fast-paced episode delivers a snapshot of how economic policy, global trade, consumer deception, and shifting spending habits are unfolding in real time—all in under ten minutes, complete with vivid anecdotes and actionable advice.