Marketplace Morning Report: "Getting into the Deregulation Business" (December 12, 2025)

Episode Overview

In this concise and informative episode, Marketplace's David Brancaccio brings listeners up to speed on key business and economic news from overnight. The episode centers primarily on U.S. financial regulation shifts under the Trump administration, innovative developments in electric vehicles (EVs), and a behind-the-scenes look at the economic battle over Machu Picchu tourism revenue in Peru. It stitches together expertise and firsthand perspectives from correspondents and industry experts, making world economic storytelling accessible in under 10 minutes.

Key Discussion Points & Insights

1. U.S. Financial Regulation Takes a Turn Toward Deregulation

[00:58–02:12]

• The Financial Stability Oversight Council (FSOC), created after the 2008 financial crisis as a regulatory watchdog, is now shifting focus.
• Chair, Treasury Secretary Scott Bessen, intends for FSOC to promote economic growth by easing regulations he believes create "undue burdens."
• Key changes:
  • Formation of working groups on:
    • Market resilience (examining regulatory costs on markets)
    • Household financial resilience
    • Financial stability risks posed by artificial intelligence
• Opposition:
  • Sen. Elizabeth Warren warns that this "hands off approach leaves the financial system and economy at greater risk" ([01:56], Nancy Marshall Genser quoting The New York Times).

2. Innovations in Electric Vehicles: The Return of the Extended Range Hybrid

[02:12–04:00]

• Volkswagen, BMW, and Stellantis are exploring "extended range EVs"—electric cars equipped with small gasoline engines to recharge batteries on the go.
• How It Works:
  • The car uses a battery to drive. When battery charge is low, a gasoline engine acts as a generator, recharging the battery and extending range ([02:34], Henry Epp).
• Expert commentary:
  • Gil Tal (UC Davis): “So it's more of an electric car with a generator. When you drive very long range, the generator kicks in and you can finish your trip.” ([02:48], Brancaccio quoting Tal)
  • Brian Moody (Kelley Blue Book): “It really is just a way to have the drivability of an electric car with the convenience of a gasoline powered car.” ([03:09], Moody)
• Market Trends:
  • Smaller EV sedans approach 500 miles per charge, but pickups/SUVs need more—extended range tech is particularly attractive there ([03:17–03:38], Henry Epp & consultant Talas Blalak).
  • Example: The upcoming Ram pickup (2026) offers 145 miles on electric, then up to 700 miles with gasoline backup ([03:45], Henry Epp).

3. Machu Picchu: Dispute over Tourist Dollars in Peru

[05:11–08:25]

• Machu Picchu draws 1.5 million tourists/year; $45/ticket, but the local economy sees little benefit.
• Local Grievances:
  • Mayor Elvis La Torre (Machu Picchu district): “Around 95% of our economy comes from tourism. … 90% of all ticket sales go to the Ministry of Culture. 10% stay here in the district and are spent on things like security, health, education and keeping things clean.” ([05:58], [06:12])
  • He argues for a greater local share: “We want to receive a bigger percentage of the money and for it to stay here in Cusco so that we can improve services for tourists.” ([06:29], La Torre)
• Regional Tourism Leadership:
  • Carlos Gonzalez, President, Chamber of Tourism of Cusco:
    • Only 7% of ticket money (~$5M/year) funds preservation.
    • 93% goes to the Ministry of Culture, largely for payroll ([07:14], Gonzalez).
    • Prefers control shift to Ministry of Tourism for better site management.
    • Frustration over lack of political stability: “I've lost count how many ministers … I've spoken to. But we cannot see to exert that pressure from the private sector. Otherwise, things are going to remain the same for now.” ([07:55], Gonzalez)
• Political Context:
  • Ongoing instability in Peru makes change unlikely before the next elections in April ([07:36–07:55], Jane Chambers).

Notable Quotes & Memorable Moments

• Sen. Elizabeth Warren on Deregulation:

  “This is a hands off approach and leaves the financial system and economy at greater risk.”
  — Nancy Marshall Genser quoting Warren ([01:56])

• Gil Tal (EVs):

  “So it's more of an electric car with a generator. When you drive very long range, the generator kicks in and you can finish your trip.”
  — Quoted by David Brancaccio ([02:48])

• Brian Moody (on hybrids):

  “It really is just a way to have the drivability of an electric car with the convenience of a gasoline powered car.”
  — ([03:09])

• Mayor Elvis La Torre (Machu Picchu):

  “90% of all ticket sales go to the Ministry of Culture. 10% stay here in the district and are spent on things like security, health, education and keeping things clean.”
  — ([06:12])

• Carlos Gonzalez (Cusco Tourism):

  “The sad part is only 7% of that money, so we’re talking about $5 million per year, goes to the preservation of the site. … Otherwise, things are going to remain the same for now.”
  — ([07:14], [08:16])

Timestamps for Major Segments

• 00:58–02:12 | U.S. Financial Deregulation (Nancy Marshall Genser)
• 02:12–04:00 | Extended Range Electric Vehicles & Industry Responses (Henry Epp)
• 05:11–08:25 | Machu Picchu Tourism Revenue Dispute (BBC's Jane Chambers)

Tone & Style

The episode maintains Marketplace’s signature clear, matter-of-fact, and accessible delivery, blending hard economic news with on-the-ground perspectives and expert analysis. Quotes are delivered in a straightforward, journalistically neutral fashion, with a slight sense of urgency and engagement fitting for a morning news update.

Summary Conclusion:
This episode efficiently delivers a snapshot of shifting attitudes at the highest levels of U.S. financial oversight, real-world innovations in EV technology aimed at overcoming range anxiety, and a fascinating local-global clash in Peru over one of the world's greatest tourist economies. Marketplace reinforces its mission to untangle the connections between money, decisions, and daily lives, all before the market bell rings.