Green bank, go!

Summary

Podcast Summary: "Green Bank, Go!" – Marketplace, December 18, 2024

In the December 18, 2024 episode of Marketplace titled "Green Bank, Go!", host Kai Ryssdal explores a range of pressing economic and business issues, providing listeners with insightful analysis and expert opinions. The episode covers rising bond yields, the impact of soaring cocoa prices, the establishment of a national green bank, the state of mergers and acquisitions, challenges in the American healthcare system, and innovative solutions for healthier trucker diets. Below is a detailed summary of the key discussions and insights presented during the episode.

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Rising Bond Yields: Signs of Economic Optimism or Potential Risks?

Kai Ryssdal opens the episode by discussing the recent trends in the bond market. Rising yields on government and corporate debt are traditionally seen as indicators of economic optimism. However, Ryssdal points out that higher yields can also signal potential economic risks. “Rising yields on government and corporate debt is a sign of economic optimism,” he states (00:01). He highlights a prediction from T. Rowe Price suggesting that the yield on the 10-year Treasury note could exceed 6%, a level not seen in nearly 25 years.

Justin Ho explains that the primary driver behind rising bond yields is inflation. “The reason why bond yields could keep rising boils down to inflation,” he notes (01:35). Factors such as tax cuts, increased tariffs, and potential mass deportations contribute to inflationary pressures. Colin Martin, a fixed income strategist with Charles Schwab, elaborates that tax cuts can stimulate consumer spending, thereby fuelling inflation. Additionally, shrinking the labor force through deportations may lead to higher wages as businesses compete for fewer workers.

Randy Vogel, head of fixed income at Wilmington Trust, adds that as investors expect rising prices, they demand higher interest rates to compensate for inflation. “They start reevaluating how much interest they want to get paid on 10-year treasuries,” Vogel explains (02:15). Amy Scott points out that rising Treasury yields have a ripple effect on other financial instruments, such as mortgage rates and yields on state and city bonds. Chuck Tomes from Manulife Investment Management warns that exceptionally high yields could lead to layoffs and postponed infrastructure projects, although he does not anticipate yields reaching alarmingly high levels within the coming year (02:48).

Kai Ryssdal concludes this segment by discussing the Federal Reserve’s cautious approach to interest rate cuts, suggesting that rates may not decrease significantly further (03:09).

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Soaring Cocoa Prices: Impact on Consumers and the Chocolate Industry

Matt Levin shifts the focus to the commodity markets, specifically the drastic increase in cocoa prices. “The price of a metric ton of cocoa beans has basically doubled since the beginning of the year,” Levin reports (04:52). This surge is primarily due to diminished harvests in West Africa caused by drought.

Alexis Villasis, a researcher at Ohio State University, explains that while premium consumers may absorb higher costs, average consumers might switch to less expensive alternatives. “Regular Joe's six pack... he might say, well, I'm just gonna stay with Skittles,” Villasis observes (06:03). Kelsey Olson from Mintel predicts that manufacturers may reduce the chocolate content in products to manage costs, potentially altering the taste and quality of beloved treats (06:03).

Karla Martin from the Fine Cacao and Chocolate Institute remains optimistic, suggesting that demand for high-quality chocolates may remain resilient despite price hikes. “People buy based on mood,” Martin asserts (06:24). Rose Horowitz adds that chocolate functions as a relatively inexpensive coping mechanism, maintaining its appeal even when prices rise (06:30).

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Establishing a National Green Bank: Accelerating Clean Energy Investments

A significant portion of the episode centers on the creation of a national green bank, an initiative aimed at boosting clean energy projects by leveraging public funds to attract private investment.

Amy Scott introduces Reid Hunt, a longtime advocate for a national green bank, who has been instrumental in pushing for its establishment over the past 15 years. “Hunt's group will have $5 billion to invest,” she explains (07:33). The Inflation Reduction Act has finally allocated funds to establish the green bank, with Alaina Peterson, executive director of Spruce Root in Alaska, detailing plans to refinance debt for a hydropower project, thereby reducing costs for the community (09:01).

Matt Levin highlights additional investments, including electric vehicle fleets and clean energy upgrades in commercial buildings. However, political uncertainties loom as Rose Horowitz discusses potential threats from President Trump’s administration, which has criticized climate initiatives and threatened to withdraw from the Paris Agreement (09:46).

Dale Brick from the Harvard Environmental and Energy Law Program notes that most funds have already been allocated or secured through legal contracts, making it challenging to recover them even if political opposition intensifies. “It's always safer when people can... finally demonstrate the benefits of these investments,” Brick emphasizes (10:31).

Despite these challenges, Rose Horowitz underscores the importance of showcasing the tangible benefits of green investments to ensure ongoing support from constituents, particularly in Republican-majority districts where much of the Inflation Reduction Act's funding has been directed (10:55-11:09).

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Mergers and Acquisitions: A Sluggish Market Finds Momentum

Henri Epp reports on the current state of mergers and acquisitions (M&A), noting a slower pace in 2024 compared to the robust activity seen in 2021. Factors contributing to this slowdown include economic uncertainties and political shifts following the presidential election.

Brian Quinn, a corporate law professor at Boston College, explains that companies prefer to engage in M&A activities when the broader economy feels stable, allowing for more confident long-term planning (12:20). Christine Sauter from Southern Methodist University concurs, indicating that the recent Federal Reserve rate cuts have provided some impetus for M&A, though not to the extent anticipated (13:14).

Suzanne Kumar from Bain and Company points out that while interest rates remain higher than the low levels of early 2021, a narrowing gap between what buyers are willing to pay and sellers' valuations could foster increased M&A activity in the coming year (13:31-13:56).

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Healthcare Industry Challenges: The Tuition-Free Medical School Experiment

The episode addresses critical shortages in the American healthcare system, particularly the projected deficit of 86,000 physicians by 2036. Rose Horowitz discusses the initiative to make medical school tuition-free, using NYU as a case study.

Rose Horowitz critiques the program, stating, “Making medical school tuition free doesn't actually do anything to solve these specific issues,” highlighting that while student debt is alleviated, the choice of specialties and overall diversity did not improve as expected (17:22). Kai Ryssdal questions the effectiveness of such measures, prompting Rose to suggest more targeted financial aid and an expansion of medical school and residency slots as better solutions (19:24).

Rose Horowitz concludes that addressing the physician shortage requires a multifaceted approach beyond tuition subsidies, emphasizing the need to increase the supply of medical professionals and support those entering primary care and underserved areas (20:05-20:48).

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Promoting Healthier Diets Among Truck Drivers: An Entrepreneurial Approach

David Weinberg shares the inspiring story of Jerita Frasier King, a chef who transitioned to truck driving only to confront the challenges of maintaining a healthy diet on the road. Faced with limited healthy food options and the sedentary nature of driving, King sought to create a solution that would benefit truckers.

After abandoning truck driving due to health concerns, King developed a pre-prep meal system designed to offer nutritious alternatives at truck stops. “I'm developing a pre prep meal system for truck drivers,” she explains (24:26). Her offerings include healthy fritters made from black-eyed peas and collard greens, aiming to provide truckers with convenient and wholesome meal options (24:43).

Rose Horowitz underscores the significance of such initiatives, noting the high rates of obesity among truckers and the importance of accessible healthy food choices (23:07). King’s entrepreneurial spirit not only addresses a critical health issue but also represents a sustainable business model aimed at improving the well-being of long-haul drivers (25:06-25:32).

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Brief Highlight: Guinness Shortage in the UK

In a lighter segment, the episode mentions a peculiar consumer shortage in the United Kingdom where pubs are running out of Guinness, attributed to exceptionally high demand. Amy Scott notes that Guinness remains the top-selling beer in the UK despite the shortage, reflecting its enduring popularity (25:32).

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Listener Testimonials

The episode concludes with heartfelt testimonials from listeners like Julie from Centennial, Colorado, and Amy Scott, who express appreciation for Marketplace's ability to distill complex economic topics into accessible and engaging content. Listeners commend the program for its insightful reporting and commitment to showcasing diverse, knowledgeable voices (26:23-26:51).

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Conclusion

The "Green Bank, Go!" episode of Marketplace offers a multifaceted exploration of current economic trends and challenges. From the intricacies of bond yields and commodity prices to innovative solutions in the green energy sector and beyond, the episode provides listeners with a comprehensive understanding of the factors shaping today's business and economic landscape. Through expert interviews and in-depth reporting, Kai Ryssdal and the Marketplace team deliver valuable insights that are both informative and engaging.

Transcript

[Kai Ryssdal]

You know what's better than one day of bond market stories? Yeah. Two days. From American Public Media, this is Marketplace in Los Angeles. I'm Kyle Rysdal. It is Tuesday today. This one is the 17th of December. Good as always to have you along, everybody. We started our coverage of this economy this week, week yesterday that is talking about bonds, specifically how rising yields on government and corporate debt is a sign of economic optimism. And it is. But there is rarely only one way to look at something as complicated as the bond market. And there is a case to be made that at some point those higher yields will be too high. T. Rowe Price predicted this week that the Yield on the 10 year treasury note could top 6%, which hasn't happened in almost 25 years. But if you think about the likelihood of more tax cuts and thus a higher budget deficit, which will force the Treasury Department to borrow more money, that is issue a whole bunch of new bonds that will then drive rates higher. Right? You think about that. Also the prospect of more tariffs which could push up inflation. Do I need to go on? Marketplace's Justin Ho takes it from there.

[Justin Ho]

The reason why bond yields could keep rising boils down to inflation. Kai just mentioned tariffs and tax cuts. There's also the threat of mass deportations.

[Kai Ryssdal]

Those all smell a bit inflationary to us.

[Justin Ho]

Colin Martin is fixed income strategist with Charles Schwab, a Marketplace underwriter. He says tax cuts can be inflationary because they stimulate consumer spending. And if a huge number of immigrants are deported, the labor force shrinks.

[Kai Ryssdal]

If we lose some of those workers, we need to find people to fill those voids. And chances are, you know, other potential workers might start to demand higher wages to do those jobs.

[Justin Ho]

Again, inflationary, when bond investors expect that prices will rise, Randy Vogel, head of fixed income at Wilmington Trust, says they start reevaluating how much interest they want to get paid on 10 year treasuries.

[Matt Levin]

So investors are going to want to adjust that higher to compensate for higher inflation.

[Justin Ho]

And remember, there's a reason why the last thing we say in the numbers every day is the rate on 10 year treasuries, because as goes the yield on the 10 year t note, so goes a bunch of other stuff.

[Amy Scott]

You know, mortgage rates being one notable example.

[Justin Ho]

That's Abby Ertz with FHN Financial. She says another example is the yield on state and city bonds. If treasury yields jump to 5 or even 6%, that could absolutely translate into.

[Amy Scott]

Layoffs, suspended capital projects, you know, certain infrastructure plans may have to get postponed.

[Justin Ho]

Corporations might have to make similar decisions, says Chuck Tomes with Manulife Investment Management. To be clear, he doesn't expect that yields will jump that high this coming year. But he says the possibility is something the Federal Reserve is mindful of.

[Kai Ryssdal]

They do want to continue to move forward with the rate cuts that they have been envisioning. It's just maybe they don't do as much as they were once planning.

[Justin Ho]

That means interest rates may not be coming down much farther. Justin I'm Justin Ho for Marketplace 10.

[Kai Ryssdal]

Year today, by the way, 4.39% down just a hair. The rest of Wall street today. Red across the board. Not a lot, but red nonetheless. Remember, though, if you would, the major indices are operating within spitting distance of their recent record highs. Details, numbers when we get Remember that line from Forrest Gump, life is like a box of chocolates. You never know what you're gonna get. Well, to Update that for 2024, life is like a box of chocolates, and whatever you're gonna get is gonna be increasingly more expensive. Cocoa futures in New York hit time high today. The price of a metric ton of cocoa beans has basically doubled since the beginning of the year. Drought diminished harvests in West Africa are partly to blame for that. So at what price point do you think will even the most loyal chocoholics pare back the $26 billion they spend every year on chocolate candy? Marketplace's Matt Levin is on the Price Elasticity of Demand desk today.

[Matt Levin]

Apparently some people are willing to pay $400 for a very special single bar of chocolate. It's from Ecuador and even comes with a special tool. You grab it with the tongs. Tongs, not fingers. Alexis Villasis researches the chocolate industry at the Ohio State University. And why is this? Because our skin has natural oils and that natural oil actually changed the flavor of of the chocolate bar. Obviously, most people don't pay 400 bucks for chocolate, but Viasa says Kraft Chocolate Lovers, the kind that splurge for those bougie dark chocolates in the candy aisle, they'll absorb higher costs. Regular Joe's six pack, though, who occasionally pairs his Bud Light with some M and M's. He's got options. So instead of buying, you know, a pack of M&M's, he might say, well, I'm just gonna stay with Skittles. Some consumers may switch to desserts that contain chocolate as opposed to chocolate first desserts. Think chocolate chip cookies instead of that lint bar, although we may see companies push the limit of that ever so delicate chip to cookie ratio, says Kelsey Olson at Mintel.

[Rose Horowitz]

Maybe we'll see manufacturers and brands shifting their formulations to be less chocolate in there.

[Matt Levin]

Commodities experts expect cocoa bean prices to remain high next year, but Karla Martin at the Fine Cacao and Chocolate Institute says she doesn't expect demand to drop all that much.

[Amy Scott]

People buy based on mood.

[Rose Horowitz]

You can be in a bad mood and consume chocolate and then report being.

[Matt Levin]

In a good mood. And even if it's more expensive, chocolate is still a relatively cheap coping mechanism. I'm Matt Levin for MarketPL.

[Kai Ryssdal]

The wheels of government grind slowly, as you know, which is part of why it's taken a good two years or so for money from the big Biden administration green energy bills to start flowing. The Inflation Reduction act in particular. President Trump, though, has called climate change a hoax. He has and is said to be considering again pulling the United States out of the Paris agreement. He's called the EV tax credits wasteful. So as Marketplace's Amy Scott reports, there is new urgency afoot to get that money spent as the change in administration grows ever closer.

[Amy Scott]

For more than 15 years, Reid Hunt has been pushing for a national green bank to use public money to attract private investment in clean energy projects, offshore.

[Matt Levin]

Wind, solar farms, transmission systems, rebuilding houses and commercial buildings.

[Amy Scott]

Hunt, a former chairman of the Federal Communications Commission, tried to convince the Obama administration to set up such a Bank back in 2008 and Nine.

[Kai Ryssdal]

They passed up the opportunity on the grounds that they had a lot of problems with banks that they had to.

[Matt Levin]

Fix and they didn't need a new bank.

[Amy Scott]

Remember that whole financial crisis back then? So instead, Hunt started a nonprofit to create a network of state and local green banks called the Coalition for Green Capital. Then, during the Biden administration, his dream of federal funding finally came through in.

[Kai Ryssdal]

The Inflation Reduction Act.

[Matt Levin]

The administration created a pool of money.

[Kai Ryssdal]

To capitalize a national green bank at last.

[Matt Levin]

And that is us.

[Amy Scott]

The Coalition for Green Capital and two other groups will share that pool. Hunt's group will have $5 billion to invest. Some of it in the form of a $10 million line of credit will go to Spruce Root, a native community development financial institution in southeast Alaska. Alaina Peterson is executive director.

[Matt Levin]

My Tlingit name is Gahkettin. I am a part of the Tlingit tribe.

[Amy Scott]

She says Spruce Root will use some of the money to refinance debt for a hydropower project on Prince of Wales.

[Matt Levin]

Island, and that refinance will allow them to reduce their payments for up to.

[Amy Scott]

Four years at least, savings that will be passed on to customers. A separate grant from the Department of Energy will help install highly efficient heat pumps in hundreds of homes and buildings on the island powered by that clean energy.

[Matt Levin]

The combination of the heat pump installations on homes will increase demand because there's excess hydropower. And then refinancing that debt has an immediate rate reduction effect for people in the communities on that island.

[Amy Scott]

The Coalition for Green Capital has also announced public private investments in a fleet of electric vehicles and clean energy upgrades in commercial buildings. It's not clear what Donald Trump's reelection and a Republican led Congress might mean for future investments. Trump has threatened to rescind any unspent funds from the Inflation Reduction Act. Dale Brick is with the Harvard Environmental and Energy Law Program. She says all the money from the greenhouse gas reduction fund has been awarded. It's either in the hands of grantees or in escrow accounts with legal contracts that would make it difficult to claw back funds. Still, it's always safer when people can.

[Rose Horowitz]

See the benefits in real life. So I think there is an urgency to show what this money can do.

[Amy Scott]

And she says once people start to see those benefits, the jobs it can.

[Rose Horowitz]

Create, the energy bill savings it can deliver, the clean air and clean water benefits, I don't think those are benefits that Congress or the administration is going to want to take away from their constituents.

[Amy Scott]

Most of the money from the Inflation Reduction act has gone to Republican congressional districts. And the Coalition for Green Capital's Reid Hunt says most of his group's investments will be in red states because that's.

[Kai Ryssdal]

Where most emissions come from.

[Amy Scott]

The EPA estimates projects by eight recipients of greenhouse gas reduction funds will reduce climate pollution by up to 40 million metric tons of carbon dioxide per year, the equivalent of nearly 9 million cars. I'm Amy Scott for Marketplace.

[Kai Ryssdal]

This was supposed to have been the year that mergers and acquisitions got hot again. 2021 was a big year, and then over the next two, according to the consulting firm EY Parthenon, not so much. There has been some pickup in M and a activity in 2024, but not as much and not as quickly as people had been hoping. Marketplace's Henri Epp reports on what held M and A activity back this year and what might change next.

[Henri Epp]

If you run a company, choosing to buy or merge with another company is a complicated and risky move, so the best time to do it is when the broader economy feels stable, says Brian Quinn, who teaches corporate law at Boston College Law School. Executives, he says, want to look ahead.

[Matt Levin]

And have a general idea of what.

[Rose Horowitz]

The future is going to hold with.

[Matt Levin]

Respect to the macroeconomic environment, whether or not they can make money. Given the models that they put together.

[Henri Epp]

Much of 2024 was not a particularly good time for that, says Christine Sauter at Southern Methodist University.

[Rose Horowitz]

There was a lot of still cautiousness this year with respect to macroeconomic and political landscapes.

[Henri Epp]

Business leaders were hoping for the Fed to cut interest rates. That didn't happen until September, and they were waiting for the outcome of the presidential election. Now they have a bit more clarity. For one, President Elect Donald Trump's administration, Sauter thinks, could take a more hands off approach to mergers.

[Rose Horowitz]

And so I think that that is really going to push deals forward.

[Henri Epp]

And there's an expectation that the Fed will keep cutting rates, which could lower borrowing costs for companies looking to merge. But, says Suzanne Kumar at Bain and company rates won't likely go all that low.

[Rose Horowitz]

This shift towards lower interest rates will still end up at a place that is likely to be relatively high versus the very heady days of early 2021, when no or low, very low interest rates fueled such high M and A activity.

[Henri Epp]

Those heady days were a really good time for companies looking to get bought up, kumar says. They were highly valued.

[Rose Horowitz]

Those numbers are still in sellers heads.

[Henri Epp]

But companies looking to acquire them don't want to pay as much. The gap between buyers and sellers has started to narrow, though, Kumar says. If it keeps trending that way, we could see more M and A next year. I'm Henry Epp for Marketplace.

[Kai Ryssdal]

Coming up now.

[Matt Levin]

My kind of go to on the road is I get nuts, jerky juice.

[Kai Ryssdal]

Gotta have a snack right? First though, let's do the numbers. Dow Industrials off 267 today 6 10% 43,449 the NASDAQ down 64 points 3. 10% 20,109 the S&P 500 subtracted 23 points. 4 10% 6,050 Fresh numbers from the U.S. census Bureau show retail sales topped expectations last month, up 0.7% from October. It's a sign consumers are still eager to spend despite higher interest rates. Holiday shopping, of course, helped fuel that increase. Online retail sales jumped 1.8% from the month sales. Also up in furniture, home and garden supplies and electronics. Matt Levin was telling us about those high cocoa prices. How about some chocolate makers, huh? Hershey Co. Melted 3. 10% Rocky Mountain chocolate Factory was flat. Mondelez International, maker of Toblerone and Milka, shrank a quarter percent. Bonds rose yield on the 10 year t note 4.39% you're listening to Marketplace. Hey, it's Kai. My minivan and I, as I've said on the radio, have logged a lot of miles with Marketplace. Luckily, it's still running, you know, pretty well. But if your car doesn't drive as well as it used to, listen up. It can still help drive Marketplace. When you donate your old car or truck, we'll use the proceeds to support the great programs you hear every day. Start your vehicle [e-mail] vehicle this is Marketplace. I'm Kai Ryssdal. The American healthcare industry is not without its challenges. It's expensive, it can be hard to access care. There aren't enough nurses and there aren't enough doctors. The association of American Medical Colleges says we're going to be short as many as 86,000 physicians by 2036, a crisis that will be especially acute in rural parts of this country. Philanthropists a couple of years ago came up with a possible solution, subsidized medical school tuition in the hopes that students would not only choose lower paying specialties, but that student bodies in medical schools would diversify as well. In the event the tuition free experiment has not gone as hoped. Rose Horowitz wrote about it in the Atlantic the other day. Rose, welcome to the program.

[Rose Horowitz]

Thank you so much for having me.

[Kai Ryssdal]

So talk to me just as a place to start about nyu, which was one of the schools that went completely tuition free for medical school like six or something years ago. And you say in this piece it has been a failure. Discuss.

[Rose Horowitz]

So NYU went, NYU's medical school went tuition free in 2018. And you know, at the time they, they set out these metrics and were kind of saying that, you know, it will be a success because more students will go into primary care, you know, we'll admit who otherwise maybe couldn't have gone to medical school. And so judged against those metrics, you know, it really hasn't succeeded. Their, you know, percentage of financially disadvantaged students actually decreased and you know, the proportion of black students kind of slightly declined with, you know, Latino students having just a small increase as well.

[Kai Ryssdal]

Okay. Why?

[Rose Horowitz]

Yes. So that is the million dollar question. So making medical school tuition free is based on this great idea that that will solve, you know, the problems that, you know, there are in the medical profession. And you know, it's true that students are graduating with hundreds of thousands of dollars of debt. But if you really think about it, you know, making medical school tuition free doesn't actually do anything to solve these specific issues. You know, there's research showing that the income differential between primary care specialties and specialty Care, you know, is actually much more significant in what people choose to go into than, you know, their medical school debt. And then it also just makes, you know, medical makes getting into that school much more competitive because, you know, everybody wants to go to the, one of the few medical schools that are tuition free. And you know, we know that medical school, you know, application processes really advantage wealthier students. And, and so it just makes sense that the students who get in would be wealthier.

[Kai Ryssdal]

So look, if literally giving away a medical school education won't get it done, what's the answer to the undercount of physicians that we have in this country? Which is critical, right?

[Rose Horowitz]

Yes. So it is a very important issue and everyone agrees that it's a really important problem. So some of the solutions that came up in my reporting were more targeted financial aid or sub subsidies for low income students or for people that choose to go into primary care. And then also just focusing on how to expand kind of the supply of medical school and residency slots. You know, it's more of a supply issue than a demand one. So it's really about, you know, increasing that.

[Kai Ryssdal]

When you talk to the schools and said, how's this going? What do they, what did they say to you?

[Rose Horowitz]

NYU was really the only school where this, you know, the change was made long enough ago that we can kind of have results of how it went. And you know, they, they were sort of saying that it shouldn't be evaluated solely on the metrics and that, you know, this does have real benefits for students. And that is true that the students who do end up going to these schools, you know, it's a great thing, it reduces their stress and on the margins it, you know, lead a few more of them to go into primary care or to practice in an underserved area. But it's just not, you know, kind of having the changes on, on the larger scale that we would hope.

[Kai Ryssdal]

Rose Horowitz in the Atlantic about free medical school. Rose, thanks a bunch. I appreciate your time.

[Rose Horowitz]

Thank you so much for having me.

[Kai Ryssdal]

It is getting down to it. For holiday shopping. Stores are getting crowded. Amazon, UPS and FedEx vans are making all those last mile deliveries. And semi trucks by the millions are crisscrossing this country carrying products and packages and gifts. Those long haul truckers can be on the road for days at a time. And if you have ever taken a road trip of any length, you know that healthy food options are few and far between on the American interstate. Think fast food. Hot dogs on those metal rollers. Yum. Fried chicken Under a heat lamp, you know what I'm talking about. But one entrepreneur is trying to change that and create a new business in the process. David Weinberg has the story.

[David Weinberg]

In Natchez, Mississippi, chef Jurita Frasier King likes to put her own spin on classic soul food dishes at her catered events.

[Jerita Frasier King]

We just had the consulate from Ghana here, and so I just fed them, made plantain chips and I made a main.

[David Weinberg]

King runs the Natchez heritage school of cooking, offering classes in cooking and the history of southern cuisine. But during the pandemic, she had to close down and find a new job. She decided on truck driving. She got her CDL commercial driver's license and hit the road in an 18 wheeler.

[Jerita Frasier King]

You gotta take a physical to get CDLs, can't be insulin dependent, and you cannot have uncontrollable high blood pressure. So I was like, how the heck do they think people supposed to manage this stuff? And it ain't nothing out here to eat. It's fast food.

[David Weinberg]

That lack of healthy food plus the sedentary nature of driving for long stretches are two of the reasons that truck drivers have higher rates of certain diseases. Bailey hoteling is a registered dietitian and scientist who has researched this problem.

[Rose Horowitz]

Over 2/3 of truckers reported having obesity compared to less than one third of average working adults.

[David Weinberg]

She says there are efforts that trucking companies have made to educate drivers about good nutrition, but that doesn't really matter if there are no healthy options.

[Rose Horowitz]

At a truck stop, there were no questions asked of truckers about, like, how would you like your environment to change? Like, what would be useful to you?

[Matt Levin]

In my opinion, there's two types of truckers. Ones that eat too much and ones that eat too little. I started to fall into the too little category.

[David Weinberg]

Daniel Shubert is a long haul driver who called me on his route from LA to Florida. He's eating less in part because he wants to steer clear of unhealthy options.

[Matt Levin]

Now my kind of go to on the road is they get nuts, jerky juice and, you know, kind of protein shakes.

[David Weinberg]

If he's lucky, he can stop at a grocery store.

[Matt Levin]

But, you know, parking an 18 wheeler, you know, things just aren't really convenient or easy.

[David Weinberg]

As for Jerita King, her time on the open road was short lived.

[Jerita Frasier King]

We were going to Illinois, went to Jersey, Minnesota, and that was the straw that broke the camel back.

[David Weinberg]

What happened in Minnesota?

[Jerita Frasier King]

It was seven below. I was like, no ma'am, it is too cold for me.

[David Weinberg]

So she quit and reopened her cooking school. A few Weeks later, King pitched an idea at a business competition.

[Jerita Frasier King]

So I'm developing a pre prep meal system for truck drivers, a new innovative way to get healthier options to drivers while they're out there on the road.

[David Weinberg]

King wants to sell her own recipes in truck stops. Dishes like Black Eyed Pea and collard green fritters, which she makes for me at her cooking school.

[Jerita Frasier King]

And so these are Italian bread crumbs that I use. So we're gonna do an egg wash on them and then we're gonna roll them in those breadcrumbs.

[David Weinberg]

Each fritter is about the size of a golf ball and is made from mashed black eyed peas and collard greens with potato.

[Jerita Frasier King]

And these just take a minute to get brown.

[David Weinberg]

They're served with a sweet pepper dipping sauce.

[Kai Ryssdal]

Bon appetit.

[David Weinberg]

King is launching the new business next year and hopes to have her first meals available to truckers in Mississippi this summer. In Natchez, I'm David Weinberg for Marketplace.

[Kai Ryssdal]

This final note on the way out today, a key consumer shortage over in the United Kingdom. Saw this in the Wall Street Journal today that pubs across the UK are literally running out of Guinness. Guinness is of course a classic, maybe the classic stout beer. Exceptional consumer demand, says the brand's owner, Diageo. It is in fact the number one selling beer over there. Our Digital and On Demand team includes Kerry Barber, Jordan Manji, Dylan Mietonen, Janet Wynne, Olga Oxman, Ellen Rolfus, Virginia K. Smith and Tony Wagner. Francesca Levy is the Executive Director of Digital and On Demand and I'm Kahle Rysdal. We will see you tomorrow. Everybody, this is apm.

[Rose Horowitz]

Hi, this is Julie from Centennial, Colorado.

[Amy Scott]

I listen to Marketplace on my drive home from all my 3 to midnight ER shifts. Kai and the gang keep me awake and interested for my 30 minute drive.

[Rose Horowitz]

For someone not in the financial field, it's a fantastic synopsis of all things business and economics. I love the commitment to showcasing a steady stream of brilliant and articulate women.

[Amy Scott]

Who are experts in their field.

[Rose Horowitz]

Join me in supporting Marketplace with a gift today.

[Amy Scott]

Go to marketplace.org donate.