The most expensive banana in the world and other indicators

N-P-R. This is the indicator from Planet Money. I'm Waylon Wong here with Adrienne Ma. Good morning. Okay, Bella Lagosi. And also from Planet Money, we have the formidable, the formidable, the corporeal, Keith Romer.

I'm incredibly corporeal today. Hello, I'm glad to be here with you and Bella. It is Friday the end of the week and with Friday comes indicators of the week. Today we'll be digging into how much one banana could possibly cost.

I mean, maybe. We'll also talk about why it's difficult to get price information from funeral providers and just how much Elon Musk has profited off Trump's election.

Support for this podcast and the following message come from Dignity Memorial. When your celebration of life is prepaid today, your family is protected tomorrow. Planning ahead is truly one of the best gifts you can give your family. For additional information, visit DignityMemorial.com.

What's good, Joe? It's Gene Dembe from Code Switch. And on Code Switch, we are deeply curious about race and identity and the way it shows up in the news headlines or in our personal lives. With the wide range of voices in front of and behind the mic, we see how race shows up all over the place. So come rock with us on the Code Switch podcast only from NPR.

Hey everyone, I'm BA Parker, a host of the podcast, Code Switch. And on my show, I get to dig into all of the facets of being a black woman from honoring my ancestors to exploring representation in reality TV. Code Switch is a place where I think out loud about how race and identity are connected. Join me on the Code Switch podcast from NPR. Before I tell you what my indicator is, I want to tell you what it's about.

Which is death, bummer, dawn, dawn. Favorite topic heading into a weekend. Lay it on us, Adrienne. My indicator is about the funeral industry, which is a business where putting prices on things can be difficult. Because, I mean, think about it, how often do you drive by a funeral home and they have a big sign outside that says, this weekend, cremations 9.99. Five million served.

But this is all part of the issue. Funeral homes are not known for advertising their prices. And to make matters even worse is when people need funeral services, they're usually grieving. The shopping around for the best deal is not the first thing on their mind a lot of the time. And this means some consumers can get taken advantage of. They could get overcharged or hit with hidden fees or upsold things they don't need.

Like the fancy lights around the rim of the casket kind of vibe. I mean, that is a necessity. Yeah, that's fair. That's fair. That's fair. It's honestly shocking how much all of this costs. Like when you hear how much, you know, like a standard kind of funeral cost, it's really mind-boggling.

A few decades ago, the Federal Trade Commission actually realized that this was an issue, and they came up with this thing called the funeral rule. In short, this rule says that funeral homes have to be transparent about their prices. Last year, the FTC did this random audit to get a sense of whether funeral providers were following this rule.

They call it about 280 of these funeral homes, and they just released the results of this audit this week. And any guesses as to the success rate they had on getting price information from funeral providers on the first try?

I'm going to do, let's say, 40%, like less than half the group. I'm going even lower. I think it's like 20%. So the actual number is 30%. So that is my indicator of the week, 30%. That is about the rate of success they had on getting information on their first attempt, which is, I would say, not a great number. No.

Because I mean 70% are not complying with this rule at all, at least not right away, first try. Well, eventually they did have more success like they would get, they would make up to three calls. Okay, that's what a grieving person wants to do, is make multiple phone calls to the same place it gets some basic information.

Precisely. So they did say that this is a problem, like having to make multiple phone calls to places. And actually, here's another telling detail from the report, which is that for many of the places they called, they weren't able to get any pricing information at all, even after multiple calls. So the results of this report suggest that despite having these rules, a lot of funeral providers are still being cagey with customers.

Okay, natural transition from funeral parlors and death to really anything. My indicator... What do you got, Keith? My indicator is $67 billion, which is Bloomberg's estimate for how much Elon Musk's net worth has increased since Donald Trump was elected. Oh, how many funerals will that pay for? We'll never know! Even if you ask, they wouldn't tell you.

that $67 billion number, that is an estimate. But Elon Musk, one guy is now worth around a third of a trillion dollars. I find this like almost hard to believe. Is this just from the value of Elon Musk's like? I mean, this is net worth, this is net worth so it's everything, right? Like everything he owns is their estimate. So think of all his companies, he's got rocket ships, he's got satellites, he's got brain implants, he's got AI, he's got a,

Failing social media company and the big one right is Tesla and he owns pieces of all these in the last two and a half weeks since the election Tesla itself the stock has gone up about 35% It's one of these stocks that's really benefited from the post-election bump So that's I've got sort of three explanations for what's happening here the first one the most cynical one is

is that essentially crony capitalism, right? Like markets are thinking, you know, Musk spent over a hundred million dollars supporting Trump's campaign and now, you know, Trump owes him and that's gonna like help his businesses. Not a bad return on investment.

Yeah, it's like 600 something X return on investment. You put in 100 million, you get 60 billion back. It's a great deal. My second slightly less cynical explanation is that all of the deregulation that Trump is promising is just gonna be helpful for somebody who like Musk, who a lot of his companies are kind of on or across or skirting around regulatory lines anyway. Maybe with a little more freedom from regulation, they can really take off.

Yeah, and there were reports this week, for example, that the Trump administration might take over regulatory control from the states for self-driving cars, presumably in a way that helps Tesla's big push into that space. And then explanation number three is just that Elon Musk and everything he touches is a meme stock.

All right, so GameStop 3.0, 4.0, I don't remember what iteration of GameStop were on. Sometimes markets are just vibes, right? Things associated with Elon Musk, they are having their kind of line go up moment right now. Do you know what else is way up since the election? Musk's favorite joke cryptocurrency, Dogecoin. Oh, I haven't thought about Dogecoin in a long time.

Well, you should have, it has more than doubled since the beginning of the month. Okay, so you're saying this run in Dogecoin wasn't about the fundamentals? Not as far as I can tell, no. Curious, okay. Speaking of curiosities, here's my indicator.

Gentlemen, I present to you one of the most talked about contemporary artworks in recent years. Comedian by the artist Maurizio Catalan. It is a yellow banana attached to the wall with a length of duct tape. Let's start the bidding at $1 million. Do I have $1 million? Can we do this like a reverse backwards auction until you get down to what we're going to pay for? I'm not going up.

Well, banana beauty is in the eye of the beholder, because comedian won up for auction at Sotheby's on Wednesday, and the bidding went up and up. These are words I'd never thought I'd say. Five million dollars for a banana.

Ultimately, the winning bidder paid $6.2 million for this piece of art. That is my indicator, $6.2 million. And this is a real, honest-to-god, perishable banana, duct taped to the wall. It debuted at Art Basal Miami Beach in 2019 and caused a sensation. I mean, one function of art is to provoke, and this definitely did. I'm feeling FOMO just like hearing the description of it.

Now, to be clear, the winning bidder is not getting the original banana from Art Basel. There's actually been three additions or versions of this art, and they are long gone when even got in. The new owner gets duct tape, a banana, installation instructions, and a certificate of authenticity. So this is like the art equivalent of a meme stock.

Yeah, like what is stuff worth? It's worth whatever people are willing to pay for it, whether you think it has fundamental value or not. The winning bidder for comedian is a crypto entrepreneur and art collector named Justin's son. He said the banana links the worlds of art, memes and crypto. So maybe everything's just an expensive joke now? I don't know. The artist has described the banana as a reflection on what we value. And this week we saw what that value was.

We value a banana tape to a wall. And douchecoin. To paraphrase Arrested Development, there's always money in the banana art. This episode is produced by Cooper Katz McKim with Engineering by Quacey Lee. It was fact-checked by Sierra Juarez. Kakin Cannon edits the show in The Indicators of Production of NPR.

How much can one person change in four years? The answer comes down to who he puts in charge. Trump's terms is a podcast where you can follow NPR's coverage of the people who will shape Donald Trump's first 100 days in office and what their goals are. We will track his cabinet picks, his political team, his top military leaders to understand who they are, what they believe, and how they'll govern. Listen to Trump's terms from NPR.

The election is over, but the story is just beginning. Listen to here and now anytime. We're talking to everyone, Democrats, Republicans, independents, covering the political stories that matter to you and your community. And we promise to bring you stories outside Washington, too. That's on here and now anytime, wherever you listen to podcasts.

This week on our podcast, Here and Now Anytime, have you had a frustrating conversation about politics with someone you disagree with lately? Most Americans have, according to a Pew survey from before the election, so I'm gonna guess that number has only gone up. We're kicking off a series on Finding Common Ground, called Conversations Across the Divide. Listen now on Here and Now Anytime, wherever you get your podcasts.