This week, the S&P 500 hit an all-time high, despite a deepening global energy crisis. On this week’s On the Media, the mismatch between the stock market and reality. Plus, to understand how FEMA became so distrusted, we look at its response to Hurricane Katrina – and how it stained the agency’s reputation forever.

[01:00] Host Brooke Gladstone sits down with Bryan Walsh, senior editorial director at Vox overseeing the Future Perfect and climate teams, about the phenomenon of “economic blindness,” which explains why the stock market hit an all-time high this week despite the oil crisis unspooling across the globe due to Iran’s effective closure of the Strait of Hormuz. Plus, how human evolution may play a role in this cognitive dissonance.

[13:38] Host Micah Loewinger presents the second part of our investigation American Emergency: The Movement to Kill FEMA. This week, we look at the event that shaped FEMA’s reputation perhaps more than any other: Hurricane Katrina, one of the costliest disasters in U.S. history. Experts had warned about this kind of storm for years, but when it hit the agency only had one staffer on the ground–a PR guy named Marty Bahamonde. We also hear from Superdome survivor Chavon Allen, who was celebrating her 19th birthday when the hurricane made landfall.

Further reading / watching:

• “We’re missing the economic fallout of the Iran war — just like we did with Covid,” by Bryan Walsh
• Disaster: Hurricane Katrina and the Failure of Homeland Security, by Christopher Cooper and Robert Block
• Hurricane Katrina: Race Against Time on Hulu

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Last month, the Justice Department, in a startling move, issued a challenge the Presidential Records Act--saying that the bedrock law for keeping Oval Office archives available to the public goes too far. Ironic, considering how Donald Trump has boasted about his presidential library—the home of presidential archives—which renderings show to be a skyscraper (and possibly hotel) in downtown Miami.

Last summer, Brooke spoke with Tim Naftali, a Senior Research Scholar at the Columbia School of International and Public Affairs, about how President Trump has raised millions of dollars his future presidential library already, and why it should matter to the rest of us.

On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Bluesky, TikTok and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.

Just after Donald Trump's first term began, he announced that he was considering eliminating the Federal Emergency Management Agency — the agency that helps Americans amid unthinkable disasters. And just a month ago, Trump repeated his disdain for FEMA, declaring that he’s poised to make some big changes.

On this week’s On the Media, we present the first installment in a four-part series called American Emergency: The Movement to Kill FEMA. In this episode, OTM co-host Micah Loewinger tells the origin story of FEMA — which initially focused less on disaster relief and more on plans to save the government from nuclear attack. The agency’s secrecy inspired wild conspiracy theories and paranoia among far-right groups, including the fear that FEMA is building camps to detain citizens and stifle political dissent. The episode culminates with a never-before-told story of a plot to stalk FEMA’s top brass in the nineties.

Further reading:

• Sound of Impact, by Adam Shaw
• Raven Rock: The Story of the U.S. Government's Secret Plan to Save Itself--While the Rest of Us Die, by Garrett M. Graff
• "FEMA and Disaster – a Look at What Worked and What Didn’t From a FEMA Insider," by Leo Bosner

On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Bluesky, TikTok and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.