For two decades, American universities have doubled down on master’s programs, relying on graduate degrees as their financial backbones. Now, the Trump administration’s policies are posing existential threats to that business model.

On today’s Big Take podcast, education reporter Liam Knox joins host Sarah Holder to break down the administration’s three-pronged attack on graduate school and the impact it could have on students, universities and America’s place on the global stage.

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Hosted by Sarah Holder; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson.

Fact-checking by Victor Swezey; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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China rattled neighbors from Japan to Australia on Monday by test-launching a long-range ballistic missile from a nuclear submarine in the Pacific Ocean. While such launches are rare, the latest test reflects Beijing’s increasing openness about its growing military strength.

On today’s Big Take Asia podcast, Rebecca Choong Wilkins, who covers Asian government and politics, joins host K. Oanh Ha to discuss the surprise launch, China’s expanding arsenal and what they reveal about Beijing’s military aspirations for 2027 and beyond.

Read more:

• China’s ICBM Tests Point to New Normal Rattling the Pacific
• China Holds Rare Test of Sub-Launched Missile in Pacific Ocean
• China’s Secretive Missile Program Is Making Dozens of Companies Rich

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Hosted by K. Oanh Ha; Produced by Naomi Ng and Rachael Lewis-Krisky; Reported by Rebecca Choong Wilkins; Edited by Jeffrey Grocott, John Liu and Julia Weaver;

Fact-checking by Julia Press, David Fox and Yang Yang; Engineering by Taka Yasuzawa and Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market.

On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy.

Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time

Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin.

Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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