Bear Markets & Bad Decisions

Heather Shell
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Bear Markets & Bad Decisions is a smart, story-driven economics podcast about bubbles, incentives, and the moments in history where humans absolutely should have known better — but didn’t. Hosted by Heather Shell, each episode breaks down real economic events with wit, context, and zero MBA required.

  1. They Knew It Was Making Workers Sick: The Radium Girls

    Jun 1

    They Knew It Was Making Workers Sick: The Radium Girls

    In the 1920s, young women were hired to paint glow-in-the-dark watch dials with radium. They were told it was safe. They were told to lick their brushes to a fine point. They were told radium would put roses in their cheeks. The companies knew the truth. The Radium Girls is the story of corporate negligence, information asymmetry, and a system that protected profits over people — a pattern that repeats from asbestos to tobacco to modern workplace safety failures. This is not just history. It's a warning. Bear Markets & Bad Decisions breaks down the systems, incentives, and patterns behind economic disasters and corporate scandals. Because once you understand the system, everything starts to make sense. #RadiumGirls #CorporateNegligence #WorkplaceSafety #InformationAsymmetry #CorporateCoverUp #IndustrialHistory

    17 min
  2. They’re Betting On Outcomes They Control

    May 25

    They’re Betting On Outcomes They Control

    Prediction markets like Polymarket and Kalshi are exploding in popularity—but how do they actually work, and can they really predict the future? In this episode of Bear Markets & Bad Decisions, we break down how prediction markets turn real-world events into tradable contracts—and why the biggest risk isn’t whether people are right… but who is placing the bets. From early speculation in London’s Exchange Alley to academic markets at the University of Iowa, and all the way to modern platforms, this video explores how incentives, insider information, and even control over outcomes can change what these markets are really measuring. Because when money is tied to an outcome, behavior starts to change. And sometimes… people aren’t just betting on the future. They’re betting on outcomes they can influence.

    14 min
  3. Jack The Ripper: The Real Villain Is Still Out There

    May 18

    Jack The Ripper: The Real Villain Is Still Out There

    Jack the Ripper is one of the most infamous serial killers in history—but this story isn’t about who he was. It’s about why he was able to operate in the first place. In 1888, the streets of Whitechapel were filled with poverty, overcrowding, and women forced into sex work just to survive. In this environment, patterns formed—predictable routines, concentrated risk, and a system that made certain people easier to target and harder to protect. This episode of Bear Markets & Bad Decisions breaks down the economic forces behind the Jack the Ripper case, from labor instability and housing conditions to media incentives and attention as currency. We explore how these same patterns show up in modern cases—and why some victims are still more vulnerable than others. Because this isn’t just history. It’s a system. And the real villain might still be out there.

    15 min
  4. They Blame AI. They Blamed The Internet Too.

    May 11

    They Blame AI. They Blamed The Internet Too.

    AI layoffs are dominating headlines—but this isn’t the first time companies have blamed technology for job losses. In the late 1990s, during the dot-com boom, businesses made the same argument about the internet. In this episode of Bear Markets & Bad Decisions, we break down what really led to those layoffs—and why it wasn’t just the technology. From speculative hiring and investor pressure to overbuilt infrastructure and unrealistic timelines, the dot-com era reveals a pattern that feels very familiar today. As companies invest billions into AI, hire ahead of demand, and build for a future that hasn’t fully arrived, the same forces are at play again. The question isn’t whether AI will change the world—it’s whether the timing of those expectations matches reality. If not, the outcome may look exactly the same.

    14 min
  5. When A System Rewards Bad Behavior

    May 4

    When A System Rewards Bad Behavior

    What happens when a system rewards bad behavior? Enron didn’t collapse overnight. It built itself into failure—one deal at a time. In the 1990s, Enron transformed from a traditional energy company into a financial powerhouse, trading energy contracts and reporting explosive growth. But behind the numbers was a system driven by incentives—where success was rewarded, risk was hidden, and reality was increasingly disconnected from what was reported. In this episode of Bear Markets & Bad Decisions, we break down the rise and fall of Enron through the lens of economics: moral hazard, information asymmetry, and incentive structures that encouraged behavior no one wanted to stop. From mark-to-market accounting to off-the-books entities, executive decisions, and eventual prison sentences, this is the story of how success turned into collapse—and why no one hit the brakes. Because when a system rewards bad behavior…it doesn’t correct itself. It multiplies it.

    16 min
  6. When A Leader Never Hears No (The Romanovs)

    Apr 27

    When A Leader Never Hears No (The Romanovs)

    What happens when a leader stops hearing the truth? In the early 1900s, Tsar Nicholas II ruled Russia with absolute authority. But as war, food shortages, and economic strain spread across the country, something else was happening beneath the surface—information was being filtered, problems were being softened, and reality was no longer reaching the top. In this episode of Bear Markets & Bad Decisions, we break down the fall of the Romanovs through the lens of economics and systems: misaligned incentives, broken feedback loops, and information asymmetry. From bread lines and strikes to the rise of Rasputin, conspiracy theories, and the Bolshevik revolution, this is the story of how a system loses touch with reality—and what happens next. Because when a leader never hears “no”…they don’t lose control all at once. They lose touch with reality first.

    18 min
  7. The Plague That Gave Workers Power For The First Time

    Apr 20

    The Plague That Gave Workers Power For The First Time

    What happens when half the population disappears? The Black Death wasn’t just a tragedy—it was a turning point. Between 1347 and 1353, Europe lost up to 50% of its people. And when that happened, something unexpected followed: workers gained power. In this episode of Bear Markets & Bad Decisions, we break down the economic impact of the Black Death—how labor shortages led to rising wages, why governments tried to freeze pay, and how the collapse of population began to weaken feudalism. This isn’t just a story about disease.It’s a story about supply, demand, and what happens when people stop being replaceable. Because when labor becomes scarce… everything changes.

    15 min
  8. Titanic: The Ship Designed to Decide Who Lives

    Apr 13

    Titanic: The Ship Designed to Decide Who Lives

    What really happened on the Titanic—and why did so many poor passengers never make it off the ship?This episode of Bear Markets & Bad Decisions goes beyond the iceberg to uncover the economic system that shaped who lived and who didn’t. Through immersive storytelling, we follow the experience of third-class passengers trapped below deck as the Titanic begins to flood—while above them, a very different reality unfolds.But the Titanic wasn’t just a tragedy. It was a system.From the rise of powerful industrialists like J. P. Morgan to the business decisions behind the White Star Line, this story reveals how profit, policy, and class structure were built directly into the ship itself.Why weren’t there enough lifeboats?Why were gates locked between classes?And why did survival rates follow wealth so closely?This isn’t just history—it’s economics.Because the Titanic didn’t just sink.It exposed how systems distribute risk… and who they’re built to protect.

    19 min
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About

Bear Markets & Bad Decisions is a smart, story-driven economics podcast about bubbles, incentives, and the moments in history where humans absolutely should have known better — but didn’t. Hosted by Heather Shell, each episode breaks down real economic events with wit, context, and zero MBA required.

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