Bob Costas was 18 when his father dropped dead at JFK airport. At the wake, a man handed him a thick envelope with $6,000 in $100 bills. It was everything his father left behind, and a bookie would never have paid it to a dead man.
In the video below, he tells the story himself.
His father, John, was a big-time gambler. Not casinos, not racetracks. Ball games. Bob says the mortgage was literally riding on his bets.
When the games went the wrong way, he threw things, cursed and yelled. Bob’s mom and sister would leave. Bob stayed, because watching the games with his dad was the only way to be close to him.
Friday, May 15, 1970. A cop knocks on the door. Before he says a word, Bob’s mother asks, “My husband’s dead, isn’t he?” John Costas had a heart attack walking through JFK. He was 42.
At the wake, one of his gambling buddies walked in with the envelope. “Your father was up when he died. Give this to your mother.” A bookie never pays a dead man, so the friend went to the bookie himself and said John sent him to collect.
Decades later, Bob Costas refused to read sports betting ads on air. Today the bookie lives in everyone’s phone. Is that progress?
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The @UVAMensHoops did not lose a single player to the transfer portal. Now Ryan Odom has Cavs fans dreaming of a title in @theACC this season. @alex_squadron has the report for Hoops HQ @hhqsports
hoopshq.com/acc/virginia-cor…
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Cool opportunity & I love seeing the Hoos embracing the cutting edge of baseball tech.
Modern recruiting is changing.
On November 1st, UVA is opening its Maven Lab to 40 players.
This is your opportunity to spend quality time with the coaching staff, assess on the same lab as the players, and get personalized instruction on how to continue developing as a player.
Your numbers go straight to your Maven App, and you come back to campus later to reassess and see what moved.
Every rep in front of Coach Pollard and the UVA staff. Get seen. Know where you stand. Leave with answers and a real path forward.
#UVAbaseball #develop #recruiting #ACC
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Citadel founder and CEO Ken Griffin says investors are “almost certainly” in the midst of an AI bubble during an interview with Bloomberg's Dani Burger at Citadel's annual Future of Global Markets Conference in New York youtu.be/mV1V0FXixDE
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Immigration without integration is abandonment twice over. It abandons the immigrant to the margins of society, and it abandons the host community to absorb social and economic costs its government refuses to acknowledge….and inflation is the gas the fuels the fire.
I Teach at a Business School. It’s Time to Shut Them Down. nytimes.com/2026/10/18/opini… via @NYTOpinion
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Michael Jordan was once asked about his best skill, shooting, dunking, passing, defense or anticipating movements on the court?
Jordan answered:
“My best skill was that I was coachable. I was a sponge and aggressive to learn.”
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John Calipari on Arkansas' non-conference schedule:
"Why I opened the season with Virginia, I must've been on crack" 😂
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There are three layers in America, the oligarchs, the corrupt political elite — and literally everybody else from multimillionaire businessmen — to students and minimum wage workers.
The third layer is governed by American mythology.
The first two are governed by access — and use the mythology to hide their corruption.
The Courage to Make American Mythology True
American mythology begins with a promise.
It says that a person can be born anywhere, arrive from anywhere, begin with almost nothing and, through work and perseverance, change the circumstances of their life.
I grew up believing that promise. I saw it in the house next door. I watched people build lives that bore little resemblance to the conditions into which they were born. Their beginnings did not determine their endings.
That belief is more than an economic proposition. It is the spiritual foundation of America.
It is also increasingly difficult to defend.
The advantage of a transparent society is that corruption can be exposed. The disadvantage is that once it has been exposed, we must decide whether we have the courage to confront it.
The American economy has separated into three layers.
The first is a small group of controlling oligarchs. Roughly fourteen people now possess about one percent of the country’s wealth. They control more money than millions of Americans combined, pay lower effective tax rates than working people and use campaign finance to shape the government responsible for regulating them.
The second layer is the governing elite: the politicians, appointees, lobbyists and intermediaries who translate concentrated wealth into public policy and are now openly and brazenly corrupt.
The third layer is everyone else. It includes successful business owners, doctors, lawyers, teachers, firefighters, students, service workers, minimum-wage workers and the unemployed. Their circumstances may be different, but they are all expected to follow the same rules.
They are told that the people above them are simply more successful players in the same game.
They are not playing the same game.
In 2011, while hosting The Dylan Ratigan Show on MSNBC, I said that the United States had a bought Congress. The statement traveled because people already understood the mechanism. Nearly 300,000 Americans joined the effort we created afterward to get money out of politics.
I believed that if we exposed the mechanism clearly enough, the country would act.
Instead, the mechanism became stronger.
Campaigns became more expensive. Donors became more powerful. Regulators moved between government and the industries they were supposed to police. Access to public officials became a private commodity.
We now watch allegations of money being solicited in exchange for access, insider trading investigations being halted as markets move billions of dollars, government contracts flowing toward politically connected businesses and officials influencing policies capable of enriching their own families.
Each allegation deserves an independent investigation and due process. Together, they reveal a system in which public power is increasingly converted into private advantage.
That is the real American reality check.
The mythology says that talent and effort determine the outcome. The reality is that access, ownership and political influence increasingly determine who is permitted to succeed.
Recognizing this is not an act of cynicism. It is an act of patriotism.
A mythology is not necessarily a lie because a country has failed to live up to it. It can also be a promise—a description of what a nation believes it should become.
The question is whether we have the courage to make that promise true.
In 1892, in the middle of America’s first industrial revolution, the People’s Party described a nation brought to the verge of “moral, political, and material ruin.” It condemned corruption in the ballot box, the legislatures, Congress and the courts. It warned that the labor of millions was being used to build colossal fortunes for a few.
The language sounds contemporary because America has been here before.
The country eventually responded. Monopolies were broken apart. Labor organized. Democratic institutions became stronger. Concentrated economic power was subjected to public accountability.
Those reforms did not happen because the people benefiting from the system surrendered their power. They happened because Americans demanded that the country honor its own promise.
We are now at the beginning of another industrial revolution. Artificial intelligence, monopoly power and political corruption are reorganizing American life faster than our democratic institutions are responding.
The answer is not to abandon capitalism or America. The answer is to recover both.
We must break up the monopolies that have captured markets and government. We must enact comprehensive campaign-finance reform so that public office can no longer be purchased through private money. We must identify and prosecute bribery wherever public power is exchanged for private advantage. We must make government radically transparent, subjecting public contracts, expenditures and decisions to continuous independent audit so that we can reduce unnecessary spending, eliminate fraud and waste, and allow every citizen to see where the money goes and who benefits from it.
Courage does not mean defending America from criticism. It means looking directly at what America has become without surrendering what America could still be.
The mythology is not dead.
It is waiting for us to make it true.
Mayo High School teacher recognized as Distinguished Educator kaaltv.com/news/mayo-high-sc…
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14 people hold roughly 1% of America's wealth. So does the entire bottom 50%.
But who pays more in taxes?
I'm live with @Tomunderwater on Sosnoff & Ratigan debating wealth inequality and the tax system.
@lossdog
Subscribe to my Daily Essay on Substack. xitter.cf/i/broadcasts/1nJOLQaeY…
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Jim Nantz says Mike Ditka used to pay and tip for everything with $100 bills, and never ask for change
“I noticed early on that all he carried were $100 bills. All he did was peel off hundreds all the time. Buy a beer at the bar on the way out to dinner, ‘Yeah, give me a Budweiser.’ $100. Keep the change.”
“Coat check, comes into a restaurant, comes out, $100. Man on the street, homeless, there was one guy that kind of understood the routine and he was there every week. Mike, every time, $100 bill.”
“I finally got up the nerve to say, ‘Hey coach, why don’t you ever get change? Why just the hundreds?’ He says, ‘Hey, what’s the difference anyway?’”
“He said, ‘You know, the way I look at it, when I die and they drop me down into the ground, I hope there’s a little opening in that coffin and my last $100 bill comes flying out and goes up into the sky and drifts away. That would make me happy.’”
“So I said, ‘This gets a little pricey, doesn’t it?’ ‘It’s not that bad, Jim.’ He said, ‘Here’s the way I rationalize it in my head. We got 20 weeks. I come every single Friday to New York. I come in with 50 $100 bills, $5,000. And at the end of the season, I’m spending $100,000.’”
“He would say, ‘I’ve allocated $100,000 to the football season to go enjoy myself in New York. And that’s the way it is.’ I take $5,000 in cash in hundreds every single week. And that’s what he did.”
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“It’s a lot easier today to sound smart if you’re very skeptical of everything AI,” says Wilmington Trust’s Meghan Shue, who says she expects a “decent year next year.” cnb.cx/4hXhn1v
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Monopoly Is the Enemy of Capitalism
I was sitting across from Bill Gates in a temporary television studio south of Market Street in San Francisco.
It was February 2000. Microsoft was at the peak of its power. Windows was the operating system through which most of the world entered the personal computer, and the United States Department of Justice was trying to decide what to do about it.
The studio was temporary.
The power was not.
Microsoft had built an extraordinary product. It had also gained control of the gateway that competitors needed to reach the customer. We were not simply talking about software. We were confronting the moment when success becomes control, competition disappears and capitalism stops and becomes its opposite, monopoly.
I was working for Bloomberg. Gates had come to San Francisco to introduce Windows 2000, and I was there to interview him.
The Justice Department case hung over the conversation. The government argued that Microsoft had used its control of the operating system to suppress emerging competitors. Gates was careful when I asked what the company might be willing to do to settle. He had every reason to be. The litigation was active. Every word had value.
At the end of the interview, I tried one more time.
If all you had to do was open the Windows source code, as Linux had done, and the investigation would go away, would you do it?
He said yes.
I reported the exchange on the Bloomberg Newswire.
Then the phones began to ring.
Microsoft called. Investors called. The Justice Department called. Bloomberg clarified that Gates had agreed with the proposal I put to him rather than offering it himself.
That was exactly what had happened.
I asked.
He said yes.
The intense reaction revealed the real issue. Opening the source code could weaken Microsoft’s control of the gateway. Developers might gain access. Competitors might build alternatives. Customers might have somewhere else to go.
The possibility of an exit changed everything.
That is the power at the center of capitalism. It is not simply the right to own a company or accumulate money. It is the pressure created when a customer can leave and a competitor can enter.
Capitalism makes a promise. Build a better product. Deliver a better service. Find a more efficient way to satisfy the customer, and you will earn the business.
Competition enforces the promise.
A monopoly reverses it.
Once the customer has nowhere else to go, the monopolist no longer has to ask how to provide the best product at the lowest sustainable price. It can ask how little value it can deliver and how much money it can extract before the customer breaks.
A competitor must earn your business.
A monopolist only has to collect it.
We are taught that socialism and communism are the enemies of capitalism because they replace private competition with centralized control. But monopoly reaches the same destination by another road. Ownership remains private while the discipline of competition disappears.
Capitalism without competition is not capitalism.
It is capital as predator.
I have watched this logic spread far beyond software. I see it in healthcare systems people cannot afford to leave, technology platforms that own the roads into the digital economy and artificial-intelligence companies building the infrastructure through which human knowledge may soon travel.
I see it in giant hotel groups that present travelers with dozens of brands while concentrating ownership, loyalty systems and access behind them. I see it in enormous real-estate operators that gain enough control over housing to dictate rents, fees and the terms under which people secure the most basic thing in life: a place to live.
The names may look different.
The owner underneath may be the same.
Size alone is not the offense. A company can become large because it creates something extraordinary. The people who take the risk, build the product and solve the problem deserve the rewards they earn.
The danger begins when success becomes control, control becomes exclusion and exclusion allows a company to extract value without continuing to create it.
That was the question sitting between Bill Gates and me in that temporary studio. Microsoft had earned its success. Had that success given it the right to control the road everyone else needed to travel?
It is still the question.
Who owns the gateway? Who sets the terms? Can a competitor enter? Can the customer leave?
If the answer is no, we do not have a free market. We have private market control wearing the language of capitalism.
The enemy of capitalism is not the customer, the worker or the government official who demands accountability.
The enemy of capitalism is the monopoly that no longer has to earn our business—and knows we have nowhere else to go.
Visit dylanratigan.com for more essays and to subscribe.
Nobel Economics Prize as it happened: Robert E Hall and Michael Woodford share 2026 award ft.com/content/f4463a28-832d… via @financialtimes
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"2027 is going to be really, really challenging for the stock market," says @ptj_official: cnb.cx/4yQQXpo
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