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    "segs": [ {
      "utf8": "- [Philip] Thank you to Monarch\nMoney for supporting PBS."
    } ]
  }, {
    "tStartMs": 3330,
    "dDurationMs": 4320,
    "segs": [ {
      "utf8": "Gift cards now account for\nover 55% of the entire amount"
    } ]
  }, {
    "tStartMs": 7650,
    "dDurationMs": 1980,
    "segs": [ {
      "utf8": "that the average shopper spends on gifts"
    } ]
  }, {
    "tStartMs": 9630,
    "dDurationMs": 990,
    "segs": [ {
      "utf8": "throughout the year,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "- [Julia] And it's not\nhard to understand why"
    } ]
  }, {
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    "dDurationMs": 3960,
    "segs": [ {
      "utf8": "they're easy to buy, easy\nto give and vary in demand."
    } ]
  }, {
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    "dDurationMs": 3630,
    "segs": [ {
      "utf8": "In fact, gift cards are\nthe most requested category"
    } ]
  }, {
    "tStartMs": 20460,
    "dDurationMs": 3510,
    "segs": [ {
      "utf8": "of gift beating out clothes,\nbooks, and electronics."
    } ]
  }, {
    "tStartMs": 23970,
    "dDurationMs": 3270,
    "segs": [ {
      "utf8": "- So gift givers are happy\nand gift receivers are happy."
    } ]
  }, {
    "tStartMs": 27240,
    "dDurationMs": 1830,
    "segs": [ {
      "utf8": "Sounds like a win-win."
    } ]
  }, {
    "tStartMs": 29070,
    "dDurationMs": 3150,
    "segs": [ {
      "utf8": "Yet somehow I feel a bah humbug is coming."
    } ]
  }, {
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    "dDurationMs": 833,
    "segs": [ {
      "utf8": "- Sorry."
    } ]
  }, {
    "tStartMs": 33053,
    "dDurationMs": 1357,
    "segs": [ {
      "utf8": "Scrooges gotta scrooge."
    } ]
  }, {
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    "dDurationMs": 3630,
    "segs": [ {
      "utf8": "While economists were once\nall \"Joy to the World\""
    } ]
  }, {
    "tStartMs": 38040,
    "dDurationMs": 960,
    "segs": [ {
      "utf8": "about gift cards."
    } ]
  }, {
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    "segs": [ {
      "utf8": "More recent data suggests\nthat \"It's Beginning"
    } ]
  }, {
    "tStartMs": 42000,
    "dDurationMs": 2463,
    "segs": [ {
      "utf8": "to Look a Lot Like Griftmas.\""
    } ]
  }, {
    "tStartMs": 46620,
    "dDurationMs": 870,
    "segs": [ {
      "utf8": "What?"
    } ]
  }, {
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    "dDurationMs": 3003,
    "segs": [ {
      "utf8": "I just don't want them\nto get \"Fleeced Navidad\"."
    } ]
  }, {
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    "segs": [ {
      "utf8": "(upbeat music)"
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    "segs": [ {
      "utf8": "- First, the good news."
    } ]
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    "segs": [ {
      "utf8": "Gift cards have likely\nminimized the infamous"
    } ]
  }, {
    "tStartMs": 63390,
    "dDurationMs": 2340,
    "segs": [ {
      "utf8": "deadweight loss of Christmas."
    } ]
  }, {
    "tStartMs": 65730,
    "dDurationMs": 3330,
    "segs": [ {
      "utf8": "Deadweight loss is an economic\nterm for the negative gap"
    } ]
  }, {
    "tStartMs": 69060,
    "dDurationMs": 1710,
    "segs": [ {
      "utf8": "between what something costs"
    } ]
  }, {
    "tStartMs": 70770,
    "dDurationMs": 2520,
    "segs": [ {
      "utf8": "and how much positive benefit it brings."
    } ]
  }, {
    "tStartMs": 73290,
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    "segs": [ {
      "utf8": "If your aunt sends you a $10 fruitcake"
    } ]
  }, {
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    "dDurationMs": 1890,
    "segs": [ {
      "utf8": "and you stick it in\nthe back of your fridge"
    } ]
  }, {
    "tStartMs": 78090,
    "dDurationMs": 2670,
    "segs": [ {
      "utf8": "only to find it two years\nlater when moving apartments"
    } ]
  }, {
    "tStartMs": 80760,
    "dDurationMs": 2490,
    "segs": [ {
      "utf8": "and quickly toss it in the\ntrash without unwrapping it,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "that is a deadweight loss of $10."
    } ]
  }, {
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    "segs": [ {
      "utf8": "- In the 1990s, economist\nJoel Waldfogel estimated"
    } ]
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    "segs": [ {
      "utf8": "the annual deadweight\nloss of Christmas time"
    } ]
  }, {
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    "dDurationMs": 4170,
    "segs": [ {
      "utf8": "to be between $4 and\n$13 billion every year,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "and it's surely much higher today."
    } ]
  }, {
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    "segs": [ {
      "utf8": "That's a lot of ugly sweaters."
    } ]
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    "segs": [ {
      "utf8": "- At the time, Waldfogel was\nenthusiastic about gift cards"
    } ]
  }, {
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    "segs": [ {
      "utf8": "as a way to alleviate this\nproblem, since in theory,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "they allowed the recipient\nto buy what they really want"
    } ]
  }, {
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    "dDurationMs": 4140,
    "segs": [ {
      "utf8": "and therefore maximize the\nenjoyment to cost ratio."
    } ]
  }, {
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    "segs": [ {
      "utf8": "- However, since then,\nthe explosive popularity"
    } ]
  }, {
    "tStartMs": 117900,
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    "segs": [ {
      "utf8": "of gift cards has revealed\nan ugly economic downside."
    } ]
  }, {
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    "segs": [ {
      "utf8": "One study found that\naround 70% of gift cards"
    } ]
  }, {
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    "segs": [ {
      "utf8": "get redeemed in the first six months,"
    } ]
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    "tStartMs": 126750,
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    "segs": [ {
      "utf8": "but after that, the odds of\nredemption fall precipitously."
    } ]
  }, {
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    "segs": [ {
      "utf8": "There's a lot of potential\nreasons for this."
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    "segs": [ {
      "utf8": "Maybe the card got lost or forgotten."
    } ]
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    "segs": [ {
      "utf8": "Maybe the recipient doesn't like the store"
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  }, {
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    "segs": [ {
      "utf8": "or can't get there, or maybe\nthey used most of the balance"
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  }, {
    "tStartMs": 140910,
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    "segs": [ {
      "utf8": "but left a few bucks on the card,"
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  }, {
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    "segs": [ {
      "utf8": "which is now gathering dust in the bottom"
    } ]
  }, {
    "tStartMs": 144930,
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    "segs": [ {
      "utf8": "of some junk drawer."
    } ]
  }, {
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    "segs": [ {
      "utf8": "That all adds up to\nsome pretty big numbers."
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    "segs": [ {
      "utf8": "- One estimate suggests that\nup to 3% of all gift card value"
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      "utf8": "will never be redeemed,"
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    "segs": [ {
      "utf8": "and since over $300\nbillion is spent annually"
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  }, {
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    "segs": [ {
      "utf8": "on gift cards in the US,\nthat's a ton of money"
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  }, {
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      "utf8": "languishing in America's\ncollective junk drawer."
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      "utf8": "Enough to eliminate malaria\nin dozens of countries"
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    "segs": [ {
      "utf8": "to a hundred million people every year."
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    "segs": [ {
      "utf8": "- But wait, that money isn't\nactually in our junk drawers."
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      "utf8": "It's in the retailers' bank accounts."
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  }, {
    "tStartMs": 179760,
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    "segs": [ {
      "utf8": "- That's true."
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    "segs": [ {
      "utf8": "In a sense when we buy a gift card,"
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    "segs": [ {
      "utf8": "we are giving the company\nan interest-free loan,"
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  }, {
    "tStartMs": 185610,
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    "segs": [ {
      "utf8": "which they can spend\nor earn interest from."
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    "segs": [ {
      "utf8": "- [Julia] But that amount is counted"
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  }, {
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    "segs": [ {
      "utf8": "as a liability since the loan holder, you,"
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  }, {
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    "segs": [ {
      "utf8": "can demand repayment at any moment"
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  }, {
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    "segs": [ {
      "utf8": "in the form of merchandise."
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  }, {
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    "segs": [ {
      "utf8": "- However, if the gift card\nisn't used for a long time,"
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    "segs": [ {
      "utf8": "they are allowed to count a portion of it"
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  }, {
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      "utf8": "as \"breakage income,\""
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      "utf8": "the percentage they estimate\nwill never be redeemed"
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      "utf8": "and may be treated as revenue."
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  }, {
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    "segs": [ {
      "utf8": "In 2024, Starbucks revealed\nthat they make about"
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  }, {
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      "utf8": "$200 million in breakage\nincome every year."
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  }, {
    "tStartMs": 219540,
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    "segs": [ {
      "utf8": "Just a little annual Christmas\ngift from the American people"
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  }, {
    "tStartMs": 223200,
    "dDurationMs": 2670,
    "segs": [ {
      "utf8": "to the world's largest coffee house chain."
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  }, {
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    "segs": [ {
      "utf8": "- This bonanza for retailers has spurred"
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  }, {
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      "utf8": "Federal law now mandates"
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      "utf8": "that gift cards have an expiration date"
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      "utf8": "of at least five years from\nthe moment of purchase,"
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      "utf8": "and retailers may not start\ndeducting inactivity fees"
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      "utf8": "until after 12 months of disuse."
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      "utf8": "Some states have more consumer\nprotections like California,"
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    "segs": [ {
      "utf8": "where gift cards may never expire"
    } ]
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      "utf8": "and balances under $10\ncan be redeemed for cash."
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      "utf8": "Or New York, where breakage income goes"
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      "utf8": "not to the retailer,"
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      "utf8": "but to a state controlled\naccount where it may be claimed"
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    "segs": [ {
      "utf8": "by the gift card owner or used\nto pay for public services."
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      "utf8": "If you have unredeemed gift\ncard money in your name,"
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    "segs": [ {
      "utf8": "you can search for it on your state's"
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    "segs": [ {
      "utf8": "- There are other dangers with gift cards"
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      "utf8": "like a store going out of business."
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      "utf8": "After declaring bankruptcy"
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    "segs": [ {
      "utf8": "retailers like Joann's Fabrics, Forever 21"
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  }, {
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      "utf8": "and Bed Bath \u0026 Beyond\nwere allowed to refuse"
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      "utf8": "Under bankruptcy laws\nsecured creditors like banks"
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      "utf8": "Unsecured creditors like gift card holders"
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      "utf8": "are at the bottom of the list"
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      "utf8": "and unlikely to get paid back at all."
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    "segs": [ {
      "utf8": "- There is also around $217 million"
    } ]
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    "segs": [ {
      "utf8": "of gift card related fraud\nperpetrated every year."
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  }, {
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    "segs": [ {
      "utf8": "And I'm not just talking\nabout hunky Marines"
    } ]
  }, {
    "tStartMs": 306330,
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    "segs": [ {
      "utf8": "stationed overseas who\nneed iTunes credits."
    } ]
  }, {
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    "segs": [ {
      "utf8": "Some scammers will scan\nthe barcode of a gift card"
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  }, {
    "tStartMs": 312210,
    "dDurationMs": 1860,
    "segs": [ {
      "utf8": "while it's still on the rack,"
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  }, {
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      "utf8": "wait for someone to buy\nit and load it with money"
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  }, {
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      "utf8": "and then spend the balance\nbefore it's even gifted."
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  }, {
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    "segs": [ {
      "utf8": "- If you're looking for an alternative"
    } ]
  }, {
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    "segs": [ {
      "utf8": "to gift cards this holiday,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "there is something that\nhas intrinsic value,"
    } ]
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      "utf8": "never expires, carries no\nrisk of deadweight loss,"
    } ]
  }, {
    "tStartMs": 328890,
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    "segs": [ {
      "utf8": "and isn't a donation to\ngiant retailers: cash!"
    } ]
  }, {
    "tStartMs": 333090,
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      "utf8": "There's a stigma around\ngiving cash as a gift,"
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  }, {
    "tStartMs": 335760,
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    "segs": [ {
      "utf8": "but has anyone really ever been\ndisappointed to receive it?"
    } ]
  }, {
    "tStartMs": 339480,
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    "segs": [ {
      "utf8": "It may be less personal\nthan hand knit sweater,"
    } ]
  }, {
    "tStartMs": 342480,
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    "segs": [ {
      "utf8": "but so are gift cards."
    } ]
  }, {
    "tStartMs": 344160,
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    "segs": [ {
      "utf8": "And if you wanna add a thoughtful touch,"
    } ]
  }, {
    "tStartMs": 346350,
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    "segs": [ {
      "utf8": "buy a nice greeting card"
    } ]
  }, {
    "tStartMs": 347760,
    "dDurationMs": 1860,
    "segs": [ {
      "utf8": "and write something heartfelt in it."
    } ]
  }, {
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    "segs": [ {
      "utf8": "- Another gift giving strategy\nis to make detailed wishlists"
    } ]
  }, {
    "tStartMs": 353070,
    "dDurationMs": 2700,
    "segs": [ {
      "utf8": "of what you want and share\nthem with family and friends."
    } ]
  }, {
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    "segs": [ {
      "utf8": "Some complain that this takes the surprise"
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    "segs": [ {
      "utf8": "out of gift giving, but let's be honest,"
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    "segs": [ {
      "utf8": "most people don't wanna be surprised,"
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      "utf8": "- [Philip] Of course, gift\ngiving isn't really about"
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      "utf8": "or eliminating deadweight loss."
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      "utf8": "It's about strengthening\nemotional bonds between people."
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    "segs": [ {
      "utf8": "- [Julia] And the gift\ngiver gets something out"
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    "segs": [ {
      "utf8": "of the interaction as well."
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      "utf8": "and they know you well enough\nto choose the perfect gift."
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      "utf8": "- They may not always\nsucceed (or even often),"
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      "utf8": "but maybe making the attempt is worth"
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  }, {
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      "utf8": "a little economic inefficiency."
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      "utf8": "- [Both] And that that's our two cents."
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    "segs": [ {
      "utf8": "- Thank you to Monarch\nMoney for supporting PBS."
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  }, {
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    "segs": [ {
      "utf8": "Monarch Money is a subscription-based"
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  }, {
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      "utf8": "financial management app"
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  }, {
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      "utf8": "that consolidates all\nyour accounts: banking,"
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  }, {
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      "utf8": "credit cards, loans, and investments"
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      "utf8": "into a single and customizable dashboard."
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      "utf8": "It helps users track\nspending, create budgets,"
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  }, {
    "tStartMs": 410430,
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      "utf8": "monitor net worth, and\ncollaborate with household members"
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  }, {
    "tStartMs": 413460,
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    "segs": [ {
      "utf8": "or advisors without ads."
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      "utf8": "Monarch also offers cashflow\nprojections that illustrate"
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      "utf8": "how current decisions can\nimpact long-term objectives."
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  }, {
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      "utf8": "Its goal-tracking tools enable users"
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  }, {
    "tStartMs": 424830,
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      "utf8": "to plan for milestones\nsuch as a home purchase,"
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      "utf8": "debt payoff, or retirement."
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  }, {
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      "utf8": "Monarch supports both desktop"
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  }, {
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    "segs": [ {
      "utf8": "and mobile access with security features"
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  }, {
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    "dDurationMs": 1680,
    "segs": [ {
      "utf8": "such as bank level encryption"
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  }, {
    "tStartMs": 434670,
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    "segs": [ {
      "utf8": "and multifactor authentication."
    } ]
  }, {
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    "segs": [ {
      "utf8": "Click the link in the description"
    } ]
  }, {
    "tStartMs": 438060,
    "dDurationMs": 2430,
    "segs": [ {
      "utf8": "to learn more or use the code TWOCENTS"
    } ]
  }, {
    "tStartMs": 440490,
    "dDurationMs": 3300,
    "segs": [ {
      "utf8": "to get 50% off your first year of Monarch."
    } ]
  }, {
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    "segs": [ {
      "utf8": "- [Julia] Thanks to our patrons"
    } ]
  }, {
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    "dDurationMs": 2730,
    "segs": [ {
      "utf8": "for keeping \"Two Cents\"\nfinancially healthy."
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  }, {
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    "segs": [ {
      "utf8": "Click the link in the description"
    } ]
  }, {
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    "dDurationMs": 2403,
    "segs": [ {
      "utf8": "to become a \"Two Cents\" patron."
    } ]
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    "segs": [ {
      "utf8": "(upbeat music)"
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}