“Total System Failure”: Congress Pushes $2 Trillion Pandemic Bill. Will Dems Allow “Corporate Coup”?
Matt Stoller talks with Krystal Ball and Saagar Enjeti about the corporate bailouts in the stimulus bill, and Pelosi and McConnell’s full caucus control over the legislation on Rising.
A civil rights lawsuit highlights how Comcast’s monopoly crushes media divers (The American Prospect)
In October, hip-hop artist Curtis James Jackson III, better known as 50 Cent, went after a rival mogul on Instagram. His target wasn’t a fellow artist, but Brian Roberts, the billionaire CEO of Comcast, the nation’s largest cable company. Comcast had just announced it was kicking 50 Cent’s show Power off the cable giant’s system. “This is the guy fu**ing up (Power) over at @Comcast,” 50 Cent wrote, showing a picture of a grinning Roberts wearing a wrinkled golf shirt.Continue reading
The Federal Reserve has been committing hundreds of billions to short-term lending markets for months. It’s time to make that power work for more than just Wall Street. Written by Graham Steele and Matt Stoller.
Last week, the Federal Reserve staged a large-scale intervention in short-term money markets, announcing that it would make $1.5 trillion in loans available in the coming days. It followed with a big rate cut. And this week, the Federal Reserve is going to start lending to any big corporation that needs it, an emergency measure it last took during the 2008 financial crisis. It will be lending essentially unlimited sums to hedge funds, banks, and brokerages.
The coronavirus is making the argument for antitrust — single sources of supply for all kinds of suddenly essential medical needs are leading to shortages and could cause huge price jumps. An interview with Matt Stoller by Zephyr Teachout.Continue reading
The recently deceased business icon pioneered mergers and acquisitions, stock buybacks, and offshoring (The Marker)
In early February of 1981, President Ronald Reagan picked his antitrust chief, William Baxter, whose arrival signified the reconstitution of monopoly power in America. Baxter restructured antitrust and merger law to prioritize economic efficiency and supercharged a merger trend already underway.Continue reading