Catherine Rampell, A Washington Post Columnist And Prominent Economic Pundit, Has Repeatedly Argued That Inflation Was Not Due To Corporate Profiteering, Accusing Democrats Of “Demagoguing,” “Grandstand[ing],” And Of Falsely Making Corporate Greed A “Villain.”
Jason Furman—President Obama's Former "Top Economic Advisor"—Has Said "'Corporate Greed Is A Bad Theory Of Inflation'" And Said Price Hikes Helped Prevent “‘Worse Shortages.’”
Economist Larry Summers Has Frequently Tried To Deflect Inflation Blame Away From Corporate Profiteering Despite A History Of "Ultimately Disastrous Or Wrongheaded Policies" That Helped Wall Street Since The 1990s And Helped Lead To The 2008 Financial Crisis—All While Facing Criticism For Industry Conflicts.
Steve Rattner Has Called The American Rescue Plan "The Original Sin" Of Inflation And His Complaints About “Vast Amounts Of Government Rescue Aid” Have Been Cited By Senate Republican Leader Mitch McConnell.
The Federal Open Markets Committee (FOMC), the Federal Reserve body which determines interest rates, was expected to continue hiking rates in November and December 2022 despite warnings that doing so would cause a recession and add as many as 3.2 million people to unemployment lines by the end of 2023.
On October 14, 2022, “grocery giant” Kroger announced plans to buy Albertsons Companies for $24.6 billion, threatening to create a “corporate behemoth” second only to Walmart in grocery industry market share. If the two companies successfully combine, they would control nearly 5,000 stores reaching about 85 million households across the U.S.
Immediately after the Inflation Reduction Act (IRA) was signed into law on August 16, 2022, corporate America was already eyeing accelerated share repurchase (ASR) programs as a way to rush their stock buybacks before the IRA’s new 1% on the transactions becomes effective after December 31, 2022.
In January 2022, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save consumers billions of dollars in exploitative “junk fees,” including overdraft fees. In 2019 alone, large banks earned approximately $15.47 billion from overdraft and non-sufficient funds fees.
Several of the country's largest auto repair conglomerates have partnered with EasyPay Finance to issue predatory, high interest loans – including Big O Tires, Driven Brands, and FullSpeed Automotive.
While hundreds of thousands of small businesses have closed across the country, direct selling companies – which frequently utilize predatory multi-level marketing practices – received over $106.4 million in PPP loans.
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