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Pitchfork Economics with Nick Hanauer
The Gilded Age of White Collar Crime (with Michael Hobbes)
Feb 11, 2025
In this engaging discussion, journalist Michael Hobbes highlights the alarming rise of white-collar crime and the concept of 'elite deviance.' He reveals how wealthy individuals often evade consequences for crimes that cause significant social harm, illustrating a stark contrast in accountability compared to minor offenders. Hobbes delves into the erosion of regulatory frameworks and the illusion of accountability, critiquing the current legal systems that favor the powerful. He advocates for better funding of agencies to tackle these disparities and achieve true justice.
34:46
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Quick takeaways
- The podcast highlights the staggering prevalence of white-collar crime among the wealthy, exemplified by the minimal consequences faced post-2008 financial crisis.
- It underscores the critical need for adequately funded regulatory agencies to effectively investigate and prosecute elite deviance, enhancing accountability among affluent offenders.
Deep dives
The Rise of White-Collar Crime
The discussion centers on the alarming prevalence of white-collar crime, described as a 'golden age of impunity' for the wealthy. This era is characterized by a significant decrease in prosecutions for elite criminal activity, with only one Wall Street banker imprisoned following the financial crisis of 2008. Statistics reveal that one year of white-collar crime inflicts social harm equivalent to two decades of street crime, underscoring the vast economic damage caused by elites. The episode emphasizes that tax evasion alone siphons off far more money from the economy than all bank robberies combined, highlighting the scale of financial misconduct among the rich.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode