Pitchfork Economics with Nick Hanauer The Gilded Age of White Collar Crime (with Michael Hobbes)
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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.
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The Golden Age of Impunity
- Rich people aren't going to jail as much anymore, despite increased elite deviance.
- Busting rich people requires resources, and we don't dedicate enough resources to it.
Decline in White-Collar Prosecutions
- White-collar prosecutions are at an all-time low, with fewer now than since tracking began in the 1990s.
- Most "white-collar" prosecutions target low-level offenses, not high-level financial crimes.
Offshore Alert Conference
- Michael Hobbes attended Offshore Alert, a conference for investigators of offshore wealth and those who hide it.
- He observed IRS agents struggling with limited resources while interacting with wealthy tax lawyers.