The Prof G Pod with Scott Galloway The Great Grift
Jan 21, 2021
Lina Khan, an antitrust law expert and associate professor at Columbia Law School, discusses the significant impact of Big Tech's unchecked power on the economy. She explores how traditional antitrust laws fail to address digital monopolies and proposes that breaking up these companies could foster a healthier market. The conversation takes a critical look at the U.S. pandemic aid, emphasizing how it disproportionately benefited the wealthy, while advocating for systemic economic reforms to prioritize struggling individuals over corporate interests.
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The Great Grift
- The pandemic response has disproportionately benefited the wealthy, exacerbating existing inequalities.
- This wealth transfer, fueled by low interest rates and stimulus, has been termed "The Great Grift."
Addressing the Grift
- Limit pandemic support to the truly needy and recover losses through taxes, especially on capital gains.
- Implement a one-time wealth tax to address the massive wealth accumulation of the top 1%.
Moral Hazard
- The wealth disparity creates moral hazard, as policymakers haven't felt the pandemic's true impact.
- This is exemplified by DoorDash's high valuation despite widespread economic hardship.
