Undercurrents Matt Stoller: MAGA is taking on Big Business
Feb 14, 2025
Matt Stoller, co-host of the Organized Money podcast and author of the BIG newsletter, delves into Donald Trump's complex relationship with Big Business. He discusses the nomination of Gail Slater for antitrust, emphasizing its implications for tech regulation. Stoller also examines the Consumer Financial Protection Bureau's struggle against evolving financial technologies and the historical parallels to today's cryptocurrencies. Additionally, he critiques the evolving antitrust landscape under Trump, highlighting key players and the ideological shifts affecting corporate power.
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CFPB as a Litmus Test
- The Consumer Financial Protection Bureau (CFPB) is seen as a litmus test for the Republican Party's commitment to economic populism.
- Bringing the CFPB under the Office of Management and Budget's control is a long-held conservative goal.
Trump's CFPB Strategy
- Trump's actions regarding the CFPB mirror Obama's in 2009: campaigning on populism but siding with Wall Street.
- Trump believes he can simultaneously help Wall Street, big business, small business, and everyone.
CFPB Origin Story
- The CFPB was created by Elizabeth Warren after the 2008 financial crisis, in response to bank regulators' conflicts of interest.
- Before the CFPB, consumer protection laws existed but were not enforced due to regulators also prioritizing bank health.
