Pitchfork Economics with Nick Hanauer
How Big Oil Rigged the System and Stuck You With the Bill (with Faiz Shakir)
Nov 19, 2024
Faiz Shakir, Executive Director of A More Perfect Union and former campaign manager for Bernie Sanders, joins the discussion on corporate greed in the oil industry. He reveals a shocking oil price-fixing conspiracy between U.S. companies and OPEC that has cost American families up to $1,000 annually. Shakir emphasizes the need for stronger regulatory oversight and enforces harsher penalties against market manipulation. The conversation sheds light on fair competition and the critical importance of legal compliance in safeguarding consumer rights.
36:43
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Quick takeaways
- The oil price-fixing conspiracy between major companies and OPEC contributed significantly to inflation, costing American families between $500 and $1,000 annually.
- Increased regulatory oversight and harsher penalties are essential to protect consumers from corporate malpractice and ensure fair market practices.
Deep dives
The Flaws of Top-Down Economics
Current economic crises, such as rising inequality and political instability, are fundamentally linked to decades of flawed economic theories. A shift towards middle-out economics is proposed as a solution, emphasizing that a thriving middle class is key to a robust economy. This concept suggests that economic growth should originate from the middle class rather than being driven solely by the wealthiest individuals or corporations. The argument is rooted in the belief that as the middle class succeeds, it benefits everyone in the economy, including the affluent.
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