The volume of incoming huge news stories these days is getting to be as overwhelming as it was during the Trump years. But it's also a reminder to anyone who has deluded themselves into thinking that the Trump Era is over, it is anything but. We were planning on covering ProPublica's blockbuster bombshell exclusive this week on today's BradCast --- and we still do --- though it has been somewhat eclipsed by last night's New York Times blockbuster bombshell exclusive. We do our best to cover both today. [Audio link to full show follows below this summary.]

First, the remarkable news broken by the Times late on Thursday is that Donald Trump's wildly corrupt Dept. of Justice was a whole lot more corrupt than we have all yet fully appreciated. As it turns out, in an unprecedented move, his DoJ secretly subpoenaed phone, email and text message data of Democratic members of Congress on the House Judiciary Committee. But it wasn't just members that Trump saw as political enemies, including top Judiciary Dem Adam Schiff and Rep. Eric Swalwell. It was also their staff and even their children, one of whom was a minor, according to the Times' blockbuster.

All of that, even as the Trump Administration spent years blocking Congress from lawful subpoenas for testimony and documents from the White House itself and virtually every Executive branch agency, under the false premise that it would violate the Constitution's Separation of Powers, granting co-equal powers to both the Legislative and Executive branches. All the while, the Trump Administration was actually --- literally --- spying on members of the Legislative branch, while claiming (disingenuously) that Congress was overstepping its bounds by issuing lawful, public subpoenas for testimony to members of the Executive branch.

The stunning news comes after a week in which we previously learned that the Trump DoJ also secretly obtained phone, email and text records of journalists at the Washington Post, New York Times and CNN. Democrats claim to be outraged by it all, and vow to investigate. But without real legal consequences, accompanied by sweeping reforms by both Congress and, most immediately, Merrick Garland's Dept. of Justice, the appalling and outrageous and unlawful acts carried out during four years of the Trump Administration will absolutely be carried out again --- and even worse next time --- in the very near future.

Speaking of much-needed, long-overdue action from Congress, the ProPublica bombshell this week revealed that --- based on a "vast cache of IRS information" somehow obtained by the non-profit media outlet on the nation's wealthiest men --- American billionaires have been allowed to avoid almost all federal income taxes for years on their accumulated and still-surging wealth. As the media outlet reports in their jaw-dropping, nearly 6,000 word exclusive this week, "billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing."

Their months-long analysis of the data "demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can --- perfectly legally --- pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year."

The raw IRS data show that billionaires like Bezos (the world's wealthiest man), Musk, Buffett and the others often pay zero in federal income taxes. Overall, the nation's top 25 wealthiest --- whose fortunes increased collectively by $401 billion between 2014 and 2018 --- paid a tax rate on that accumulated wealth of just 3.4% on average. That, compared to a median tax rate of 14% paid by regular, middle-class Americans, as the U.S. tax code rewards wealth over labor.

The New York Times explains in its own coverage of ProPublica's scoop, that even as Congress and President Biden bicker over tweaks to marginal tax rates, the ultra-wealthy avoid such trivialities all together. "The ProPublica revelations got to a widely understood issue: that the superrich earn virtually all their wealth from the constantly rising value of their assets, particularly in the stock market, and that the sales of those assets are taxed at a lower rate than ordinary income from a paycheck...But the analysis also revealed a less recognized strategy employed by the superrich: taking huge loans, using their assets as collateral. It allows them to avoid selling their assets and facing taxation, and even to write off some lending costs. In that way, Mr. Bezos and Mr. Buffett were able to show yearly income losses even as their wealth grew by billions of dollars."

Mother Jones' Senior Editor MICHAEL MECHANIC joins us today with a great deal of context and perspective on this long running, if legal, scam, after spending a couple of years hanging out with the ultra rich while researching his newly published book, Jackpot: How the Super-Rich Really Live --- and How Their Wealth Harms Us All.

Mechanic underscores the scam revealed by ProPublica: "As we've seen from the way the tax code works, wealth begets wealth, and we reward capital over wages. If you make a fortune on a stock, you pay a maximum of 20% when you sell that stock. In the meantime, when you hold it, you don't pay any taxes at all --- it's called 'unrealized gains.' What these billionaires have done is they just borrow against that. They never have to sell, so they never even pay the capital gains tax.  Meanwhile, you and I are getting a paycheck. If we made as much as they did, we'd be charged 37%.  So it's 37% versus 20% for assets, but they're not even paying the 20% because they're not selling the assets. They're taking out low-interest loans, paying a few percent, living on that money." And, yes, even as the cost of the interest would be less than they'd have to pay in taxes if they sold assets to live on their own money instead, they actually get to deduct the cost of those loans from their income taxes!

We discuss, among other things, how all of this actually hurts average Americans; how, because of it, trillions of dollars are not available to the government to spend on healthcare, schools, climate change, infrastructure and other public services; what, if anything, can or will be done about it by Congress --- where Republicans (and too many Democrats) seems to be just fine with a system that rewards wealth over work; whether proposals like Elizabeth Warren's wealth tax of .02 cents on every dollar of wealth by those worth more than $50 million could ever be adopted in Congress or is even Constitutional; and how all of this wealth doesn't even get taxed upon death when it's passed from generation to generation, as Mechanic reports at MoJo today.

"There's always been this argument, from the very beginning, that if you tax investors and business people, those people then won't invest, won't create jobs," Mechanic observes. "It's a spurious argument. If you have $100 million and somebody raises the capital gains rate, does that mean you're not going to start a company? You're not going to put it into the stock market? No, of course not. What else are you going to do with your money, put it under your mattress?!"

And, yes, we also discuss his new book (highly lauded by the legendary Bill Moyers!), which Mechanic describes as "not a polemical book. It's a funny, entertaining, and enraging character-driven narrative, in which I basically hang out with super-wealthy people and their minions. I interview researchers, I talk to a woman who trains billionaires' nannies in physical combat, [and] a guy who builds luxury safe rooms. It's a journey of the American wealth fantasy and how it's gone off the rails."

So, hey, if you're not already enraged enough by today's program, please buy Mike's book! It's out just in time to enrage Dad for Father's Day!

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The day began with a middle of the night earthquake here in Los Angeles. It was the least turbulent part of the day. We open with some grim news on today's BradCast before moving on to some shockingly encouraging news out of....wait for it....Congress of all places! [Audio link to full show is posted at end of summary.]

First up today, former Republican Presidential candidate Herman Cain succumbed to the coronavirus. As co-chair of Black Voices for Trump, the 74-year old Cain attended Donald Trump's controversial mask-free rally in Tulsa on June 20. By July 2nd he was hospitalized with COVID-19 and now dead a month later. He wasn't the only high profile Republican to pass away from the coronavirus today. Bill Montgomery also died. He was the 80-year old co-founder of the rightwing "student group" (yes, a GOP student group founded by an 80-year old!) called Turning Point USA. The organization hosted Trump's second, similarly mask-free rally after Tulsa in Phoenix. Despite claims by both Cain and Montgomery's group that hydroxychloroquine was "100% effective" in treating coronavirus, turns out, as the FDA has emphasized, it isn't.

Civil rights icon Rep. John Lewis was finally laid to rest on Thursday in Atlanta, where he was eulogized by three former Presidents. Trump did not attend after also failing to pay his respects while Lewis lay in state at the U.S. Capitol earlier this week. President Obama, however, offered stirring remarks in memoriam, calling for the expansion of voting rights which Lewis spent a lifetime --- and no small amount of blood --- fighting for.

The former President's remarks came shortly after our current President feebly suggested on Twitter that the November election should be delayed "until people can properly, securely and safely vote," charging that "2020 will be the most INACCURATE & FRAUDULENT Election in history" due to the use of mail-in ballots needed to counteract the dangers of in-person voting during the pandemic that Trump utterly failed to control. That controversial call for delaying the election --- immediately and universally rejected by Republicans and Democrats alike --- was largely to a) further propagandize Trump's supporters into believing the November election results will be illegitimate and, more immediately, b) distract from the horrific economy news released by the federal government just minutes before Trump's tweet.

The news he was hoping to distract from: The U.S. economy plunged a staggering, unprecedented, annualized 32.9% in the second quarter of this year. By way of comparison, it took three years before the economy fell 30% during the Great Depression. This has happened in months, as another 1.4 million workers filed for new unemployment claims last week. It was the 19th week in a row of record-shattering 1 million plus applicants, leaving some 30 million Americans now jobless, as Republicans in Congress have failed to extend the expanded unemployment payments from he CARES Act. Those benefits have expired as of this week, and neither Congressional Republicans nor the White House appear to have an acceptable plan to replace them. House Democrats passed their own $3 trillion HEROES Act several months ago to continue those payments and much more critical relief to workers, states and cities, hospitals, homeowners, the U.S. Post Office and many others through the end of the year. Republicans appear to be in stultifying disarray.

But there is some good news today and, believe it or not, it comes out of Congress! The U.S. House Antitrust Subcommittee on Wednesday held a five-hour hearing on Big Tech monopolies, featuring the CEOs of Amazon (Jeff Bezos), Apple (Tim Cook), Google (Sundar Pichai) and Facebook (Mark Zuckerberg) as witnesses. All of them were grilled by Democrats and, yes, even Republicans alike for years of runaway, anti-competitive business practices. Progressive Matt Stoller's coverage of the hearing at The Guardian was headlined "Congress forced Silicon Valley to answer for its misdeeds. It was a glorious sight." Our guest today, DAVID DAYEN, author, investigative financial journalist and Executive Editor of the progressive American Prospect, filed a piece with the exhuberant hed: "The Triumphant Return of Congress," following up his 175-tweet live thread from his Wednesday coverage.

Dayen tells me today that it was "probably the most consequential hearing on corporate power in decades," where one CEO after another was called on the carpet to answer for years of crushing, anti-competitive practices in their sectors. He reports that the "members of that subcommittee," headed up by Democratic Chair David Cicilline of Rhode Island, "knew exactly what they wanted to talk about. They knew who they wanted to target. This is the culmination of a year-long investigation and these members had an incredible amount of knowledge about the harms that these four large corporations have been causing through the exertion of their power."

"They really extracted confessions from Bezos and Zuckerberg and others about the practices they engage in which really are illegal," he says. The hearing couldn't have been better timed for Dayen, coming just a week or so after the publication of his new book Monoplized: Life in the Age of Corporate Power documenting the breathtaking reach of unchecked corporate mergers and consolidation over the past four decades. He explains on today's show, as he does in the book, how century old anti-trust laws were turned on their head during the Reagan Administration, when a theory promoting the idea that monopolies are actually good for consumers was advanced by one Robert Bork. The theory would eventually prove untrue by its own standards. It was not good for consumers and, Dayen describes, failed to take into account the damage that anti-competitive practices actually wrought on small business, employees and the supply chain itself --- leading directly to some of the dangerous consequences and ridiculous shortages we've seen during the COVID crisis in everything from toilet paper to critical medical supplies and personal protective equipment.

"This hearing was a complete indictment of the Federal Trade Commission and the anti-trust division of the Justice Department, who had access to all this information that the subcommittee had. They had all of these documents. They had all of the ability to conduct an investigation. In fact, it's their job to do so," Dayen observes. "They did not do that, and waved through merger after merger after merger, and the people who had that authority, under Democratic administrations and Republican administrations, who were responsible for this failure should not be listened to again, and they should not hold power again."

Dayen is hopeful that Wednesday's hearing may actually spur action --- grant permission, if you will --- to the FTC and DOJ to start upholding those unenforced anti-trust and anti-monopoly laws and regulations that remain on the books. "The only way that gets done is that the momentum from this hearing is built, where a popular movement to understand and work against the power of monopolies is what is going to carry us forward. It has in the past. That's how we got these laws in the first place, because people demanded the political system respond, and it's how we're going to get them now."

I should note here that I make a personal cameo appearance in Dayen's new book (beginning on page 85, if you must know) discussing my own personal experience with the anti-competitive monopoly practices in the media industry, and how the unchecked "sale" of our public airwaves to a handful of mega-media corporations has led directly to all of the various disasters --- political, economic, societal and, yes, medical --- that are now rending apart our very republic.

Dayen, whose indispensable daily "Unsanitized" column at The American Prospect chronicles the continuing eroding state of our national battle with the global coronavirus pandemic and its ever-worsening toll on our economy, closes by bringing us up to date on the disastrous Republican effort to craft a new emergency relief bill in Congress, as expanded unemployment benefits expire and the U.S. Postal Service faces implosion just months away from the largest vote-by-mail election in the nation's history...

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Notwithstanding Donald Trump's 4-Pinocchio claim that low-end wages are on the rise, there is an ample body of evidence that wealth inequality has reached levels not seen since the onset of the Great Depression. Those who study the issue often compare the financial holdings of the privileged few to those of the many.

A 2017 study, for example, revealed that just three individuals – Bill Gates, Warren Buffet and Jeff Bezos – had, at that point, held as much wealth as the bottom 50% of the American population --- some 160 million people. It's a wealth gap that continues to grow exponentially.

Amazon founder and Washington Post owner Jeff Bezos is the Ebenezer Scrooge-like poster child for obscene wealth disparity. Last year, Bezos agreed to pay Amazon employees $15 per hour wages, but only after sustained pressure from Senator Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA), who introduced the StopBezosAct.

At $15 per hour, a full time, 40 hour per week Amazon employee would earn $31,200 per year, before taxes. How generous! According to Business Insider, every 60 seconds, Bezos earns $149,353. That's more than four (4) full-time Amazon employees collectively earn in a year. Bezos' per minute earnings are $56,000 higher than the $93,170 in annual earnings an individual would have to make in order to be placed within the top 10%.

In the minds of most people, $215 million looks like an enormous sum of money, and it is. Business Insider reports that Bezos rakes in $215 million per day, every day, and more than $6.5 billion per year. Amazon, which reported $11.2 billion in earnings last year, did not pay one dime in federal taxes.

While these numbers are essential to understanding our gaping inequality problem, they really don't do much by way of exposing what life is like for those at the bottom end of the scale, to wit: the homeless, who, to many, are simply "invisible" .

In a recently released report (see below) titled, "Paradise Lost", Eric Johnson of Seattle ABC News affiliate, KOMO, takes an in depth look at what wealth disparity has wrought for those at the very bottom --- the 59,000 homeless people in Los Angeles County. Not mentioned by Johnson is that 11% of those struggling to survive without a roof over their heads are U.S. military veterans. The numbers of individuals in L.A. who are slipping into the homeless abyss, according to Johnson, are increasing --- by 16% over the previous year.

Johnson focused on what he described as "the worst man-made disaster in the United States" --- "53 square blocks of suffering and mental illness and drugs on a level that is hard to fathom." For the homeless of L.A., conditions may be even worse than those experienced during the Great Depression. They face what Johnson described as "the long-ignored cousin of addiction and homelessness: disease."

"We have not seen conditions for humans like this since medieval times. Period. And that's a fact," Dr. Drew Pinsky told Johnson. He is, literally, correct...