On today's BradCast: The unspeakable corruption of the Trump 2.0 era is already under way, even before the 2024 election has even been finalized. So what are we all gonna do about it? I've got a few thoughts. [Audio link to full show follows this summary.]

Among our coverage today...

• The Biden Administration's Federal Trade Commission finalized its new rule today banning bait-and-switch junk fees for concert tickets, hotels, vacation rentals and more. The only vote on the FTC against the new rule? The man just named as Trump's incoming Federal Trade Commission Chair, of course.

• The Presidential Electors selected by popular vote in each state met today to officially cast their votes in the 2024 Presidential election in each state capital. And, though I didn't have time to mention it on air, 13 of the Republican Electors who cast votes for Donald Trump today in the Electoral College, in three different states, are currently facing felony charges for fraudulently declaring themselves to be official Electors in the 2020 election. But carrying out official duties as either alleged or convicted felons now seems to be a feature of the Republican Party.

• Convicted felon Donald Trump saw his motion to toss out his 34 state felony convictions rejected by New York Superior Court Justice Juan Merchan late on Monday. The judge, who oversaw Trump's trial for the filing of false business records as part of his hush money payoff scheme to porn star Stormy Daniels to help him cheat to win the 2016 election, denied every argument Trump's attorneys presented in their motion citing the recent ridiculous ruling by corrupt Republicans on the U.S. Supreme Court that Presidents enjoy immunity for all crimes committed while carrying out official acts as President. The hush money scheme, however, took place before Trump became President, and evidence submitted by NY prosecutors during the trial regarding any official acts during Trump's first term as President was not enough to overcome the "overwhelming evidence" of his guilt presented by prosecutors, according to Merchan, who "held the line" on the rule of law, at least for now. It is now all but certain, for the first time in U.S. history, that a convicted felon will be sworn in as President of the United States on January 20th.

• But the corruption and abuse of power on display last week at a major cryptocurrency conference in the United Arab Emirates, as headlined by keynote speaker Eric Trump, the incoming President's son, is almost unfathomable. He hobnobbed with convicted criminals and others currently under investigation for financial crimes, and made clear that his family's new cryptocurrency platform, World Liberty Financial, is now open for business...wink, wink. Wanna buy off the next President of the United States? Here's a perfectly "legal" way to do so, to the tune of however many tens of millions or billions of dollars you'd like to give to the incoming felonious President. The New York Times offered mostly good coverage last week, even as few other media outlets seemed to pick up on the gob-smacking report --- and even as the "paper of record" managed to normalize this unprecedented abuse of power by the Trump Family with one of the greatest understatements of all time: at one point in their story they describe Donald Trump's new crypto-pipeline for bribery, payoffs, money laundering and political favors as little more than "a more relaxed approach during this new administration to business ethics"(!!!)

• So, what to do about all of this? Is there any way to push back? Or is this just the end of the rule of law and American democracy as we know it, as some "militant pessimists" (to paraphrase Josh Marshall in a more family friendly way), have been arguing since Trump's recent election? On that, and on all of our roles as The Opposition, I've got quite a bit to say --- more than I can possibly summarize adequately here. So, please tune in at least for that. It's important.

• Finally, Desi Doyen, who knows quite a bit about overcoming militant pessimism in her 15-year beat on the climate front, joins us for our latest Green News Report, as an "apocalyptic" cyclone unfolds in the excessively warm Indian Ocean; Malaria is on the rise again thanks to climate change; an historic ski resort in Switzerland is forced to call it quits; and, as the Biden Administration, still pushing out historic renewable energy action to the very end, its EPA succeeds in the long-overdue banning of several cancer-causing chemicals...

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Lots of news today on BradCast, though not all of it terrible. It also features not one, but two song and dance men, though only one of them is not a horrible person. Either way, we promise to leave you singing on your way out of the theater. [Audio link to full show follows this summary.]

Among today's stories of note...

• In the largest single-day act of clemency in modern U.S. history, President Joe Biden commuted the sentences of some 1,500 people today who were released from prison to home confinement during the COVID pandemic. As discussed, he also promised "more steps in the weeks ahead."

• The Dept. of Justice's Inspector General released a long-awaited report [PDF] today on the FBI's preparation for what became Donald Trump's January 6, 2021 attack on the U.S. Capitol. Despite years of false claims by MAGA Republicans, including members of Congress, that undercover FBI employees somehow instigated the attack, the I.G. report finds, among other things, that none were present at the Capitol that day.

• Inflation and, specifically, high prices at the grocery store have been cited by many as the reason for Donald Trump's apparent election victory last month. In fact, he ran on promises of lowering prices at the grocery store "very quickly" throughout the campaign. In September, for example, he declared: "Vote Trump and grocery prices will come tumbling down". In October, he promised to "bring your grocery bill way down." And, in an interview that aired on NBC this past Sunday, he attributed his victory, in part, "on groceries" and said again that "we're going to bring those prices way down." Rarely did anyone in the media throughout the campaign press him on how he would lower the cost of groceries. So it seems voters were misinformed enough to believe him and vote for him. And yet, in an interview with Time before Thanksgiving just published today, Trump admits he has no actual plan to lower prices at the grocery store. "It's hard to bring things down once they're up," he told the magazine. "You know, it's very hard." We'll see how long it takes, if it ever does, for MAGA buyers remorse to set in.

• But you know who did help keep your grocery prices low? The Biden Administration's Federal Trade Commission. Biden's progressive Chair of the FTC, Lina Kahn, led a lawsuit against the proposed 2022 merger of grocery giants Kroger and Albertsons, arguing the $20 billion deal would raise prices for consumers and lower pay for the company's 700,000 union workers. This week, a federal judge agreed with the FTC and blocked the merger, at least for now. In the meantime, Trump's nominee to Chair the FTC, Andrew Ferguson (a former clerk for corrupt Justice Clarence Thomas), vows to abandon Khan's tough standards for mergers between powerful American companies.

• North Carolina Republicans took a beating in statewide races in November, losing the contests for Governor, Lt. Governor, Attorney General, Sec. of State and Superintendent of Public Instruction. They also lost their gerrymandered supermajority in the state legislature. So, while they still have the power to do so in their lame-duck session, Republican lawmakers, passed a massive bill under the guise of disaster relief for Hurricane Helene (which simply shifted already existing funding from one account to another) and used the next several hundred pages of the bill to strip many of the key powers from all of the incoming Democratic statewide officials. The outgoing Democratic Governor vetoed the obvious power grab. But, last week, the GOP-controlled Senate used their supermajority to override the veto and, despite an outpouring of protest from voters at the state capital, the GOP-controlled House did the same last night. Nonetheless, I suspect this fight ain't over.

• Finally, Desi Doyen joins us for our latest Green News Report on, among other things, the wildfire in Malibu, California that led to the emergency evacuation of thousands of residents, including film and TV legend Dick Van Dyke, who turns 99 on Friday. Also, on the effort by environmentalists to add Endangered Species Act protections to the quickly disappearing Monarch Butterfly. As Des mentions at the end of today's show, you can leave a public comment here in favor of the Fish and Wildlife Department's effort to protect the butterflies.

  And, as she also discussed, that fantastic and charming and so, so sweet music video and interview with Van Dyke by Coldplay's Chris Martin, released just last week before the fire --- filmed at Van Dyke's Malibu home which, thankfully (as you'll be especially happy to hear after watching the video!), didn't burn down this week, can be seen right here. Never mind today's BradCast for the moment. Go watch that video. We'll be here when you get back. You'll thank us!

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IN TODAY'S RADIO REPORT: Canada's fire season erupts, forcing evacuations, as wildfire smoke chokes U.S. Upper Midwest; Record-breaking increase in carbon dioxide levels in the world's atmosphere; PLUS: Michigan is newest state to sue Big Oil for mounting climate damages... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): Biden's EV tariffs give U.S. automakers a fleeting chance; FERC shakes up power industry with landmark grid rule; El Niño to end by June, La Niña seen in second half of 2024; Cloud brightening study in CA halted by local officials; Greenhouse gas milestone; CO2 levels set record; Alabama uses deed covenants to ward off flooding claims from black residents; Why you CAN recycle pizza boxes, and other recycling myths debunked; World’s top climate scientists expect global heating to blast past 1.5C target... PLUS: Where will you go if your town disappears into the ocean?... and much, MUCH more! ...

If you can get through the troubling news at the top of today's BradCast, we've got far more encouraging news beyond it! [Audio link to full show is posted below this summary.]

First up, the dangerous GOP scheme to use the need to raise the nation's borrowing limit to hold the nation's economy hostage, may come sooner than expected this year. The debt ceiling will have to be raised this year so that we can cover the cost of stuff that Congress and Presidents have already committed to paying for. But, if hardline Republicans who now control the House and its Speaker, Kevin McCarthy, carry out their threats, bumping into our current debt ceiling could place the nation on the brink of the first default of the federal government in U.S. history. Immediate market crashes and millions of layoffs could follow, along with a national and/or global recession and/or depression in the bargain.

According to AP today, the federal government could run out of money as early as this week or as late as March. After that, they will institute "extraordinary measures" to continue paying our bills as long as possible. But unless Congress adopts another increase in the debt ceiling (which is never a problem when a Republican is in the White House) a default could occur as soon as mid-summer. Given the promises made by McCarthy to the hardliners in his caucus last week, in order to win the Speakership on the 15th ballot, this could all get very dangerous very quickly. Especially given the way Republican extremists carry out "negotiations" in the modern age.

Beyond that, we've got some much better news today as we turn our eyes toward Executive Actions and those by Executive Branch agencies to move the nation forward while the GOP brings legislative progress to a screeching halt. On that front, while Joe Biden vowed to be the most labor friendly President in U.S. history (granted, a pretty low bar), his Federal Trade Commission (FTC) Chair, progressive Lina Khan, is working hard to help him keep the promise.

Last month, more than two dozen consumer advocacy groups and labor unions sent a letter to Khan and the other FTC Commissioners asking them to quickly begin the process to create a new rule that would ban the use of non-compete contracts by employers. "Employers’ use of non-compete clauses inflict real and substantial harms on the American worker and the overall U.S. economy without any legitimate justification," the groups argued. "By limiting worker’s mobility, non-competes drive down wages, reduce the formation of new businesses and keep workers stuck in unsafe or hostile workplaces. These one-sided contracts can also unfairly restrain competition in downstream markets by allowing dominant firms to hold on to specialized workers --- think of monopolistic hospitals and surgeons."

Last week, the FTC did precisely as asked, kicking off the rule-making process to ban such contract clauses in all 50 states! Today, we're joined by MATT KENT, competition policy advocate at Public Citizen, one of the letter's signatories, to discuss what his organization described last week as "thrilling" news.

"Non-compete clauses are built into employment contracts to require employees to not work against an employer," Kent tells me. "This was originally used as something for higher level senior executive types, to prevent them from going from boardroom to boardroom. Over the decades, employers realized this was a useful tactic in depressing workers' wages by taking away their leverage to move to another company."

He explains that such clauses are now common for everything from food-service workers to security guards. "In a lot of cases, folks would move to another job only to find out that their former employer was suing them for violating a non-compete, to make an example [of them], and put the fear into workers [and] cut down on their mobility. It's become a major problem."

The text of the FTC's newly proposed rule is "very encouraging," Kent says. "When you do this work, you're ready for disappointment. So we were expecting to see a proposal from the FTC with common carve-outs and exceptions." Instead, they got just about everything they asked for. Nonetheless, changes to the final rule "could still happen. That's the battle ahead of us now at the FTC. But we are very, very excited by the fact that, as proposed right now, the FTC does not include any carve-outs or special exceptions that Big Business could really exploit."

Because of that, he warns, "the business community is going to come hard for this one" both in the courts and during the public comment period which is now open. "The FTC needs to hear from the public," he implores. "More people than you think have a story about someone who has been stuck in a bad situation with a non-compete. People feel afraid to talk about them because they're worried about employer retribution," Kent notes. "But people have the ability to comment anonymously. People who have experiences with non-compete clauses in an employment contract affecting them or their family, now is the time to communicate that to the FTC as they make this rule, because public support is going to be really important."

Also in my conversation today with Kent: Why this rule-making process must be finished quickly to avoid the possibility of the regulation being overturned through the Congressional Review Act after the 2024 elections; excitement among the progressive and labor community about Khan's appointment as FTC Chair; the possibility of revitalizing long-moribund, anti-trade, anti-competition, anti-monopoly laws like the Sherman and Clayton Acts; and whether it's possible or not to find common ground with some members of the Republican right who claim to be troubled by overly-powerful corporate control of everything from Big Tech to Big Grocery...

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The U.S. economy, of course, has been rigged for years. The pandemic, in the meantime, has now made that clearer than ever. Not that the corporate media is bothering to explain it to Americans. So, w try to do so on today's BradCast. [Audio link to full show is posted below this summary.]

But, first up, results from several, eagerly awaited new lab studies on the effectiveness of the mRNA vaccines from Pfizer and Moderna on the Omicron variant have been released over the past 24 hours. Two independent studies, one from South Africa and another from Sweden, along with a press release on findings of a study by Pfizer, all suggest that getting a booster shot as soon as possible is the best way to avoid severe illness both from Omicron and all of the other previously-known variants. We walk you through the details and explain the findings today.

The upshot: Two vaccine doses and natural immunity from COVID is way better against Omicron than just two vaccine doses. Two vaccine doses and a booster shot is as good or better than two doses and COVID. So, unless you want to try your luck by getting COVID to protect yourself against it, a booster shot, right now, is your very best best. That, as infections, hospitalizations and deaths are all beginning to sky-rocket again, as the nation is on the verge of 800,000 COVID deaths.

Next, we've been reporting for the past several weeks on the lousy job the corporate media have been doing in covering what is, overall, a surprisingly robust economic recovery in the first year of the Biden Administration, as the nation (and world) struggles to emerge from our nearly two-year pandemic.

One of the media's worst and most misleading points of coverage has been on the matter of inflation. And, while our regular, global supply chains have certainly become knotted up, leading to legitimate upward price pressures, much of the added costs for goods and services is now thanks to good old profiteering and price fixing by companies which have been enjoying record profits, even during the worst of the pandemic and subsequent supply chain snarls.

As our guest today, author and financial journalist DAVID DAYEN, Executive Editor of The American Prospect recently reported, "In a time of high inflation, you hear a lot about companies 'passing costs' on to customers. In order for companies to maintain their God-given right to earn a profit, they must raise prices to offset the cost of producing goods and getting them into peoples’ hands. And thanks mostly to the hidden risk, exposed by the pandemic, of neoliberal gospels like just-in-time logistics, deregulation, and offshoring, prices really are going up."

"But," he continues, "there’s something else mixed in with this latest bout of inflation. Companies aren’t just passing costs onto us. With corporations using inflation as a cover for raising their prices, you and I are passing profits onto companies."

Dayen, author of the new book Monopolized: Life in the Age of Corporate Power, details how companies are not only profiteering, price-fixing and colluding to do so, they're actually bragging about it, out loud, on corporate earnings calls. That is sending up both stock prices and profits up for hundreds of the most profitable public corporations, many of whom have monopolistically been allowed to corner their markets, giving consumers few, if any, cheaper alternatives for the products and services they sell. Companies that don't play ball --- like Target, which announced they would not be raising prices --- have been punished, in turn, by Wall Street for daring to do so.

"The problem is that we have a business climate today where people have locked in their customer base. Your customers can't escape, because we have a series of consolidated companies that have a stranglehold on market share, and we don't even know that it's happening. You stroll down a grocery aisle and you see hundreds of items, but you don't know that the same handful of companies have created all of them," Dayen explains today. "And that's why you have large companies like Proctor & Gamble and Unilever saying 'We know we can raise prices on people...and we don't have to worry about any kind of material reaction.'" The same is true, of course, with many other companies, such as the Big Oil cartel, which is raking in record profits as raw materials fall, but failing to reflect those falling costs at the pump.

So, what, if anything, can be done about it? Are Presidents and their Administrations actually able to take actions that might roll back the corporate profiteering? Yes, Dayen explains, at least some, both with the use of the bully pulpit --- which, in the model of JFK, Biden has begun to try and do --- and also with the use of existing anti-trust and anti-price-fixing laws that are still on the books today, if rarely enforced.

"It is price-fixing," Dayen tells me. "But we don't spend a whole lot of time on that anymore in America. It's still unlawful. It's still occasionally prosecuted. And now we do have a different regime at places like the Federal Trade Commission, and the anti-trust division at the Justice Department." He believes that several key, progressive Biden appointments at both may be able to "turn the tide" back against corporate mergers and unapologetic (and potentially unlawful) corporate greed. "There is certainly a faction within the White House that feels like this is a serious problem and that we have to do everything possible to stamp it out," he says, but "they're swimming upstream, as it were."

There is a lot on these points to discuss with Dayen today. As well, we also get his reaction to the announcement today that Biden is withdrawing his nomination of Saule Omarova as Comptroller of the Currency, a key banking regulator, after red-baiting by Republican Senators (she was born in the Soviet Union) and concerns from conservative Democrats that she might be too tough on big banks. He also offers his two cents on our complaints, of late, about the terrible job that corporate media are doing in covering both Joe Biden and the economy.

Finally, after months of pretend complaints by Republicans and Democratic Senator Joe Manchin that spending $1.75 trillion in paid-for taxpayer dollars to expand health care, education, child care, elder care, and fight climate change over the next ten years in the Build Back Better bill is just too much money to spend for a poor country like ours, the House on Tuesday night, in record time, passed its latest annual defense spending bill with a lopsided bi-partisan vote in favor (opposed largely only by progressive Democrats). It'll cost nearly one trillion dollar ($768 billion, $24 billion more than the Biden Administration even asked for) for one single year of military spending --- much of which will go to stuff we never use and/or literally blow up.

Priorities.

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The accountability train and unionization train are both chugging forward on today's BradCast. So, that's a good thing! And we've also got a news-packed catch-up episode of the Green News Report following our week off last week. [Audio link to full show is posted below this summary.]

First up, after losing at the U.S. District Court level, Donald Trump had his day before a three-judge panel at the D.C. Circuit Court of Appeals on Tuesday. He is still attempting to block the release of his White House documents related to the attack on the U.S. Capitol which he incited on January 6th in his desperate, last ditch effort to steal the 2020 election. The former President is claiming "executive privilege" to block the release of hundreds of documents, even though he is no longer President or, as the lower court judge declared just weeks ago: "Presidents are not kings and plaintiff is not President". The current President, Joe Biden, has rejected Trump's plea to invoke executive privilege to block the release of the White House records subpoenaed by the bipartisan U.S. House Select Committee investigating the January 6 attack. We detail today's hearing and the arguments made in court on both sides.

Next, in related news, Trump's former Chief of Staff, Mark Meadows, has also been subpoenaed for both documents and testimony by the House Select Committee. Like Steve Bannon before him, Meadows previously ignored those subpoenas, also claiming "executive privilege". But now that Bannon has been indicted on two federal counts of Contempt of Congress for having done so, Meadows appears to be having second thoughts. The Committee now says Meadows is cooperating and plans to sit for a deposition. The question remains as to how much he will actually share with the Committee, which still seems prepared to pull the "Contempt" trigger against him, if necessary.

Also coming up in related accountability news this week: A likely Contempt referral for low-level DoJ Trump lackey Jeffrey Clark, who the disgraced former President almost elevated to Attorney General just prior to January 6th attack, due to his willingness to lie to state legislatures that the DoJ had found fraud in the 2020 election. They didn't. Now, Clark has been refusing fully respond to the Committee's subpoenas and will hopefully pay a price for it in the coming days.

Meanwhile, in some good labor news on Monday, the National Labor Relations Board (NLRB) found in favor of the Retail, Wholesale and Department Store Union (RWDSU)'s complaint that retail giant Amazon unlawfully gamed a unionization vote at its Bessemer, Alabama warehouse earlier this year. The NLRB has now ordered a re-vote for workers this Spring, after they voted against unionization by a 2 to 1 margin following months of pressure, weekly mandatory meetings with anti-union consultants, and all other forms or propaganda from the company during the initial election.

We're joined to discuss the (seemingly) good news from the NLRB by longtime labor historian, author and Distinguished Professor at UC Santa Barbara, NELSON LICHTENSTEIN, who joined us earlier this year to discuss the initial, now nullified unionization vote in Bessemer.

The colorful Lichtenstein explains the history of similar revotes, how frequently they are ordered by the federal labor board and what the odds are of the union winning this time, given the nearly 100 percent turnover in workers at the e-commerce giant's Alabama fulfillment center since the initial vote last March. He also explains that while the NLRB found a number of violations by the company, most of the egregious stuff they did to intimidate workers --- including one-on-one pressure sessions, anti-union propaganda posted in restrooms, offers of $1,000 to quit --- is almost all actually legal under current federal law.

"Once Amazon realized that probably the election would be overturned, they once again began to hold these captive audience meetings," says Lichtenstein. "These are meetings that are called by the company as they lecture to the workers why a union is a bad thing. They're really closer to Maoist re-education camps or Stalinist coercion methods than anything else. That is happening as we speak. Plus, Amazon is also keeping tabs on who the union activists are."

"All this," he argues, "points out that we really need a completely fundamental and radical change in the labor law. And more than just the labor law --- in the whole ethos that surrounds the idea of workers having rights, a voice, and having a union."

As it turns out, there is a new labor law, the Protect the Right to Organize (or PRO) Act, currently pending in Congress. "It would make illegal these captive audience meetings, which are very, very intimidating and authoritarian. It would eliminate that. It would also increase the penalties --- the financial penalties --- on companies for violating the labor law," notes Lichtenstein, the author of some 16 books related to these issues. "Right now, how much does Amazon have to pay for its violation of the labor law, which is creating this new election? Zero. The penalties are utterly trivial."

But the odds for passage of the PRO Act at this time remain long, Lichtenstein concedes. That said, he also notes that both the recently signed bipartisan infrastructure bill and Joe Biden's still-pending Build Back Better social safety net and climate action proposal have quite a few measures that support union labor.

As the "Great Resignation" continues for workers who are finding opportunities with better pay and benefits elsewhere, while the nation tries to move on from the pandemic, Lichtenstein (who recently compared the situation to opportunities for former slaves during the Civil War reconstruction era in a Washington Post op-ed) does suggest a potential way forward for anti-union companies that now face threats of being broken up by Biden's aggressive appointees at federal agencies such as the Federal Trade Commission.

"What needs to happen is this," Lichtenstein advises, "you need to make management come to the conclusion that the lesser evil, the lesser problem in their business model, would be recognizing the union rather than facing the ire of either an aroused public or government action." He tells us that Amazon, Facebook and other Silicon Valley firms are facing a "re-invigoration of anti-trust law in the Biden Administration," which he describes as "actually very pro-labor."

Those companies, he notes, could use some friends, "and an essential ally is labor." Lichtenstein details how such alliances prevented the breakup of big chain stores under anti-trust laws in the 1930s and even at General Motors in the 1950s. "Companies like that said to the labor movement, 'Well, we'll recognize you, if you let us stay big.' And that happened!"

Finally today, Desi Doyen jams about 20 minutes (or more!) of environmental news into our latest 6-minute Green News Report in hopes of getting us at least partially caught up on so much that we missed after taking the last week off for the holiday...

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Yes, inflation is real. But the panic around it is, if you will, wildly inflated and horribly misreported by the American corporate media. As Paul Waldman notes at WaPo this afternoon, "Inflation is a genuine problem, but it's hardly spinning out of control. Inflation PANIC, on the other hand, is getting ridiculous." Our guest on today's BradCast made the same argument last week as the media touched off the panic. He joins us to explain and go even further than Waldman. [Audio link to full show is posted below this summary.]

But, first up, the so-called 'QAnon Shaman' Jacob Chansley, the guy with face paint and a horned hat who took control of the dais in the U.S. Senate during the Trump-incited attack on the U.S. Capitol on January 6, was sentenced to 41 months in prison on Wednesday. That's more than three and a half years, for a man with mental issues who was not particularly violent while serving as a henchman for Trump's attempt to steal the 2020 Presidential election that day. Meanwhile, the organizers and planners of the assault --- namely Donald Trump himself and a whole bunch of others --- have faced zero accountability, much less jail time for their crimes lighting the fire in the first place.

In more accountability news, Arizona's far-right Republican Rep. Paul Gosar was censured by the U.S. House in response to an animated video he posted to Twitter, appearing to show him murdering Rep. Alexandria Ocasio-Cortez (D-NY) and threatening the same for President Biden. House Republicans refused to reprimand him, so a rare censure vote was held today and Gosar was removed from his House committee assignments in the bargain. He's the second Republican to be removed from committee seats this year, after Rep. Marjorie Taylor Greene (R-GA) faced a similar punishment for support of violent threats against Democrats prior to being elected and a similar failure by her own caucus to take action in any way. Accountability is always good, but, as with Chansley's punishment, there are some nuances and concerns worth discussing on this point as well today.

And, before we get to our guest, President Biden on Wednesday asked the Federal Trade Commission to investigate potentially "illegal conduct" by Big Oil companies such as ExxonMobil and Chevron who may be inflating gas prices, even as their profits have risen and the cost of refined fuel has fallen. But the recent spike in prices at the pump has helped fuel economy-wide inflation. That, in turn --- thanks, at least in part, to some really bad reporting by the American corporate media --- has also undercut Biden's approval ratings, and is being used (disingenuously) to try and jeopardize passage of Biden's Build Back Better (BBB) social spending and climate change reconciliation bill.

Unlike the recently signed $1.2 trillion bipartisan infrastructure bill, the $1.75 trillion BBB is fully paid for with increases on taxes to corporations and the wealthy. And, unlike stimulus bills passed recently under both this President and the previous one, the BBB's spending is spread over the next decade, instead of as a quick jolt to the economic system. Thus, the consensus of economic experts is that it will not cause inflation and its expansion of the economy may, in fact, help ease inflation in several ways, particularly for the working class.

Still, West Virginia's obstructionist Democratic Senator Joe Manchin is using inflation fears again to try and put the brakes on the BBB package, and the corporate media are certainly helping him. For example, while largely ignoring undeniably positive news about the economy in recent months --- on everything from record job growth to very low unemployment to three months of rising retail sales --- last week, the media offered breathless reports on new inflation numbers from the U.S. Bureau of Labor and Statistics.

You may recall some of the panic when the media informed us that inflation had risen to a record 6.2% in October! If true, a one month 6.2% increase in prices would be a panic. But, in truth, inflation was just 0.9 percent last month. As our guest today points out, "products that cost $10.00 in September now cost a terrifying $10.09." But lost in the panicked coverage was that the 6.2% rise in retail prices was in comparison to what they were a full year ago, in the middle of the worst of the pandemic. They didn't rise "6.2% in October" as many have misleadingly reported.

But all of that also ignores something else that most Americans do not understand about inflation, according to our guest today: It can actually be good for the working class and very very bad for corporations, in particular, for big banks. That may be just one of the reasons why media are so quick to report on inflation numbers as terrible, terrible news for the country.

We're joined today by JON SCHWARZ of The Intercept to explain all of this, as he detailed recently in an article with what he admits is "a little bit of a troll-y headline", "Inflation is Good for You". In fact, as we discuss, he's not entirely "troll-y" on that point. For one, the booming economy has resulted in rising wages (for the first time in years) at almost the same rate as inflation over the past year. He notes at The Intercept: "As prices increased 6.2 percent over the past year, wages for regular people went up 5.8 percent. In other words, inflation barely touched their purchasing power."

The larger point, however, that he explains today is why inflation can be actually be good for workers but not for big corporations like banks: "Household debt in the United States is a gigantic number, difficult to comprehend. It's like $14.5 trillion --- that is mortgages, credit card debt, student debt, it's a whole bunch of things... And when there's inflation of this kind, 6.2%, that is around $850 billion-worth of that debt falling in value. That is a transfer of wealth from creditors, the people who loaned out the money, to borrowers."

Those creditors/lenders "are the richest people in America, and they are losing a lot of money. And they don't like that! People with tons of money do not like losing enormous amounts of it," Schwarz notes. "Inflation is the absolute worst for people who have loaned out a lot of money. It is something that is never discussed, because it is a sort of clear class issue. It makes you realize that, just as a great economy for regular people is not so great for people at the top, it makes you think about what inflation actually does, and who it affects the most."

While he recognizes that "inflation can be real trouble for some people," (and there is some nuance here) the overall effects are often more positive for the working class and not even particularly harmful to those on a fixed income, such as the elderly living on Social Security, which increases each year as its tied to inflation.

There is a lot to discuss on this matter that the corporate media fail to adequately cover (for reasons which we also discuss) while misleading the nation and delighting Republicans and, yes, Joe Manchin, who has fresh (if false) evidence to use in further cutting back on Biden's Build Back Better agenda or even stopping it dead in its tracks.

Finally, as long as we're myth busting today, Congress is preparing to approve the annual National Defense Authorization Act, with nearly as much spending --- for one single year --- as BBB would cost over ten years. Yet, you'll hear almost nothing about how the U.S. can't afford to spend so much money, or that it might lead to inflation, etc. Sen. Bernie Sanders (I-VT) has a thought or two on all of that, with which we close today's program...

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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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