'Massive coverage of the war in Ukraine does not offend advertisers, while the corporate war on consumers directly involves corporate advertisers.'
"Massive coverage of the war in Ukraine does not offend advertisers, while the corporate war on consumers directly involves corporate advertisers."It is exceedingly rare for a major congressional committee to hold hearings on “corporate greed” leading to corporate profiteering and surging prices on consumer goods.
However, at the Senate hearing, Sanders chose to focus on the economic exploitation of consumers. Here is his introductory remark: Big corporations always have misleading, but plausible excuses. They are currently blaming the war in Ukraine, the Covid-19 pandemic, and the global supply chain pile-up in our ports for high prices. Well, who created the supply chain requiring U.S. consumers to buy all kinds of products from countries thousands of miles away that could have been produced here in the USA? It was Big Business CEOs who pushed corporate-managed “free trade” agreements through from Washington to Beijing.
“If markets were competitive,” he continued, “companies would keep their prices down to prevent competitors from grabbing away customers.” The reason they’re raising prices rather than absorbing increased costs is that they have pricing power in their locales,” as does Proctor & Gamble for diapers and toilet paper. In addition to their soaring profits, Reich showed how corporations even make money off of inflation beyond their rising costs.
The media blackout on Sanders’s hearing is partly the Senator’s fault. He knows how to hold a highly energetic public hearing. You have witnesses who have worked in the trenches against corporate profiteering, victims of these profiteers, and subpoenaing corporate executives like Tim Cook of Apple if they don’t testify voluntarily. There also needs to be proponents of strong corporate crime legislation.
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