What Ever Happened to Antitrust?

Featured Story

The May 20 settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the biggest price-fixing conspiracy in modern history. It was a “brazen display of collusion” that went on for years, said Attorney General Loretta Lynch. But there will be no trial [and] no executive will go to jail. The fines … will be treated by the banks as costs of doing business. America used to have antitrust laws that permanently stopped corporations from monopolizing markets.

No longer. The result has been higher prices for the many, and higher profits for the few. It’s a hidden upward redistribution from the majority of Americans to corporate executives and wealthy shareholders. Similar upward distributions are occurring elsewhere in the economy. The four largest food companies control 82 percent of beef packing, 85 percent of soybean processing, 63 percent of pork packing, and 53 percent of chicken processing. Monsanto alone owns the key genetic traits to more than 90 percent of the soybeans planted by farmers in the United States, and 80 percent of the corn. Big Agribusiness wants to keep it this way. The list goes on, industry after industry, across the economy. Antitrust has been ambushed by the giant companies it was designed to contain. The market is rigged. And unless government unrigs it through bold antitrust action to restore competition, the upward distributions hidden inside the “free market” will become even larger.

Note: The above article was written by former US Secretary of Labor and current professor of public policy at UC Berkeley Robert Reich. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry and the income inequalitythat this contributes to.

StevieRay Hansen
Editor, Bankster Crime

MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…

Loading

Don't Miss

“This Is a Fraud” – Wework Co-Founder Cashes out $700m as IPO Looms

By StevieRay Hansen

Greed and a desire for riches are traps that bring ruin and destruction. “The love of money is a root of all kinds of evil,”…

Loading

Read More

Absolute Power Molests Absolutely Birth Pains

By StevieRay Hansen

Generally speaking, the ungodly are those who do not know God through Jesus Christ. They have rejected God’s Son and remain in their sins. Those…

Loading

Read More

Ray Dalio Warns A “New Paradigm” Is Coming: “Buy Gold, Sell Stocks”

By StevieRay Hansen

The principle Jesus teaches in Luke 16:9 is that everything we own should be used to further God’s kingdom. We are God’s stewards. Just as the unjust…

Loading

Read More

This Isn’t Normal: 20 Large Quakes Have Hit California Within The Last 24 Hours Birth Pains

By StevieRay Hansen

Strange sounds in the sky, which some call “sky trumpets” or “sky quakes,” have been reported from around the world in recent years. People in…

Loading

Read More

Bank Run: Deutsche Bank Clients Are Pulling $1 Billion A Day, Birth Pains

By StevieRay Hansen

A bank run occurs when a large number of people withdraw their money from a bank because they believe the bank may cease to function…

Loading

Read More

StevieRay Hansen

In his riveting memoir, "A Long Journey Home", StevieRay Hansen will lead you through his incredible journey from homeless kid to multimillionaire oilman willing to give a helping hand to other throwaway kids. Available on Amazon.

Leave a Comment