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      Peter Thiel

      Behind Trump's Possible Arrest and the Latest Banking Crisis Lurks the Billionaire Oligarchy

      Ultra-rich individuals like Peter Thiel are a key part of the anti-democracy movement, of which Trump is the informal leader.

      Robert Reich
      Mar 24, 2023

      What connects the two biggest stories now dominating the news — Donald Trump’s likely arrest and the Fed’s bailouts of shaky banks?

      Start with multi-billionaire Peter Thiel, and follow the money.

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      Opinion
      peter theil
      Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on March 22, 2023 in Washington, D.C.

      The Fed Accused of 'Playing With Fire' After Latest Rate Hike

      "It shouldn't take a lot of courage to resist another interest rate hike when the economy is this fragile," said one critic.

      Jessica Corbett
      Mar 22, 2023

      Progressive economists and other experts blasted Federal Reserve leadership on Wednesday for raising interest rates yet again despite concerns about recent bank failures and how the quarter-point increase will impact the U.S. and global economies.

      "Once again, interest rate hikes are going to fall hardest on low-wage workers and the poor—the same people who have already been hurt the most by rising prices," tweeted University of California, Berkeley professor and former Labor Secretary Robert Reich. "Higher rates could also imperil more banks, and risk even more financial chaos. The Fed is playing with fire."

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      Federal Reserve
      An illustrative stock chart and Silicon Valley Bank logo

      Bailing Out the Undeserving Rich—Again

      Wealth creates power; power creates more wealth. Unattended, this can become a vicious cycle.

      Robert Reich
      Mar 20, 2023

      Last week’s bailout of small banks (and it was a bank bailout) needs to be seen in the larger context of America’s soaring inequality.

      The standard conservative explanation for why inequality has widened is that individuals are paid what they’re “worth” — and that a few Americans at the top are now worth extraordinary sums while most Americans are not.

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      Opinion
      Bailout
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