Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people.
Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people. You know how the U.S. was working on giving a $20 billion bailout to Argentina? Well, that’s not happening anymore. Because it’s now a $40 billion bailout. And when asked about the benefit to the United States, Trump admits there really isn’t one.  This image, though slightly outdated because it’s $40 billion, sums it up well.
So with the American farmers and the American taxpayers getting the short end of the stick, who is benefitting from this? Major hedge funds, who happen to be friends with the U.S. Secretary of Treasury, Scott Bessent. In fact, it was reported that “Several major investment funds, including BlackRock, Fidelity, and Pimco, stand to significantly gain from the aid transfer, as do several independent investors with ties to Bessent.” So unless you’re one of those select major hedge funds, you’re probably getting screwed. YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:Sysco  Farmland Purchases 60 Minutes reports on the growing trend of foreign corporations gobbling up farmland. Foreign investors hold over 35 million acres—an area larger than the state of New York. That means U.S. farmland is being controlled by corporations halfway around the world.  SOME GOOD NEWSHow I Became A Populist Former Federal Trade Commission (FTC) Commissioner Alvaro Bedoya has a piece in The New Republic titled “How I Became A Populist” that argues our problems are not left or right, but between the haves and have nots. Bedoya’s piece echoes what motivated me to start this newsletter. ““Populism is not an indictment, but an opportunity. Focusing on the conflict between the haves and the have-nots is not divisive; it’s a way to build coalitions with astonishing potential.” Bedoya joined Morning Joe to discuss.  Montana Takes On Corporate Cash The Citizens United ruling over a decade ago opened up the floodgates to massive amounts of corporate money in our campaigns. Think about the crypto cash that flooded into races across the country last year. This ruling has exacerbated our monopoly crisis, giving massive corporations even more power over our political system. Since Citizens United it has been assumed that either the courts or Congress would have to reverse course, but Montana is testing out a new path forward with the Transparent Election Initiative, a ballot referendum that seeks to use state corporate charter powers to boot corporate cash out of the state’s elections. You can visit the initiative’s website at this link and read writeups by the Center for American Progress and Rolling Stone.
More Populism in California We mentioned last week that The Golden State passed a groundbreaking law prohibiting algorithmic price-fixing. Legislators have kept the wins coming as Governor Newsom signed legislation this week banning the use of employer-driven debt agreements, “stay-or-pay” contracts, and training repayment agreement provisions (TRAPs). California has long prohibited noncompete clauses, so corporations have come up with other innovative ways to limit worker mobility and this law will help address those remaining barriers to liberty. BEFORE YOU GOBefore you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you. Standing Tall for All, J.D. Scholten
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