Latest news with #RobertReich
New York Times
6 days ago
- Politics
- New York Times
Robert Reich Thinks the Baby Boomers Blew It
For more than four decades, Robert Reich has been ringing the alarm bell about rising inequality in America. He did it as a member of three presidential administrations, including a stint as labor secretary under President Clinton. He did it as a revered professor at U.C. Berkeley, Brandeis and Harvard. He's currently doing it online, where, somewhat improbably, the 79-year-old has become a new-media star, having built a devoted audience of millions across Substack, TikTok and Instagram. Through it all, his message has remained consistent: Inequality — be it economic, racial or political — erodes social trust, diminishes belief in democracy and can create openings for demagogues. Which is why I wanted to talk to Reich about this political moment, one defined in so many ways by a widening gap between the haves and have-nots, and also by growing resistance to that trend. Think here of the economic populist messaging coming from some Republicans, like Josh Hawley, or the rise of young and charismatic politicians who focus on income inequality, people like the democratic socialists Alexandria Ocasio-Cortez and Zohran Mamdani, who won New York City's Democratic mayoral primary just a few days after Reich and I first spoke. But I also wanted to talk to Reich about the personal moment in which he finds himself. He recently retired from teaching after more than 40 years. Indeed, the run-up to his final lecture is the subject of a documentary, 'The Last Class,' which is currently in theaters. Reich also has a memoir on the way, 'Coming Up Short,' which will be published on Aug. 5. In the book, and in our conversation, he reckons with the political failures of his fellow baby boomers, the rise of what he sees as a culture of brutality and bullying and why Democrats have failed to connect with struggling Americans. Subscribe: Apple Podcasts | Spotify | YouTube | Amazon | iHeart | NYT Audio App The title of your memoir is a pun on the fact that you're short, but it also refers to your argument that your generation failed to strengthen democracy, failed to reduce economic inequality and, generally, failed to contain 'the bullies.' What went wrong? We took for granted what our parents and their parents bequeathed to us. I was born in 1946, as were George W. Bush and Bill Clinton and Donald Trump. The so-called greatest generation gave us not only peace and prosperity but the largest middle class the world had ever seen. What I try to understand is how we ended up with Donald Trump. Trump is the consequence, not the cause, of what we are now experiencing. He is the culmination of at least 50 years of a certain kind of neglect. And I say this very personally, because I was part of this failure. It is a reckoning that is deeply personal. Want all of The Times? Subscribe.
Fox News
18-07-2025
- Entertainment
- Fox News
Prominent liberals and media figures declare cuts to PBS, NPR a ‘perilous moment'
Liberal commentators, lawmakers and journalists working for PBS and NPR blasted this week's congressional vote that stripped federal funding from their outlets. Following the Senate, the House of Representatives voted 216 to 213 to pass President Donald Trump's $9 billion rescissions package late Thursday night. When signed by Trump, it will block $8 billion in funding to the U.S. Agency for International Development (USAID) and $1 billion to the Corporation for Public Broadcasting – which funds PBS and NPR – for the remainder of the fiscal year. PBS NewsHour co-anchor Geoff Bennett reacted to the vote on X, stating, "This is a perilous moment for public media — but the resolve is stronger than ever. If you value independent journalism, educational programming, and trusted local coverage, please support your local PBS or NPR station." Other liberals weighed in on the bill's passage. Former U.S. Secretary of Labor Robert Reich posted a reaction to the vote on X. "The Senate just passed Trump's request to cut $1.1 billion in federal funding for public broadcasting. Why is Trump so hell-bent on gutting funds for PBS and NPR? It's part of a larger plan — one where he can control not just what we do, but what we think," he wrote. Additionally, Reich's post featured a video of him explaining to Sesame Street character Elmo how Trump is cutting funds to PBS in order to control information throughout the country. "And Trump, like past authoritarians, wants to control not just what we do, but also how we think," he said in the video. Liberal commentator Molly Jong-Fast declared, "This is so bad." Sen. Dick Durbin, D-Ill., called it the "meanest" vote in Senate history, while fellow Democratic lawmaker Sen. Sheldon Whitehouse, D-R.I., reacted to the vote on X, stating, "The Trump administration and Republicans in Congress have weaponized the rescissions tool to defund their perceived political enemies – public radio, Sesame Street, and starving children overseas. This vote was a test case for the months ahead." NPR critic-at-large Eric Deggans posted, "Tough news. But we'll still keep on doing the work, fairly and accurately." Rep. Pramila Jayapal, D-Wash., posted, "House Republicans just passed Trump's rescissions package — billions of dollars in cuts to public broadcasting that serves rural America and global aid that saves lives. I voted HELL NO." Jayapal also shared her full statement on the vote, which declared, "Simply put, Republicans are stealing from the American people. And yet once again, Republicans are pathetically lining up behind Trump to do whatever he says rather than acting in the best interests of the people they represent."
Yahoo
14-07-2025
- Business
- Yahoo
Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A growing number of U.S. homes are being bought up by investors instead of regular homebuyers, and former Labor Secretary Robert Reich says that's pushing working Americans out of the housing market. 'If we want to make housing affordable for working people, we must get Wall Street out of our homes,' Reich said in a recent post on X. He shared the comment alongside a video in which he lays out how hedge funds and private equity firms have taken over a larger share of the housing market over the past decade. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. Referencing a recent BatchData report, Reich noted that nearly 27% of all U.S. homes sold in the first quarter of this year were purchased by investors—the largest share recorded in over five years. Between 2020 and 2023, the average was 18.5%, according to the translates to 265,000 homes purchased by investors in just the first quarter of this year. Meanwhile, many would-be buyers are sitting on the sidelines due to high mortgage rates and rising prices. 'Rent is skyrocketing and home buying is out of reach for millions,' Reich said in the video he posted on X alongside his comments. 'One big reason why? Wall Street.' Trending: It's no wonder Jeff Bezos holds over $250 million in art — Reich, who served in the Clinton administration, pointed out that investors started ramping up their home purchases after the 2008 financial crisis. "The Street's excessive greed created a housing bubble that burst. Millions of people lost their homes to foreclosure," he said. "Did the Street learn a lesson? Of course not. It got bailed out. Then it began picking off the scraps of the housing market it had just destroyed." Reich said investor activity peaked in 2022 and has recently shifted to buying more modestly priced homes, especially in bigger cities and Sun Belt states areas where affordability is already stretched. He also noted that these investors often target neighborhoods with large communities of color. "In one diverse neighborhood in Charlotte, North Carolina, Wall Street-backed investors bought half of the homes that sold in 2021 and 2022," Reich said. "On a single block, investors bought every house but one and turned them into rentals."Reich warns that this trend is creating a 'vicious cycle.' "First, you're outbid by investors," he said. "Then you may be stuck renting from them at excessive prices that leave you with even less money to put up for a new home. Rinse, repeat." In 2024, Reich supported a Democratic bill that aimed to ban hedge funds and private equity firms from buying or owning single-family homes. "If signed into law, this could increase the supply of homes available to individual buyers," he said in the video. It's now up to President Donald Trump and the current Congress to decide whether any such policies move forward. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . This article Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes' originally appeared on
Yahoo
13-07-2025
- Business
- Yahoo
Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A growing number of U.S. homes are being bought up by investors instead of regular homebuyers, and former Labor Secretary Robert Reich says that's pushing working Americans out of the housing market. 'If we want to make housing affordable for working people, we must get Wall Street out of our homes,' Reich said in a recent post on X. He shared the comment alongside a video in which he lays out how hedge funds and private equity firms have taken over a larger share of the housing market over the past decade. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. Referencing a recent BatchData report, Reich noted that nearly 27% of all U.S. homes sold in the first quarter of this year were purchased by investors—the largest share recorded in over five years. Between 2020 and 2023, the average was 18.5%, according to the translates to 265,000 homes purchased by investors in just the first quarter of this year. Meanwhile, many would-be buyers are sitting on the sidelines due to high mortgage rates and rising prices. 'Rent is skyrocketing and home buying is out of reach for millions,' Reich said in the video he posted on X alongside his comments. 'One big reason why? Wall Street.' Trending: It's no wonder Jeff Bezos holds over $250 million in art — Reich, who served in the Clinton administration, pointed out that investors started ramping up their home purchases after the 2008 financial crisis. "The Street's excessive greed created a housing bubble that burst. Millions of people lost their homes to foreclosure," he said. "Did the Street learn a lesson? Of course not. It got bailed out. Then it began picking off the scraps of the housing market it had just destroyed." Reich said investor activity peaked in 2022 and has recently shifted to buying more modestly priced homes, especially in bigger cities and Sun Belt states areas where affordability is already stretched. He also noted that these investors often target neighborhoods with large communities of color. "In one diverse neighborhood in Charlotte, North Carolina, Wall Street-backed investors bought half of the homes that sold in 2021 and 2022," Reich said. "On a single block, investors bought every house but one and turned them into rentals."Reich warns that this trend is creating a 'vicious cycle.' "First, you're outbid by investors," he said. "Then you may be stuck renting from them at excessive prices that leave you with even less money to put up for a new home. Rinse, repeat." In 2024, Reich supported a Democratic bill that aimed to ban hedge funds and private equity firms from buying or owning single-family homes. "If signed into law, this could increase the supply of homes available to individual buyers," he said in the video. It's now up to President Donald Trump and the current Congress to decide whether any such policies move forward. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . This article Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-07-2025
- Business
- Yahoo
'Are You Really Free If Your Groceries Are So Expensive You Can't Afford Them?' Asks Former FTC Chair Lina Khan, Challenging Corporate Power
For years, Americans have been told the free market is working just fine. But former Federal Trade Commission Chair Lina Khan is pushing back against that idea, saying that growing corporate consolidation is making life harder and more expensive for everyday people. In a recent video with economist and former Labor Secretary Robert Reich, Khan laid out how massive corporations now dominate key industries, leaving Americans with fewer choices and higher costs. 'How 'free' we feel is often tied to how we experience the economy,' Khan said. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." $100k+ in investable assets? – no cost, no obligation. She continued: 'Are you really free if your groceries are so expensive that you can't afford them? Or if your boss can change your work schedule on a whim, or block you from getting a new job?' According to Khan, the problem is extreme market concentration, when a few giant companies control an entire sector. For example, she highlights how only three corporations make over 70% of the cereal sold in the U.S., and three soda makers control over 90% of the soft drink market. Even the beef we buy likely comes from one of just three meatpacking giants. 'This lack of competition can give dominant players the ability to bully and coerce small farmers and manufacturers,' Khan said. 'And it also gives them the power to overcharge you simply because you have fewer options of where to buy from.' Khan noted that 75% of U.S. industries are now more concentrated than they were just two decades ago. Trending: It's no wonder Jeff Bezos holds over $250 million in art — It's not just consumers. Khan explained that concentrated markets also weaken workers' bargaining power. When a few companies control an entire industry, workers often can't move to better jobs because there just aren't enough other employers around. She pointed to the attempted merger between Kroger (NYSE:KR) and Albertsons (NYSE:ACI), which the FTC sued to block and won. 'Because Kroger and Albertsons had to compete for their workers, they had to offer better pay and benefits.' Without that competition, workers would have had fewer job opportunities and less ability to negotiate for better pay or conditions. Khan also criticized noncompete clauses that stop millions of workers, from security guards to doctors, from switching jobs or starting businesses. 'Noncompete clauses can trap workers in abusive workplaces and stifle innovation,' she said, adding that they cost workers hundreds of billions of dollars a year. Khan then warned that consolidation doesn't just hurt wallets, it can endanger lives. In 2024, hurricanes hit the factories of two companies that supply 85% of IV bags and solutions to U.S. hospitals. The result was a widespread shortage. 'That meant that if you got sick, or into an accident, you might not have the ability to get the lifesaving treatments you need,' Khan have also been major shortages of medicines like antibiotics and cancer treatments, which she linked to consolidation and price hikes by drug companies and middlemen. 'Millions of Americans are left rationing the medicines they need—or even skipping them entirely,' she said. Khan rejected the idea that this trend is just capitalism working as intended. 'Having fewer and fewer corporations controlling more and more of their markets is not some inevitability,' she said. 'It's a result of policy decisions that our enforcers and regulators make.' During her time at the FTC, Khan sued to block harmful mergers and cracked down on abusive practices. She said it was a start, but that more needs to be done. 'We need to keep demanding that our leaders vigorously enforce anti-monopoly laws to tackle unchecked corporate power.' Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are using this platform to Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? KROGER (KR): Free Stock Analysis Report ALBERTSONS COMPANIES (ACI): Free Stock Analysis Report This article 'Are You Really Free If Your Groceries Are So Expensive You Can't Afford Them?' Asks Former FTC Chair Lina Khan, Challenging Corporate Power originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
