LOL... @PaoliLion absolutely insisted time and time again that GREED was the cause of inflation. And now the SF Federal Reserve tells him he's wrong. Imagine that?
https://www.cnn.com/2024/05/15/business/inflation-biden-rate-fed/index.html
This runs counters to the argument from some progressives including Sen. Elizabeth Warren, who for years has refocused the inflation argument on corporate greed.
“Right now prices are up at the pump, at the supermarket, and online. At the same time, energy companies, grocery companies, and online retailers are reporting record profits,” Warren said in December 2021. “That’s not simply a pandemic issue. It’s not simply some inevitable economic force of nature. It’s greed—and in some cases, it is flatly illegal.”
More recently, President Joe Biden has called out corporate greed as a reason prices remain high.
“If you take a look at what people have, they have the money to spend. It angers them and angers me that you have to spend more,” Biden told CNN’s Erin Burnett, pointing to the shrinking size of Snickers bars and other food products. “It’s like 20% less for the same price. That’s corporate greed. That’s corporate greed. And we have got to deal with it. And that’s what I’m working on.”
In February, Biden said there are “still too many corporations in America ripping people off. Price gouging, junk fees, greedflation, shrinkflation.”
“America – we’re tired of being played for suckers!” Biden said.
https://www.cnn.com/2024/05/15/business/inflation-biden-rate-fed/index.html
This runs counters to the argument from some progressives including Sen. Elizabeth Warren, who for years has refocused the inflation argument on corporate greed.
“Right now prices are up at the pump, at the supermarket, and online. At the same time, energy companies, grocery companies, and online retailers are reporting record profits,” Warren said in December 2021. “That’s not simply a pandemic issue. It’s not simply some inevitable economic force of nature. It’s greed—and in some cases, it is flatly illegal.”
More recently, President Joe Biden has called out corporate greed as a reason prices remain high.
“If you take a look at what people have, they have the money to spend. It angers them and angers me that you have to spend more,” Biden told CNN’s Erin Burnett, pointing to the shrinking size of Snickers bars and other food products. “It’s like 20% less for the same price. That’s corporate greed. That’s corporate greed. And we have got to deal with it. And that’s what I’m working on.”
In February, Biden said there are “still too many corporations in America ripping people off. Price gouging, junk fees, greedflation, shrinkflation.”
“America – we’re tired of being played for suckers!” Biden said.
