Robert ReichExxon just reported record profits for the first quarter of this year, raking in $11.43 billion. The oil giant now has $33 billion cash on hand.
Say it with me, corporate greed is driving inflation, not workers demanding better wages and benefits.
bassplayer@rbreich Corporate greed, while being evil, has less impact on inflation than the monetary policy of the Federal Reserve and Treasury. Seems a bit disingenuous to say otherwise.
Steve Popovich@bassplayer except that corporate greed at least appears to be driving Fed policies. Who, except corporations, does intentionally throwing millions of people into unemployment benefit?
@sspopovich It's my understanding that layoffs are the result of corporations anticipating unfavorable market conditions which usually are a result of higher interest rates. Gensler has repeatedly said unemployment is too low. The only knob he has is interest rates. Some indicators have recently been favorable but I'm anticipating another 25 basis points and more layoffs. Don't get me wrong corporate greed is bad but I see the Fed and Treasury with their fingers on the scale
@sspopovich FDIC bailed out SVB and another more recently. That money comes from somewhere.