The FDIC Foils Opportunity to Let Rich Share in Inflation Suffering
INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Batya Ungar-Sargon.
Price and Ungar-Sargon discuss how the Fed has made working Americans the primary target in fighting inflation, passing up on a tremendous opportunity to share the suffering with the rich with the recent bank failures. The Fed is trying to slow down the economy in order to fight inflation. That slow down is hurting average Americans the most. Meanwhile the FDIC is bailing out rich bank depositors who failed to protect their deposits by splitting up their deposits into several banks, knowing that only $250,000 is protected by the government. The federal government may not be bailing out banks, but they are still bailing out the rich at the expense of the working poor and average Americans.
“Her new blockbuster book details how this came to be. “Bad News: How Woke Media Is Undermining Democracy (Encounter Books, October 26, 2021) reveals how American journalism underwent a status revolution over the 20th century, as journalists shifted their focus away from the working class and towards the concerns of their affluent, highly educated peers.
”With the rise of the internet and the implosion of local news, America’s elite news media became nationalized, and journalists, academic and ideological,” she says. “Where once business concerns provided a countervailing force to push back against journalists’ worst tendencies, the pressures of the digital media landscape now align corporate incentives with newsroom crusades’
According to Ungar-Sargon, the moral panic around race, encouraged by today’s elite newsrooms, does nothing but consolidate the power of liberal elites and protect their own economic interests. ‘In the process, the media has abandoned the working class and undermined American democracy,’ she concludes. Bad News explains how and why it happened, and the dangers posed by this trend if it continues unchecked.
“Batya Ungar-Sargon is the Opinion Editor of Newsweek. Before that, she was the opinion editor of the Forward, the largest Jewish media outlet in America. She has written for the New York Times, the Washington Post, Foreign Policy, Newsweek, the New York Review of Books Daily, and other publications. She has appeared numerous times on MSNBC, NBC, the Brian Lehrer Show, NPR, and at other media outlets. She holds a PhD from the University of California, Berkeley.”
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LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE: