President Biden is launching a new shrinkflation task force to crack down on the “unfair and illegal pricing” of goods. But is Biden right to blame companies when it’s his economic policies that has caused inflation? “You Will Own Nothing” author Carol Roth joins Glenn to break down why this FTC and DOJ-led task force is actually push for price controls. Plus, Carol weighs in on New York Attorney General Letitia James’ recent attack on the beef industry and how the White House is spreading propaganda through Cookie Monster.

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. We have Carol Roth with us. Carol Roth is a good friend of the program. And also the author of, you will own nothing.

Former investment banker now cares about Main Street.

Carol, how are you?

CAROL: Well, Glenn, you seem a little feisty today, and I always enjoy feisty Glenn. This should be good.

GLENN: Well, I tell you, the Cookie Monster really pissed me off today, because there's no way, that that's a coincidence. That's coordinated propaganda from the White House.

CAROL: Well, I feel like Cookie Monster is the one who got it right. Cookie Monster is not the one who blamed the corporations. I believe it was Joe Biden, right. He just said that his cookies were getting smaller because of shrinkflation.

GLENN: Right.

CAROL: And I think that makes him a better economist than anyone in the Biden administration or in the New York Times. You know, for that matter.

But the reality is that this is a Biden talking point, so they picked up on this, and they said, no, no, no. Cookie Monster, shrinkflation is happening because of the green corporations.

GLENN: So today, they're launching something. And, Carol, I want to get your read on this.

This seems a little terrifying. Joe Biden today is launching a new task force to take on unfair and illegal corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of a cooling inflation rate.

The task force will jointly be led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration's aggressive regulatory agenda over the past three years.

Wow!

What are these illegal -- what did they say?

Illegal --

CAROL: Illegal and unfair. Illegal and unfair pricing. Unfair -- unfair is anything that Biden says doesn't go along with his narrative. And he's really talking out of both sides of his mouth. Or perhaps mumbling outside of both side of his mouth.

On the one hand, he's touting how much the economy is growing.

That things are going well.

That wages are increasing. If that was the case. Corporations should be doing better.

And there is no corporation, that is making any sort of outsized profits. Things like shrinkflation. And what's happening. Our downstream issues from the inflation.

That the Biden administration caused. And certainly the fed caused.

So to now say, we're going to have a task force. That is going to look up unfair and legal pricing practices.

You know, legal is one thing.

There's a certain definition at least today.

Who knows what that could be expanded to. Unfair is obviously anything that they don't happen to believe in or agree with. Or is against their policy.

One of the things we know in economics, across-the-board, price controls don't work.

That's something that creates rationing, and goods shortages.

GLENN: And a black market.

CAROL: Even Paul Krugman, who gets everything wrong. The one thing he's ever gotten right. He's against rent control. Which is one of many of price controls, even he kind of gets the fact that price controls don't work.

Everyone pretty much across-the-board agrees with that. But now they want to come in with the government, and step in. And say, oh, you're earning too much of a profit.

We don't like what you're doing.

You need to lower your prices.

Even though we're imposing this world upon you. That is a recipe of disaster. And obviously, completely the opposite of free market capitalism.

GLENN: Right. It is a fascistic move. When the government tells companies what to do, it's a move that fascists make.

I'm concerned about this, because, you know, with all the public/private partnerships. The ones that are going to get into trouble. Are not the ones doing the bidding of the American government now.

Let me give you an example. New York State attorney, Latisha James, has now filed suit, against JBS, USA food company.

This is the world's largest beef producer.

Accusing him of fraudulent and illegal business activities.

And disgorgement of all profits and ill-gotten gains.

She's using the state's apparatus, to go after beef procures.

But not for any other reason, other than they say, they are shooting for zero e- missions by 2040.

And she says that's fraud.

CAROL: Yes. She's accusing them of what's, quote, unquote, brainwashing. The state has put these different apparatus around these the different companies.

The companies as we know, leaned into those and wanted to sound like they were complying.

And so they said, oh, we're going to do all these things to help the environment. So now she's saying no, it's fraudulent. You haven't done the things that we said, or at least in the way that we said.

And, you know, with JBS. It's a little bit tough obviously. Because they're this huge corporate conglomerate. In some cases, they may have created some issues with the independent farmers. Either way, you're not rooting for the state here to come in.

And this discouragement of profits sounds, by the way, a lot what happened to Donald Trump. So this is anything that people made, we're going to confiscate it.

GLENN: First New York came for the National Rifle Association. I didn't say anything, because I didn't own a rifle. I wasn't a hunter, and I disagree with guns.

Then they came for Donald Trump, but I didn't vote for him. So it didn't matter. Now they're coming for beef.

And, you know, you could go after JBS for unfair business practices in my opinion. Because I'm a rancher.

CAROL: Sure.

GLENN: And I see these -- I believe there's absolute collusion with the three companies that are producing all of the beef in the country.

They're getting rich. The farmers are getting poorer. The ranchers are getting poorer.

So I think you can go after that. But it would have to be legitimate. I don't have the facts.

You could go after them for that. And break that monopoly up. Which I think is -- is fair. But he's not.

She's talking about the rain forest. What the hell does the rain forest have to do with New York?

CAROL: And not only that. This is very war on small business-like, right?

Because these bigger companies will have the Capitol base and the power to withstand at least the first time around, some of these tests from the state. But if you are an independent farmer. Or you are a small business, in some other arena. And they come after you. That's it. You are wiped off the map.

Which just further consolidates, those are exactly the opposite of what you just talked about. It doesn't create this more fair playing field.

It creates these tighter monopolies and do you duopolies. So this is almost like a warning sign to say, hey, maybe you want to get out of this business. Because we're coming after you.

And that seems like the plan. They want to capture and control more and more of our resources. And bring it more along with the state.

And they're finding all of these, frankly, unconstitutional ways, and banana republic sort of ways to do it, and we have to stand up.

GLENN: I have to tell you, you got to get out of New York because they're just going the wrong way. Carol -- and, Stu, I think you know a little bit about this too.

This is the future. Litigation is the way the left is moving. They're going to overwhelm the system, with lawsuits, on anything they disagree.

They're just going to take this.

Look what they're doing to Donald Trump.

That's going to happen everywhere.

STU: Yeah. Law fair is definitely the strangle, right?

They keep coming out. They push these things down the throats of everybody.

And then, what's the response?

Like the good outcome, is you spend years and years and years litigating, and spend tons and tons of money defending yourself.

You're not furthering the economy, you're not furthering your business, you're not helping anybody. You're not making products benefiting anyone. You're just in constant defense mode. And how do you advance yourself that way?

CAROL: And you have to have the capital base to be able to do that.

This is not something for the faint of heart, or if you don't have enough dollars in the bank, this is a very expensive endeavor, to be able to fight this.

So you come out the other end. And it's not guaranteed that you will get restitution for your legal fees or anything else for that matter. It's like, oh. Sorry. I guess we didn't win this particular one.

Or you send up in a corrupt area. And they do end up winning. On something that is baseless, as we saw happening in New York.

So it's very frightening. For anybody that has this.

GLENN: So let me ask you. Hochul came out last time under Trump.

Don't worry. This is Donald Trump-specific.

No. No. No. This is exactly. They are targeting a business they don't like. And theory trying to take it down, with everything the state has in its power.

When -- when does New York cross the Rubicon, and businesses just say, I am out of here?

When does New York collapse economically?

CAROL: It's a really good question. Certainly as a test run, I do think that people, particularly New York has a lot of liberal people, who believe that they -- will not happen to them.

We did see mass movement during COVID.

People who said, I've had enough of these policies.

Certainly, the cost. The crime. All those other issues.

Seen a mass exodus in the state, for places like Florida.

For people who remain, that say, no. This is my home. This is the heartbeat of my soul or whatever it is. They just aren't going to believe that it is going to happen to them, until it happens to one of them.

And then, of course, they make another set of excuses, saying, well, you know, this was different.

And I just think, that's one of the big issues with this country.

We have a lot of people, who are in conditional. And decoupled with reality.

And don't understand. And don't want to frankly understand. The reality of what is happening here, Glenn.

GLENN: Right.

So let me go back to this tribunal.

That the -- that the president is starting today. With the Department of Justice.

And the FDC.

This again, I -- I -- you know, I hate to be such a cynic.

But I -- I have no reason, not to be in this case.

They're going to target the companies that are not falling in line with them.

And how are you -- how are we going to fight this one?

What should these companies do?

And what should the average person do, to prepare? Because this is -- this is really going to go right to the heart of capitalism.

CAROL: Yeah. To think, the one piece of good news, the courts are also working. In some cases, the other way.

And there are groups like Pacific legal foundation. And others, who are these nonprofits, that will stand up, for businesses, and individual rights.

We just saw a -- at least interim win, that Corporate Transparency Act that we had talked about.
The financial crimes network, that was mass-targeting small businesses over the weekend. The Alabama courts had ruled or came out over the weekend, had ruled that it was unconstitutional.

Certainly, we imagined that the Treasury will fight that. If that holds, that shows, that there will be a win.

So there will be these marquee opportunities to push back.

Unfortunately, it's just exhausting.

Because it's like, you go and you kill the ants, and you think that you got everything done. And then the rain comes

And then you have a whole group of them coming back out.

I think we have to stay vigilant. And we have to use our voices.

Because the places where people have spoken up, and said, this is an issue, across-the-board. Whether it's to politicians.

Whether it's to Wall Street.

Wherever it is. Those are the places they backed off. And certainly, they've gone somewhere else.

But things like messing with our food supply, that is an absolute no. And something that everybody should be using their voices.

GLENN: So BlackRock says ESG advocacy say risk-factory for its bottom line.

I told you, don't believe them.

They will repackage.

Carol, I just want to hit this briefly.

Because I've got other things on the economy, I want to talk about.

BlackRock has now said, we're not doing ESG. Too many lawsuits. But we're doing transition investing.

Hmm. What's transition investing?

CAROL: They're transitioning, Glenn.

They want to transition, and they're transitioning, away from ESG.

And they're doing it in infrastructure.

And when they say infrastructure. They mean things like transportation.

Like water. Like sewage. And the like.

So instead of using their client's money to bully companies to make the changes they want. They're like, let's just use our client's money to invest directly into things that are sort of lynch pins, in making a change in their sort of energy cultism, so to speak.

So one of the things they did, they bought a private equity firm. That, actually, specialized in this. Not even just public money. But private money.

This company has about 100 billion in assets, under management. Which is -- not to say is a small amount of money. It's a huge amount of money.

But in terms of BlackRock, it's about 1 percent of their assets under management. Because remember they have about 10 trillion in assets under management.

But it gives them the vehicle to make these direct investments. And the firm they bought, owned things like big pieces of airports around the world. And water and sewage treatment and the like. And so BlackRock is going to be offering more of these investment opportunities, as well as having funds that do that in the public sector.

But the reason, they're doing it. You know, this is not just about control.

This is about following the money, Glenn.

And that is sort of the -- one of the ten polls of ESG. This is a quote from Larry Fink.

Policymakers are only just beginning to implement once in a generation financial incentives, for new infrastructure, technologies, and projects.

So this is not only about control. But this is another cash grab.

They are going to say, well, if we have our friends that we can influence in the government. And we can get them to give more incentives to the projects that we're investing in, then we are going to make more money. And we can achieve our goal. What a great win.

And another way to just completely consolidate money. Take taxpayer money. And find ways to enrich themselves while destroying our lives.

GLENN: That's fantastic.

CAROL: Yep.

GLENN: By the way, one quick thing. We have 90 seconds. We are adding 1 trillion dollars' worth of debt now, every three to four months.

CAROL: Correct. Every 100 days, $1 trillion. I said that you have that one family member in every family, who is the irresponsible one. The one who spends all their money, and then comes begging to you, and saying, they're going to be different this time.

GLENN: Right.

CAROL: The government is that drunk uncle. That is your family member. And unfortunately, there is no -- there is no stopping. But everybody knows the problem.

Like everybody has said this is a problem now. And nobody has the fortitude to do anything about it. We're talking from rating agencies. The Treasury, the Fed, the IMF. You know, major players from Jamie Dimon.

Every single person has come out now and said, this is a massive issue, and nobody is doing anything about this.

GLENN: And when you do this, and you add a trillion dollars every 100 days, to the debt.

Of course, inflation is going to go up.

And that's why you need price controls. And price controls lead to all kinds of bad things.

Don't believe what the mainstream media is telling you.

This is simple mathematics. Period.

Carol, thank you so much.

We'll talk again. God bless.

Carol Roth, the author of the book, you will own nothing.