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Pitchfork Economics with Nick Hanauer

The Gilded Age of White Collar Crime (with Michael Hobbes)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 11 February 2025

⏱️ 35 minutes

🧾️ Download transcript

Summary

Only a few weeks into his second term, Donald Trump and his billionaire buddies are doing their best to dismantle the federal government's regulatory agencies. So today, we're revisiting a compelling conversation we had in 2020 with journalist and podcast host Michael Hobbes about a piece he wrote in HuffPost titled "The Golden Age of White-Collar Crime." Initially reported against the backdrop of Trump’s first presidency and its alarming erosion of regulatory oversight, Hobbes breaks down the staggering prevalence of elite deviance—where the wealthy evade accountability for crimes that cause immense social harm—and also offers insight into why white-collar crime often goes unchecked. It’s a timely reminder of the consequences of allowing the ultra-wealthy to operate above the law. This episode originally aired on March 10, 2020. Michael Hobbes is a journalist, podcaster, and former senior reporter for HuffPost, known for his in-depth investigations into social issues, economics, and media narratives. He is the co-host of If Books Could Kill and Maintenance Phase, and previously co-hosted You're Wrong About, where he debunked cultural myths and misconceptions. Hobbes has also contributed to outlets like The New Republic, Pacific Standard and Slate covering topics ranging from housing policy to moral panics. Social Media: @michaelhobbes.bsky.social Further reading:  The Golden Age of White Collar Crime Website: http://pitchforkeconomics.com Instagram: @pitchforkeconomics Threads: pitchforkeconomics Bluesky: @pitchforkeconomics.bsky.social Twitter: @PitchforkEcon, @NickHanauer, @civicaction YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Substack: The Pitch

Transcript

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0:00.0

Hey, pitchfork listeners, Goldie here. What with Donald Trump and his billionaire buddy doing their

0:06.1

best to dismantle the federal government's regulatory agencies over the first few weeks of the new

0:12.3

regime? We thought it might be a good time to re-air our conversation with podcaster Michael

0:18.5

Hobbs about what he calls the golden age of white collar crime.

0:23.8

If you thought it was bad four years ago, you ain't seen nothing yet.

0:29.3

The so-called farmer bro has been sentenced to seven years in prison.

0:33.1

Martin Schoherly convicted of defrauding investors.

0:35.8

Corporate bigwigs inflated Enronruns earnings by several hundred million dollars.

0:40.3

A New York Times investigation claims the president was involved in multiple instances of tax fraud.

0:46.3

Bank executives wrecked the global economy.

0:49.3

Only one Wall Street banker was jailed.

0:51.3

Why taller criminals differ from other types of criminals in one important way.

0:55.5

They're much worse.

1:01.3

This is Pitchfork Economics with Nick Hanauer, a podcast about how to build the economy from the middle out.

1:09.4

Welcome to the show.

1:16.8

Thank you. build the economy from the middle out. Welcome to the show. Hey, it's Zach.

1:18.5

I'm the president of Civic Ventures, and I have the pleasure today of talking to Michael Hobbs.

1:25.0

Michael is one of my favorite journalists.

1:26.6

He does some of the most incredible

1:28.2

writing and thinking about current American life and the podcast he hosts digs into some of

1:34.7

the most interesting stories. Today Michael and I are going to talk about the golden age

1:40.3

of white-collar crime, his most recent piece in Huffpo. This is about elite lawbreaking and how

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