TEACHOUT, PROFESSOR AT FORDHAM
LAW SCHOOL AND AUTHOR.
JENNIFER, WELCOME TO THE SHOW.
YOU WERE A BERNIE SANDERS
SUPPORTER IN 2020, A BIG JOE
BIDEN CRITIC, I REMEMBER WELL.
HOW SURPRISED ARE YOU BY THIS
TRUST BUSTING, POPULIST ECONOMIC
ANNOUNCEMENT TODAY FROM THIS
PRESIDENT?
>> ACTUALLY AT THIS POINT ITS A
LITTLE LESS SURPRISING.
BUT IF YOU WOULD HAVE ASKED ME A
YEAR AGO, I WOULD BE VERY
SURPRISED.
ILL EXPLAIN.
HES MADE A SERIES OF EXCITING
CHOICES, PARTICULARLY APPOINTING
LENA KHAN AND BRINGING IN TIM WU
TO THE WHITE HOUSE, BRINGING IN
ECONOMIC POPULISTS TO KEY
POSITIONS.
HAVING SAID THAT, TODAYS MOVE
WAS A REALLY SIGNIFICANT SIGNAL
FROM THE TOP.
ITS JOE BIDEN HIMSELF SAYING IN
AN EXTRAORDINARY SPEECH, YOU
QUOTED PART OF IT, THAT THE
ECONOMIC POLICY OF THE LAST 40
YEARS HAS FAILED.
AND HE ACTUALLY, IN BOTH THE
SPEECH AND THE COMMENTS
ACCOMPANYING THE 72 DIRECTIVES,
USED THE LANGUAGE OF FAILURE,
SAYING THE LAST 40 YEARS WEVE
GONE ALONG AND ALLOWED FOR
CORPORATE CONCENTRATION, WHICH
IS BAD FOR WORKERS, BAD
CERTAINLY FOR CONSUMER PRICES,
AND BAD FOR INEQUALITY.
IT REALLY WAS A STATEMENT OF
ECONOMIC PHILOSOPHY THAT WAS
REALLY EXCITING TO SEE.
>> OUT OF ALL THE THINGS HE
ANNOUNCED TODAY, AND HE
ANNOUNCED A LOT, 70 DIFFERENT
DIRECTIVES, ONLY SOME OF WHICH I
MENTIONED A MOMENT AGO, WHAT
STOOD OUT TO YOU THE MOST?
WHAT DO YOU THINK IS THE MOST
IMPORTANT AND MOST SIGNIFICANT?
>> I THINK THE MOST IMPORTANT
ARE THE SUITE OF DIRECTIVES
RELATED TO LABOR MARKETS.
AND WHAT WE HAVE SEEN, AGAIN,
FOR GENERATIONS, IS THAT THE
FEDERAL TRADE COMMISSION AND
OTHER ENFORCERS HAVE FOCUSED ON
CONSUMER PRICES.
AND IN AS MUCH AS THEY HAVE USED
THEIR POWER, IT HAS BEEN REALLY
FOCUSED ON CONSUMER WELFARE.
THERE IS A SERIES OF DIRECTIVES,
INCLUDING TO BAN NONCOMPETE
AGREEMENTS.
ITS REALLY SIGNIFICANT.
THIS AFFECTS MAYBE 30 MILLION
AMERICANS.
AND YOU CAN SEE BIDEN GET REALLY
WORKED UP ABOUT THE UNFAIRNESS
OF THIS, THAT WE ALLOW COMPANIES
TO SAY, HEY, YOU CAN ONLY WORK
FOR ME IF YOU AGREE TO NOT WORK
FOR MY COMPETITORS.
THIS IS THE EPITOME OF
ANTICOMPETITIVE PRACTICE.
ITS THOSE PARTICULAR RULES BUT
ALSO THE FACT THAT HE IS
FOCUSING ON LABOR MARKETS AND
WHAT WE WOULD CALL MONOPSONY
POWER WHERE THE BUYER OF LABOR
AND OTHER PRODUCTS USES THEIR
BUYING POWER TO SQUEEZE VALUE.
THERES ANOTHER SIGNIFICANT
DIRECTIVE ADDRESSING MAKING SURE
THAT --
>> SO FOR THESE BIG BUYERS,
THESE BIG CORPORATIONS, THEYRE
NOT JUST GOING TO SIT BACK AND
TAKE THIS, ARE THEY?
THEY HAVE THEIR ARMY OF
LOBBYISTS, THE MEMBERS OF
CONGRESS THEY FUND ON BOTH SIDES
OF THE AISLE.
WHAT SHOULD WE EXPECT IN TERMS
OF CORPORATE BACKLASH TO THIS
REALLY IMPORTANT ANTI-MONOPOLY
EXECUTIVE ORDER?
>> THERE ARE THREE THINGS BIDEN
DID TODAY.
ONE IS HE LAID OUT A VISION, THE
SECOND IS HE ISSUED THESE
DIRECTIVES, AND THIRD IS HE SET
UP A COUNCIL TO RIDE HERD ON THE
AGENCIES TO MAKE SURE THEY WOULD
FOLLOW THROUGH.
I THINK THATS ACTUALLY QUITE
IMPORTANT, BECAUSE WHAT YOU KNOW
IS HAPPENING ALREADY IS SWARMING
AND SWAMPING THE AGENTS WITH
CORPORATE ARGUMENTS AGAINST THIS
KIND OF RULE MAKING.
SO ITS IMPORTANT THAT BIDEN
MADE CLEAR THAT ITS NOT JUST A
MOMENT IN TIME WHERE HE ISSUES
THESE DIRECTIVES, BUT THE WHITE
HOUSE WILL BE FOLLOWING UP.
WHAT HAVE YOU DONE, WHY HAVENT
YOU DONE IT, WHAT IS YOUR
ARGUMENT HERE FOR NOT MOVING
FAST?
AND FOR A LONG TIME, ESPECIALLY
FROM THE DEMOCRATIC CAMP, YOUVE
SEEN HESITATION TO USE RULE
MAKING.
AND THIS IS VERY CLEARLY A
RECOGNITION THAT THE AGENCIES
ARE GOING TO BE RUNNING INTO
LOBBYISTS, SO THE WHITE HOUSE
NEEDS TO BE THE COUNTERVAILING
FORCE, GIVING THOSE AGENCIES
THAT WANT TO ACT, THE COVER.
AND REALLY KICKING THOSE THAT
WANT TO RELAX BACK INTO A LESS
AGGRESSIVE MODE, TO SAY, HEY,
GET YOUR ACT TOGETHER, WEVE GOT
TO -- AS BIDEN SAID, A MAJOR
PROBLEM, A MAJOR PROBLEM IN OUR