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Are we in a "billionaire moment"? Three are running for president — if you can count Trump. Two progressive candidates are running on ambitious policies that would require hefty taxes on billionaires. And with the threat of those taxes hanging in the balance, several billionaires have recently begun lobbying the American people through the media. Speaking with Bob, former Labor Secretary Robert Reich argues that we're well into a second gilded age. Much like the economy in the late 1800's, a small group of monopolists, old money heirs, and Wall Street executives have amassed more money than the bottom 50% of Americans. In lieu of paying more taxes, our richest citizens have rebuffed populist anger by donating to charities and do-good foundations. But, is that a fair trade off?
In his new book, Goliath: The 100-Year War Between Monopoly Power and Democracy, Matt Stoller argues that "philanthropy capitalism" and lax antitrust enforcement are doing fatal damage to our society. He and Bob dig into the forgotten history of Microsoft's antitrust trial, to demonstrate how many of today's most generous philanthropists have often bullied and manipulated their way to wield power.