A tech CEO admitted to Wall Street analysts that he has been praying for inflation. Mike Papantonio & Farron Cousins discuss more.

Transcript:

*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Mike Papantonio:             A tech CEO admitted to Wall Street analysts that he’s been praying for inflation. I don’t think I could have made this up. This, this, this, the reason the CEO is praying for inflation is because as inflation rises, they get to hide, they get to hide behind this price gouging that they engage in. This guy admitted it. He said, I’m, I’m doing an Indian, what was it, I’m doing an Indian dance.

Farron Cousins:                  Yeah.

Mike Papantonio:             To make inflation take place in the United States. And, and, and now he’s jubilant that it’s working.

Farron Cousins:                  Yeah, absolutely. This is the CEO of Iron Mountain, which is a data management storage company. So a, a tech CEO and he’s out there bragging to these Wall Street analysts about how they game the system. We watch as inflation goes up and, yes, we have to adjust our costs for the new cost of doing business, but then we’ll tack on a little extra here to pad our bottom line. And he, he admitted that’s where that money goes. We are, are living right now with corporate profits at the highest level they have been since 1950.

Mike Papantonio:             72 years. That’s right. 72 years these profits haven’t been as high, this high for corporations and, and this guy wants more inflation so he can raise them some more. Now you’ve, you’ve, you and I have talked about this idea. Once they get to, to a, a plateau, we’ve reached this plateau, we’ve raised the price to this plateau, whether it’s fuel, food, medicine, whatever, then it’s very difficult to get that plateau to change in a downward position.

Farron Cousins:                  Right.

Mike Papantonio:             So once they get there, it’s a huge victory, isn’t it?

Farron Cousins:                  Yeah.

Mike Papantonio:             And so that’s what this guy’s proclaiming. This is, this is a way for us to hide our greedy price gouging and once we get there, we’re gonna be in really good shape because people aren’t gonna mess with it for a very long time. But the truth is, what really bothers me about this story is the lack of effort by the Federal Reserve.

Farron Cousins:                 Yeah.

Mike Papantonio:             They’re not doing anything to stop price gouging, but what they’re trying to do is put more Americans outta work by saying, we’re gonna increase, we, we’re gonna continue, continue to raise interest rates. And they know what that does to the labor market. Right now you got three, three jobs for every one person applying. They have a choice. They can go, well, who’s gonna pay me the most? The Fed wants it down to one, if that.

Farron Cousins:                  Yeah.

Mike Papantonio:             So, I mean, this is an ugly.

Farron Cousins:                  It, it is sick, especially when you hear the comments that men like this make out there bragging about jacking up prices because they can. And then the government says, okay, well we’re gonna stick it to the workers.

Mike Papantonio:             Yeah.

Farron Cousins:                  We need to get wages down is what they’re telling us because apparently the, the working class people making $30,000, you’re the problem. Not people like this. That is absolutely insane. Americans have to suffer so that guys like this can pocket more money every year. And we do nothing about it. A couple people, you know, Sanders and Warren of course the usual suspects.

Mike Papantonio:             Mm-hmm.

Farron Cousins:                  They’ve called this out. They want to do something, but they can’t get anybody else on board.

Mike Papantonio:             Yeah. No grounds. I mean, they can’t get any action, there on the ground to action. The Federal Reserve could do something.

Farron Cousins:                  Yeah.

Mike Papantonio:             The, the, the president, the, the, the White House could do something where it comes to this price gouging. That’s all it is.

Mike Papantonio is an American attorney and television and radio talk show host. He is past president of The National Trial Lawyers, the most prestigious trial lawyer association in America; and is one of the few living attorneys inducted into the Trial Lawyer Hall of Fame. He hosts the international television show "America's Lawyer"; and co-hosts Ring of Fire Radio, a nationally syndicated weekly radio program, with Robert F. Kennedy, Jr. and Sam Seder.