Organized Money

At the height of Trump’s tariff spree, when he kept ratcheting up taxes on Chinese imports, China struck back by withholding an under-discussed but essential resource: rare earth minerals. These elements are crucial to nearly all modern electronics, vehicles, and weaponry, and play a vital role in high-tech manufacturing. The business world quickly sounded the alarm. Some companies, like General Motors, even slowed or stopped production on certain vehicle models due to the supply bottleneck.Today on the show, Matt and David talk with Alex Jacquez, former Special Assistant to the President for Economic Development and Industrial Strategy under President Biden, now Chief of Policy and Advocacy at Groundwork Collaborative, about how China gained such a powerful advantage, and why something so important was largely overlooked for so long. If you love Organized Money, support us! Visit OrganizedMoney.fm to donate.

After file-sharing decimated the music industry in the late 1990&aposs, tech platforms, and music publishers spent years finding a profitable solution to the problem of free music. Spotify was the result. For investors and major labels, Spotify was a triumph: it revitalized the business of recorded music, and accommodated a public that had grown used to having instant, on-demand access. But for artists and smaller labels, it has only exacerbated the problem of making a living. Today on the show, Matt and David talk to Liz Pelly, author of the new book Mood Machine: The Rise Of Spotify And The Cost Of The Perfect Playlist, to find out how the dominant platform in music streaming was founded, how its algorithmically driven recommendation system flattens musical taste, and how its "payola-like" activities skirt the regulations that governed terrestrial radio for decades. Support Organized Money by subscribing at OrganizedMoney.fm, it helps keep the show going. 

Zohran Mamdani&aposs triumph in New York City&aposs democratic mayoral primary is sending shockwaves through the political strata: As the populist wing celebrates, establishment Democrats are scrambling to make meaning of his upset, and big-money financiers are holding secret meetings to address "the Zohran situation".On today&aposs episode, Matt and David bring back friend of the show, Zephyr Teachout, to ask how Mamdani did it. Zephyr ran for governor against Cuomo in 2014, and her background as an attorney, professor, and candidate helps us understand what Mamdani&aposs win means for the future of New York City politics, and the party as a whole.  

This week, the film giant Warner Bros. announced plans to split into two separate companies: one for its flagship brand HBO and its growing streaming service, HBO Max; the other for its declining linear TV assets, like CNN and TNT. It’s a sharp reversal—just a few years ago, Warner Bros. merged with Discovery under CEO David Zaslav, forming the very partnership they&aposre now unwinding. Today on the show, Matt and David welcome the editorial director and columnist for The Ankler, Richard Rushfield, to talk through the WB de-merger, the gloomy state of the Hollywood business, and why the industry just can’t seem to get its act together.

All over the country, corporate consolidation of doctor’s offices has exploded in recent years.  Most states have longstanding laws on the books forbidding corporate entities from controlling medical decision-making, but large corporations like United Health have managed to weasel their way in via loopholes. Recently, the state of Oregon passed a new bill that closed the exceptions that made these corporate takeovers possible. Today on the show Matt and Dave talk with Oregon House Majority Leader Representative Ben Bowman, who spearheaded the bill, and Hayden Rooke-Ley, Senior Fellow for Healthcare at the American Economic Liberties Project to discuss how we got here, and how the bill attempts to return medical decision-making to the physicians who actually have a stake in their patient’s wellbeing. You can read more about Rep. Bowman&aposs bill on Matt&aposs newsletter Big.If you love Organized Money, support us! You can donate and help us keep the show going at OrganizedMoney.fm

We’re over thirty episodes deep into Organized Money, and on today’s episode, we’re looking back at some of the topics we’ve covered, and where they stand today. Matt and David discuss recent developments in the Google case, pharmacy benefit manager reform, the legal state of non-competes, tariffs, surveillance pricing, and more—and yes, there is (some) good news.They also dive into Trump’s “Big Beautiful Bill,” which proposes cutting Medicaid, banning state-led AI regulation, reforming student loans, slashing taxes for the wealthiest Americans, and subsidizing financial capital. The bill has already passed the House of Representatives but now faces trouble in the Senate. The hosts break down what’s likely to survive the reconciliation process—and what’s likely to be cut.We’re also kicking off a fund drive! If you love Organized Money and want to support us, consider contributing at OrganizedMoney.fm.

Ever wonder why the price of your rent or even a bag of frozen potatoes seems to jump for no clear reason? It could be the result of “surveillance pricing”—where companies use your personal data and powerful algorithms to set prices just for you, often squeezing consumers and renters alike. Matt chats with antitrust lawyer Lee Hepner about the rise of these new forms of price fixing. They dig into the RealPage scandal, where software allegedly helped landlords coordinate rent hikes across millions of apartments, even during a housing crisis, and explain how similar tactics are cropping up everywhere from meatpacking to everyday retail. Lee describes how state and federal lawmakers are scrambling to catch up but warns that this is part of a dangerous trend  towards an economy that is structured by large corporations.

"I was served papers while picking up my children from school." That was the beginning of Arizona real estate broker Courtney Van Kott&aposs shocking six-year legal nightmare to fight a non-compete. As a young mother just starting in real estate, Courtney tells Matt she was pressured to sign a contract requiring her to pay 75% of commissions earned for three years after leaving her team—even for clients she found herself. After moving to a new brokerage, she faced a lawsuit demanding hundreds of thousands of dollars, enduring years of litigation before finally winning her case. Their conversation reveals the devastating personal and industry-wide impacts of non-competes, especially for independent contractors. While the Federal Trade Commission attempted to ban most non-competes nationwide in 2024, that rule remains blocked in court, leaving a patchwork of state laws and ongoing uncertainty for millions of American workers like Courtney.

Ever wonder how corporations gained so much power? In this episode, David and Matt explore a pivotal moment in the 1970s when Supreme Court Justice Lewis Powell wrote a memo that would reshape American capitalism. Guests David Seligman and Luke Goldstein explain how Powell&aposs legal maneuvering essentially rewrote antitrust rules, enabling corporations to use "vertical restraints" to dominate markets, workers, and consumers. From hospital supply shortages to gig worker contracts, we explore how these 1970s legal shifts continue to shape economic power and everyday life, examining the ongoing impact of Powell&aposs legacy on monopoly power and corporate control.

We’re diving back into tariffs! This time, David and Matt chat with Mike Beckham, co-founder and CEO of Simple Modern, to break down what the new U.S. tariffs on Chinese imports really mean for businesses and shoppers. Mike shares his firsthand stories from the trenches of global supply chains and his efforts to bring manufacturing back to the U.S. and why that’s way harder than it sounds. He explains how these tariffs could cause even more chaos than we saw during the pandemic, thanks to America’s shrinking know-how in things like tooling and missing infrastructure. Plus, Mike pulls back the curtain on Amazon’s business model, the real price of “free shipping,” and how algorithms, not people, are running the show.

What’s the real-world fallout of the newly imposed 145% tariffs on Chinese imports? Matt and David speak to Molson Hart, someone smack in the middle of the current tariff debate. Molson is an entrepreneur and toy company founder with firsthand experience in global manufacturing. He breaks down the step-by-step journey of a product from design to delivery-and how these tariffs have abruptly halted shipments, risking layoffs in ports, trucking, and warehouses long before consumers feel the shortages. This behind the scenes look into supply chains, including Hart’s experience working in a Chinese factory, make clear how quickly a trade war can ripple through the economy, impact everyday products, and upend the lives of workers and business owners alike. Learn more about Molson Hart&aposs work on his site.

Today, we go courtside at two landmark tech antitrust trials unfolding in the DC District Court: the Department of Justice’s remedy hearing against Google, and the Federal Trade Commission’s monopolization case targeting Meta (Facebook). David and Matt speak with two lawyers and antitrust experts Laurel Kilgore and Brendan Benedict who are covering the trials. The Google case is all about what punishment fits the crime after they were found guilty of monopolizing search - should they have to sell off Chrome? Meanwhile, the Meta trial is digging into whether the company crushed competition by gobbling up Instagram and WhatsApp.The fact that these high-stakes antitrust cases are happening in the midst of all the political chaos may represent the system actually working and the rule of law reining in corporate power. Check out Brendan&aposs coverage of the Meta trial at Big Tech On Trial.

Spurred on by Trump, Covid, and climate change, leaders are taking a more hands-on approach to shaping markets that would be seen as impossible a few years ago—but as our guest today argues, this kind of marketcraft is actually a long American tradition. Today, Matt and David welcome Chris Hughes, one of Facebook&aposs founders, to the show to talk about his new book Marketcrafters. The book demolishes the myth that government and the free market were ever truly separate entities and examines the oft-forgotten stories of how policymakers on both sides of the aisle have used their power to craft markets to both good and bad ends.This week also marks the beginning of the FTC&aposs trial against Meta, an action Chris called for back in 2019 in The New York Times. We get Chris&aposs take on the trial, plus a dispatch from Matt, who has been watching the proceedings go down at the courthouse. To learn about Chris&aposs new book Marketcrafters, check out his Substack: https://chrishughes749530.substack.comRead Chris&aposs 2019 op-ed calling for Facebook to be broken up: https://www.nytimes.com/2019/05/09/opinion/sunday/chris-hughes-facebook-zuckerberg.html

Ever wonder what it&aposs like to take on Google with a tiny government team?  In this episode David and Matt are back with part two of their interview with Jonathan Kanter, who until recently led the DOJ&aposs antitrust team.  Kanter doesn&apost hold back, sharing what really happens when you sue tech giants, meatpackers, and ticket monopolies while working with government resources (read: not much). He talks about the challenges, the courtroom drama, and even brings some laughs to the table—somehow Groucho Marx glasses get involved! It&aposs a fascinating insider look at fighting corporate power from someone who&aposs actually been in the room. 

Since taking office in January, Trump has issued several executive orders targeting major Democratic-aligned law firms, revoking their security clearances and threatening the government contracts of their clients. These law firms are among the "big law" firms that not only wield a great deal of money and power in Washington but also play a significant role in the political establishments of both parties. In this episode, Matt and David deconstruct how big law works with Jonathan Kanter, former head of the Antitrust Division of the Justice Department and a former partner at a big law firm. They discuss how these firms make their money, how they became so deeply enmeshed in our politics, and the consequences of Trump&aposs actions, including the chilling effect they are having and the potential for a new way of organizing the Democratic Party. This is part 1 of a 2 part episode with Jonathan Kanter, next week we discuss his work at the Antitrust Division, and the future of anti-monopoly policy. 

Why is it that Walmart can sell bananas for less than what an independent grocer pays for it wholesale? In this episode, David and Matt expose how major retailers like Walmart and Dollar Stores use their sheer size to strong-arm suppliers into giving them special deals—while smaller, independent grocers are stuck paying higher prices. They talk to Randy Arceneaux, CEO of Affiliated Foods, and antitrust lawyer Chris Jones about how this system is not only unfair but likely illegal under the long-ignored Robinson-Patman Act, which bans price discrimination. From grocery wholesalers forced to “subsidize” Walmart, to toilet paper and pet food shortages that only seem to affect smaller stores, to how credit card fees hit independents much harder, this episode unpacks how monopolistic practices are reshaping the grocery business—and why the fight to fix it is heating up.

On March 18th, the White House sent a letter to the two democratic commissioners at the FTC that they had been fired. Clear Supreme Court precedent reinforces that FTC commissioners cannot be fired at-will by the executive. So what happens next? Today on the show Matt and David talk to one of those commissioners, Alvaro Bedoya, about his attempted firing. They discuss the context, consequences, and legal precedent of what&aposs happening at the FTC, along with Trump&aposs potential goals, the importance of the commission&aposs work, and the uncertain future of an agency in crisis.

How did Silicon Valley&aposs ideology go from utopian dreams to self serving power grabs? David and Matt dive into the power dynamics of Big Tech with author, activist, and anti-monopoly advocate Cory Doctorow. They explore how Silicon Valley’s early ideals of openness and innovation gave way to corporate dominance, leading to what Doctorow calls “enshitification”—the systematic decay of platforms as they prioritize profits over users. The conversation unpacks the monopolistic strategies of giants like Amazon and Google, the erosion of competition through regulatory capture, and the role of interoperability in breaking Big Tech’s grip. Check out more of Cory&aposs writing and his new book Picks and Shovels, on his website.

Are Elon Musk&aposs efficiency strategies brilliant or reckless? David and Matt explore this question with procurement expert Rich Ham, CEO of FineTune, who reveals what efficiency really means in large organizations. They discuss how companies often waste money through  inefficient buying of complex services, Rich explains how slashing budgets isn&apost always the smartest way to save. Using comparisons to the movie "Office Space," they examine how  how procurement teams are stretched thin, and how suppliers take advantage of the lack of oversight. They then turn their attention to Musk&aposs strategies at DOGE, questioning whether drastic cuts are the best path to savings or if they might lead to unintended and costly consequences.

What does it look like when government actually works for the people? Matt and David explore this question with Lina Khan, whose groundbreaking tenure as FTC Chair rewrote the playbook for federal agencies. Khan details how she transformed an understaffed agency into the spearhead of a governance revolution - confronting corporate giants, championing consumer rights, and proving that government can be a powerful force for positive change. Their conversation offers a window into a transformative moment in American governance, where old assumptions about corporate power are being challenged and new possibilities are emerging.

When it comes to utilities - why are we paying so much for service that can be so unreliable? In this episode, Matt and David expose how a small group of economists and some untrustworthy models have allowed utility companies to inflate rates and spend on dubious projects. Former utility executive Mark Ellis helps explain the "scam" that has misled regulators and advocates, leading to excessive profits for investor-owned utilities at our expense. They break down utility regulation, how rates are set, and the surprising difference in rate increases between investor-owned and public utilities. Prepare to demand some serious reform!Read Mark&aposs report: Rate of Return Equals Cost of Capital: A Simple, Fair Formula to Stop Investor-Owned Utilities from Overcharging the Public

Former DOJ Antitrust Division head Doha Mekki takes us behind the scenes of some of the most consequential monopoly cases in recent history, including the landmark Google search case. Drawing from her unique experience serving in both the Trump and Biden administrations, Mekki reveals how antitrust enforcement is essentially "policing for white collar crime" - albeit with a budget smaller than Apple&aposs legal department. She shares surprising insights about building cases against tech giants, including how behavioral economists helped win against Google by explaining the "human element" of default search settings, and offers a fresh perspective on the generational shift happening in antitrust enforcement. 

The recent egg shortages and avian flu outbreaks aren&apost just hurting our pocketbooks, they reveal how the consolidation of American agriculture has created dangerous vulnerabilities in our food system. David and Matt dive deep into the precarious state of American farming with Jeff Bender, a North Carolina farmer with 40 years of experience. Bender explains how farming has transformed from the diverse "Old MacDonald" model of small family farms to a rigid, industrial system dominated by monocultures and massive operations, where a single disease outbreak could devastate entire sectors of food production. 

When Congress moved to force TikTok&aposs sale from its Chinese parent company ByteDance, it sparked a complex battle over national security, free speech, and the future of tech regulation. Matt and David bring together unlikely allies Zephyr Teachout, a progressive law professor, and Joel Thayer, a conservative tech policy expert, who co-authored a Supreme Court brief supporting the law. They reveal how TikTok&aposs case could reshape how we regulate Big Tech, exploring thorny questions about algorithmic control, foreign ownership of communications infrastructure, and whether Americans should trust Silicon Valley any more than Beijing. The episode offers a surprisingly hopeful take on a watershed moment in the ongoing struggle to govern digital platforms, suggesting that meaningful tech regulation might finally be possible – if we&aposre willing to try.

Donald Trump is president, but just before he took office, the heads of the agencies that did most of the governing in the Biden era got to work. The Federal Trade Commission, the antitrust division of the Justice Department and the Consumer Financial Protection Bureau got to work, finalizing a flurry of new rules, lawsuits, enforcement actions, and challenges to the most powerful companies in the country. These were actions that these agencies worked on for years, that they put through just under the wire. It really paints a picture of what we&aposve lost—and what we can have again, throughout the executive branch, if people just decide to govern. On this episode, Matt and Dave do a lightning round of actions from these three agencies in the past three weeks, and explain both why we&aposll miss this work in the future, and why some of it may just endure."Most Americans know their food passes through many hands before reaching their plates, but few realize just how concentrated that chain of production has become. In this final episode of the season, antitrust lawyer Basel Musharbash reveals how roughly three dozen corporations have come to dominate nearly every aspect of America&aposs food system, from farm to table.Read the FTC report mentioned in the episode here: www.ftc.gov/system/files/ftc_gov/pdf/ftc-accomplishments-june-2021-january-2025.pdf

Most Americans know their food passes through many hands before reaching their plates, but few realize just how concentrated that chain of production has become. In this final episode of the season, antitrust lawyer Basel Musharbash reveals how roughly three dozen corporations have come to dominate nearly every aspect of America&aposs food system, from farm to table.Drawing from his recent report "Kings Over the Necessaries of Life," Musharbash traces this consolidation through pivotal moments in American history, from the sweeping reforms of the 1930s New Deal to the deregulation of the 1970s and 80s. He tells Matt and David how today&aposs agricultural giants wield their market power to shape everything from seed prices to distribution networks, often at the expense of farmers and consumers alike.

Wall Street&aposs biggest players have a nemesis: Rohit Chopra. As head of the Consumer Financial Protection Bureau, he&aposs the watchdog who coined the term "junk fees" and has saved Americans billions by cracking down on them. Over the past decade he has emerged as a leader in three critical areas: antitrust, finance, and student debt. But this aggressive oversight has powerful enemies. Tech billionaire Marc Andreessen claims Chopra is "terrorizing" banks and pushing them to cut off services to people based on politics. In this episode, Chopra sits down with Matt and David to set the record straight—and to explain how CFPB is actually fighting to make sure banks can&apost discriminate against anyone, while preventing powerful actors from rigging the financial system in their favor.

The Great American Drug Shortage isn&apost an accident - it&aposs by design. In this eye-opening episode, we expose how three powerful drug distributors seized control of 90% of America&aposs pharmaceutical supply chain, creating an artificial crisis that puts profits over patients.Behind the scenes, shadowy middlemen have turned the generic drug market into a losing game for manufacturers, leading to dangerous shortages of life-saving medications. Rather than delivering on free market promises of innovation and competition, this system produces something far more sinister: price-gouging, monopoly control, and manufactured scarcity.Our guide through this pharmaceutical maze is Tim Ward, president and chief legal officer of Hercules, an independent pharmaceutical wholesaler fighting to survive against industry giants. Ward offers an insider&aposs view of how a handful of corporations gained the power to determine which medications Americans can—and can&apost—access.

Rep. Chris Deluzio (D) defied Pennsylvania&aposs red wave, outperforming Kamala Harris in working-class areas outside of Pittsburgh to secure re-election. He joins David and Matt to talk about what the Democratic party can learn from his victory. Deluzio says Democratic candidates in tough races won by focusing on pocketbook issues and standing up to powerful forces harming their constituents. Deluzio says you need a clear vision and bold messaging: "Not every issue has a win-win solution. Sometimes there’s a bad guy, and you’ve got to be willing to fight them."

Americans lose over $150 billion annually to state lotteries, casinos, and online gambling—that’s $300,000 every minute. How did gambling become so entrenched in American life? And how are FanDuel and DraftKings driving this crisis?In this episode, we’re joined by Les Bernal, National Director of Stop Predatory Gambling, and Dr. Kavita Fisher, a psychiatrist whose life was deeply affected by online gambling addiction. Together, they uncover how corporate giants and state governments profit at the expense of millions, fueling addiction and financial ruin.Check out the Al Jazeera documentary " The Big Gamble": https://www.youtube.com/watch?v=fQ9qp9UftEE.            And the New York Times investigation into online sports betting: https://www.nytimes.com/2023/02/10/podcasts/the-daily/sports-betting-lobbying-laws-states.html

When Laura Modi launched Bobby in 2020, it was the first infant formula company to enter the U.S. market in over six years. At the time, the U.S. baby formula industry was dominated by two major players (Abbott and Reckitt) they controlled 80% of the market. Two years later, that monopoly would lead to a crisis when Abbott Labs shut down its main production facilities because of contamination. Modi explains the significant barriers to entry in the industry, and how the WIC (Women, Infants, and Children) program&aposs state-by-state exclusive contracts with formula manufacturers have historically reinforced market concentration.

In the battleground state of Arizona, voters are telling campaigns that they want more antitrust! Earlier this year, state Attorney General Kris Mayes sued a bunch of corporate landlords and a software company called RealPage for illegally raising rents in Phoenix and Tucson using an algorithm, hiking the cost of renting by as much as 20%. Her lawsuit went viral. And now, voters are telling campaign staff at the doors that they love what Mayes did and want more of it. Rent, antitrust, corporate power, and elections, all in one episode.

We hear a lot about how Big Tech uses algorithms to serve up information - but on this episode, we have a story about how they also use their power to control what you can see and hear. After independent journalist Ken Klippenstein wrote a story sharing a dossier about J.D. Vance, allegedly obtained in an Iranian hack of the Trump campaign, X suspended his account and blocked links to his Substack. People that shared his post on X had their  accounts suspended and were told to take down the post if they wanted their accounts reinstated. This is a cautionary tale about how Big Tech uses its power to limit speech, and how that&aposs not limited to going after one political party or persuasion.Check out Ken&aposs site here: https://www.kenklippenstein.com

Maggie Goodlander is running for Congress from New Hampshire by running against monopolies. What&aposs it like to mount a political campaign built on antitrust, and can you win with that kind of messge? We speak with Maggie and hear from other candidates who taking a similar message to the voters in their districts.Check out the candidates we spoke to in this episode:https://maggiefornh.com https://willrollinsforcongress.com https://www.monicatranel.com

In Part 1, we heard how pharmacists are trying to push back against the monopolistic and harmful practices of PBMs. Today, we hear from another avenger who is taking the battle against PBMs to his workplace on Capitol Hill. Representative Jake Auchicloss is a co-sponsor of the bipartisan Pharmacists Fight Back Act, the most comprehensive PBM reform ever introduced at the federal level. He tells David and Matt that you&aposve got to delink the money that a PBM earns to the price of a drug or the volume of drugs that are sold. And he&aposs not willing to settle for less. 

What would you do if you owned an independent pharmacy and you discovered that the only way to actually make money would be to stop filling most prescriptions? This is what our guest Benjamin Jolley sees everyday. As a third generation independent pharmacist, he&aposs watched as an industry of middlemen have taken control over a transaction that they literally have nothing to do with. Pharmacy Benefit Managers, PBMs decide which drugs, the pricing and the supply between patients trying to fill prescriptions and what a pharmacist gets paid. As a result, some 2000 plus pharmacies have closed this year. How did we get here? Matt and David go behind the pharmacy counter to break it all down with Benjamin Jolley. 

Today, just four companies—Walmart, Kroger, Costco and Albertsons—account for about half of all grocery sales in the country. And two of them, Kroger and Albertsons, want to merge. If approved, it would be the largest supermarket merger in history. Together they employ 700,000 people across some 5,000 stores. But regulators are fighting back, arguing that a merger would be bad for consumers and for workers.In this episode we go inside the courtroom to hear the case for and against the merger with Laurel Kilgour, an attorney and the research manager at the American Economic Liberties Project.

Google just lost the biggest tech antitrust court ruling since the 1990s. And now the fate of Google’s search preeminence is TBD. But the question we’re asking in this episode; What took so long? This trial could have happened 11 years ago, but didn’t. Why not? How did Google avoid the antitrust arm of the government for so long? How did the case against Google get squashed back in 2012 and who did the squashing? And exactly how many times a week were Google executives meeting with the Obama administration over its eight years in office? David and Matt speak with journalists, brothers and co-authors Luke and Brody Mullins. In their new book The Wolves of K Street, they unpack the public and private campaign Google and its cast of lobbyists and political friends waged to protect the company and the consequences of that delay for all of us.

On Organized Money, Matt Stoller & Dave Dayen break down the ways monopolies control the food we eat, the drugs we take, the way we communicate – and so much more. Coming October 15th.