KAMALA HARRIS

RUSH TRANSCRIPT To give ░░░░░░░░ on the vice president ░░░░░░░░ plan to and price ░░░░░░░░ or actually put on ░░░░░░░░ controls basically Our next ░░░░░░░░ worked with Harris on ░░░░░░░░ anti price gouging bill ░░░░░░░░ 2020 during the pandemic ░░░░░░░░ similar bill was re ░░░░░░░░ in the Senate earlier ░░░░░░░░ year Joining us now ░░░░░░░░ democratic senator Elizabeth Warren ░░░░░░░░ you re famous from ░░░░░░░░ night You were already ░░░░░░░░ but even more famous ░░░░░░░░ last night Kind of ░░░░░░░░ pretty nice moment for ░░░░░░░░ I have to say ░░░░░░░░ democracy Why all of ░░░░░░░░ people had shown up ░░░░░░░░ they want to be ░░░░░░░░ the fight and they ░░░░░░░░ to be in the ░░░░░░░░ because they want to ░░░░░░░░ an America where they ░░░░░░░░ afford to pay for ░░░░░░░░ prescription drugs See an ░░░░░░░░ where their kids can ░░░░░░░░ to go to college ░░░░░░░░ getting crushed by student ░░░░░░░░ debt They want to ░░░░░░░░ an America strengthening Social ░░░░░░░░ not as Donald Trump ░░░░░░░░ propose four budgets in ░░░░░░░░ row that cut it ░░░░░░░░ saw this as a ░░░░░░░░ of volunteers who are ░░░░░░░░ the fight all the ░░░░░░░░ and I loved that ░░░░░░░░ wish Donald Trump would ░░░░░░░░ doing something to entitlements ░░░░░░░░ stuff but I don ░░░░░░░░ think that s really ░░░░░░░░ case Senator the price ░░░░░░░░ Remember let s do ░░░░░░░░ he did try Four ░░░░░░░░ in a row Actually ░░░░░░░░ move it out to ░░░░░░░░ or 75 Something s ░░░░░░░░ to be done It ░░░░░░░░ going toble unten blee ░░░░░░░░ lose the Washington Post ░░░░░░░░ a Democrat you got ░░░░░░░░ problems What they said ░░░░░░░░ the price gouging or ░░░░░░░░ price control legislation It ░░░░░░░░ both sides of the ░░░░░░░░ even Jason Furman I ░░░░░░░░ t know if you ░░░░░░░░ some of these countries ░░░░░░░░ comments Not good policy ░░░░░░░░ can do more harm ░░░░░░░░ good I can paint ░░░░░░░░ a picture how that ░░░░░░░░ work and how it ░░░░░░░░ worked in the past ░░░░░░░░ to artificially hold prices ░░░░░░░░ Competition doesn t come ░░░░░░░░ People don t like ░░░░░░░░ beef is too high ░░░░░░░░ don t move the ░░░░░░░░ Competitors don t come ░░░░░░░░ to undercut where the ░░░░░░░░ prices are Nothing works ░░░░░░░░ you try to artificially ░░░░░░░░ prices It s just ░░░░░░░░ supply and demand issue ░░░░░░░░ s a flawed idea ░░░░░░░░ Why would you propose ░░░░░░░░ flawed idea when the ░░░░░░░░ problem Sincerely want to ░░░░░░░░ people having truck at ░░░░░░░░ grocery store it s ░░░░░░░░ price gouging that s ░░░░░░░░ issue And if you ░░░░░░░░ at a seriously and ░░░░░░░░ want to help them ░░░░░░░░ s do something about ░░░░░░░░ Together Fine Do a ░░░░░░░░ about this start with ░░░░░░░░ have you been For ░░░░░░░░ last 30 years and ░░░░░░░░ dozen states have price ░░░░░░░░ laws and they have ░░░░░░░░ them effectively States like ░░░░░░░░ and Florida They ve ░░░░░░░░ price gouging laws Price ░░░░░░░░ laws are not price ░░░░░░░░ Price gouging laws are ░░░░░░░░ say you know sometimes ░░░░░░░░ go off the rails ░░░░░░░░ when they do we ░░░░░░░░ some ways to get ░░░░░░░░ back on the rails ░░░░░░░░ need some curves on ░░░░░░░░ behavior So for example ░░░░░░░░ watched in the pandemic ░░░░░░░░ prices went up for ░░░░░░░░ whole lot of reasons ░░░░░░░░ went up partly because ░░░░░░░░ had supply chain kinks ░░░░░░░░ had problems because of ░░░░░░░░ war in Ukraine That ░░░░░░░░ supplies of certain commodities ░░░░░░░░ one of the things ░░░░░░░░ happened as a result ░░░░░░░░ that is there were ░░░░░░░░ that said whoa Now ░░░░░░░░ we have inflation now ░░░░░░░░ prices are up overall ░░░░░░░░ is a great opportunity ░░░░░░░░ us to raise prices ░░░░░░░░ just in passing along ░░░░░░░░ but to go way ░░░░░░░░ way above that And ░░░░░░░░ do we know that ░░░░░░░░ was way way above ░░░░░░░░ passing along costs Look ░░░░░░░░ what happened to their ░░░░░░░░ margins If they had ░░░░░░░░ been passing along costs ░░░░░░░░ margins would have stayed ░░░░░░░░ the same but for ░░░░░░░░ industries some companies profit ░░░░░░░░ shot up and do ░░░░░░░░ know where they shot ░░░░░░░░ most often It was ░░░░░░░░ companies or in industries ░░░░░░░░ there was a lot ░░░░░░░░ concentration a lot of ░░░░░░░░ power Places where the ░░░░░░░░ is not functioning competitively ░░░░░░░░ you end up with ░░░░░░░░ you remember all talked ░░░░░░░░ egg prices You end ░░░░░░░░ with something like a ░░░░░░░░ egg producer cal Maine ░░░░░░░░ cal Maine raises the ░░░░░░░░ of eggs Their profit ░░░░░░░░ increased by 718 That ░░░░░░░░ not just passing along ░░░░░░░░ That s your example ░░░░░░░░ kraft is either First ░░░░░░░░ Fallacious and misleading at ░░░░░░░░ and your kraft analogy ░░░░░░░░ let me tell you ░░░░░░░░ you say 440 profit ░░░░░░░░ The example you used ░░░░░░░░ prior quarter from the ░░░░░░░░ before they had a ░░░░░░░░ of 1 3 billion ░░░░░░░░ and an accounting change ░░░░░░░░ wiped out of profits ░░░░░░░░ then earned what they ░░░░░░░░ let me finish now ░░░░░░░░ Look at the data ░░░░░░░░ on We have economic ░░░░░░░░ after economic study Goes ░░░░░░░░ million eggs destroyed by ░░░░░░░░ the avian flu Seen ░░░░░░░░ greater increases in Inflation ░░░░░░░░ you think we need ░░░░░░░░ do to solve it ░░░░░░░░ offs it is part ░░░░░░░░ the problem When you ░░░░░░░░ got companies that are ░░░░░░░░ consumers on prices consumers ░░░░░░░░ to know they ve ░░░░░░░░ somebody on their side ░░░░░░░░ we re trying to ░░░░░░░░ do States that currently ░░░░░░░░ price gouging Can I ░░░░░░░░ Lose an argument because ░░░░░░░░ one can ever say ░░░░░░░░ back to you It ░░░░░░░░ frustrating Emergency is declared ░░░░░░░░ part say prices go ░░░░░░░░ 10 or 15 compared ░░░░░░░░ before that state of ░░░░░░░░ you have to pay ░░░░░░░░ fine On a national ░░░░░░░░ how exactly would this ░░░░░░░░ Define the state of ░░░░░░░░ Does it have to ░░░░░░░░ declared on a national ░░░░░░░░ Are you then talking ░░░░░░░░ a 10 or 15 ░░░░░░░░ in prices versus prior ░░░░░░░░ the declaration and then ░░░░░░░░ pay a fine Fine ░░░░░░░░ applies in 1 of ░░░░░░░░ situations This legislation still ░░░░░░░░ making it sound like ░░░░░░░░ base price controls imposed ░░░░░░░░ speaking s which of ░░░░░░░░ two systems is it ░░░░░░░░ is about when the ░░░░░░░░ itself is not functioning ░░░░░░░░ markets don t function ░░░░░░░░ of a localized emergency ░░░░░░░░ hurricane A wildfire Flooding ░░░░░░░░ so in states that ░░░░░░░░ these price gouging laws ░░░░░░░░ can come in and ░░░░░░░░ look You can do ░░░░░░░░ price increases but if ░░░░░░░░ re going above a ░░░░░░░░ level you have to ░░░░░░░░ able to justify it ░░░░░░░░ have to show what ░░░░░░░░ re doing in passing ░░░░░░░░ costs Back to cal ░░░░░░░░ Avian flu caused destruction ░░░░░░░░ 40 million eggs They ░░░░░░░░ 20 market share 20 ░░░░░░░░ they don t control ░░░░░░░░ market It s like ░░░░░░░░ or like oil When ░░░░░░░░ prices go up for ░░░░░░░░ reason or they go ░░░░░░░░ when they go down ░░░░░░░░ price is set for ░░░░░░░░ The reason that cal ░░░░░░░░ made that money was ░░░░░░░░ that s what happened ░░░░░░░░ the price The next ░░░░░░░░ they went down in ░░░░░░░░ Lost 50 of the ░░░░░░░░ from they don t ░░░░░░░░ that price That s ░░░░░░░░ and neither do the ░░░░░░░░ does not set the ░░░░░░░░ of oil When exxon ░░░░░░░░ 80 or 100 a ░░░░░░░░ yes record prompts When ░░░░░░░░ pandemic their prompts went ░░░░░░░░ almost zero Now it ░░░░░░░░ just the way it ░░░░░░░░ And to think that ░░░░░░░░ government can decide when ░░░░░░░░ are too high or ░░░░░░░░ low the grocery chains ░░░░░░░░ a 2 profit margin ░░░░░░░░ about apple with 50 ░░░░░░░░ 40 How do you ░░░░░░░░ This is not the ░░░░░░░░ s place to do ░░░░░░░░ things It s a ░░░░░░░░ s errant and using ░░░░░░░░ to deflate the real ░░░░░░░░ of inflation over the ░░░░░░░░ four years because of ░░░░░░░░ after the pandemic Which ░░░░░░░░ you know there was ░░░░░░░░ lot because we reopened ░░░░░░░░ all of a sudden ░░░░░░░░ s supply chain issues ░░░░░░░░ the demand is juiced ░░░░░░░░ all the stimulus from ░░░░░░░░ ire r a and ░░░░░░░░ other spending we do ░░░░░░░░ inflation We all understand ░░░░░░░░ why I started my ░░░░░░░░ in talking about this ░░░░░░░░ one of the causes ░░░░░░░░ prices going up is ░░░░░░░░ there are companies that ░░░░░░░░ market dominance that have ░░░░░░░░ oh This is a ░░░░░░░░ when everyone s talking ░░░░░░░░ Give me an instance ░░░░░░░░ you give me an ░░░░░░░░ Argument here Call and ░░░░░░░░ over and over inflation ░░░░░░░░ been very very good ░░░░░░░░ to the earnings call ░░░░░░░░ the CEO of chipotle ░░░░░░░░ says this is a ░░░░░░░░ Not to pass along ░░░░░░░░ This is an opportunity ░░░░░░░░ us to raise prices ░░░░░░░░ passing a law on ░░░░░░░░ that increase our profit ░░░░░░░░ and what the academic ░░░░░░░░ ydies I let finish ░░░░░░░░ the academic studies show ░░░░░░░░ by industry when you ░░░░░░░░ more competition which suggests ░░░░░░░░ pricing power what we ░░░░░░░░ is that profit margins ░░░░░░░░ up and that s ░░░░░░░░ problem we ve got ░░░░░░░░ s that states have ░░░░░░░░ to deal with this ░░░░░░░░ but right now we ░░░░░░░░ to make sure that ░░░░░░░░ FTC has the tools ░░░░░░░░ do it nationally and ░░░░░░░░ the states that don ░░░░░░░░ have price gouging laws ░░░░░░░░ have access to those ░░░░░░░░ tools Same way that ░░░░░░░░ FTC for example has ░░░░░░░░ to be able to ░░░░░░░░ with deceptive pricing and ░░░░░░░░ advertising It should have ░░░░░░░░ ability to deal with ░░░░░░░░ gouging Toolbox to say ░░░░░░░░ For a state of ░░░░░░░░ Argument Did you invite ░░░░░░░░ on here just to ░░░░░░░░ to me Just ask ░░░░░░░░ Markets that are more ░░░░░░░░ and that s the ░░░░░░░░ of the FTC That ░░░░░░░░ something state attorneys general ░░░░░░░░ work on We just ░░░░░░░░ to put one more ░░░░░░░░ in the toolbox when ░░░░░░░░ are going on the ░░░░░░░░ saying boy inflation is ░░░░░░░░ Because it gives us ░░░░░░░░ chance to raise our ░░░░░░░░ Attention away from the ░░░░░░░░ issues that might actually ░░░░░░░░ the middle class that ░░░░░░░░ always talk about helping ░░░░░░░░ 40 years companies didn ░░░░░░░░ know how to price ░░░░░░░░ Until three and a ░░░░░░░░ years ago when President ░░░░░░░░ was elected Where was ░░░░░░░░ price gouging 40 years ░░░░░░░░ in inflation Just learned ░░░░░░░░ to do this three ░░░░░░░░ a half years ago ░░░░░░░░ difference is prices were ░░░░░░░░ going up As I ░░░░░░░░ prices started going up ░░░░░░░░ a whole host of ░░░░░░░░ Prices went up because ░░░░░░░░ the pandemic Prices went ░░░░░░░░ because of supply chain ░░░░░░░░ Prices went up because ░░░░░░░░ the war in Ukraine ░░░░░░░░ were going up And ░░░░░░░░ difference is when they ░░░░░░░░ going up sharply and ░░░░░░░░ noticed that companies some ░░░░░░░░ also noticed and said ░░░░░░░░ know we could raise ░░░░░░░░ prices just passing along ░░░░░░░░ That s what you ░░░░░░░░ in a competitive market ░░░░░░░░ Not widespread I let ░░░░░░░░ finish In some markets ░░░░░░░░ we ve seen is ░░░░░░░░ markets less competition that ░░░░░░░░ said we can do ░░░░░░░░ than pass along costs ░░░░░░░░ you don t have ░░░░░░░░ take my word for ░░░░░░░░ Do you listen to ░░░░░░░░ calls Senator the example ░░░░░░░░ use for kraft I ░░░░░░░░ you finish People I ░░░░░░░░ you finish Totally fallacious ░░░░░░░░ the numbers Talking The ░░░░░░░░ calls CEOs have gotten ░░░░░░░░ it s well documented ░░░░░░░░ they have said we ░░░░░░░░ raise our prices far ░░░░░░░░ than passing along costs ░░░░░░░░ said to their investors ░░░░░░░░ have a great future ░░░░░░░░ of us It s ░░░░░░░░ a monopoly It happens ░░░░░░░░ places where there s ░░░░░░░░ concentration That s the ░░░░░░░░ point It makes your ░░░░░░░░ When markets are 0 ░░░░░░░░ markets are more competitive ░░░░░░░░ s not priced There ░░░░░░░░ no price gouging Emergency ░░░░░░░░ thing senator warning what ░░░░░░░░ of time declaring when ░░░░░░░░ re is it state ░░░░░░░░ emergency How do we ░░░░░░░░ period of time by ░░░░░░░░ percentage 10 15 and ░░░░░░░░ fining companies Modeled on ░░░░░░░░ state approach here The ░░░░░░░░ you ask is the ░░░░░░░░ question people want to ░░░░░░░░ ak what is fraud ░░░░░░░░ is deceptive after thing ░░░░░░░░ answer is that you ░░░░░░░░ at all of the ░░░░░░░░ and say do we ░░░░░░░░ a competitive market where ░░░░░░░░ buyer can understand what ░░░░░░░░ is that they re ░░░░░░░░ offered and do we ░░░░░░░░ a seller that s ░░░░░░░░ that buyer Are they ░░░░░░░░ with other sellers That ░░░░░░░░ what we do in ░░░░░░░░ law all day long ░░░░░░░░ one more tool in ░░░░░░░░ toolbox toolbox a lot ░░░░░░░░ concentration in the industry ░░░░░░░░ pushes prices up It ░░░░░░░░ done in a straightforward ░░░░░░░░ senator it would just ░░░░░░░░ your argument would be ░░░░░░░░ better You say kraft ░░░░░░░░ profits 440 it was ░░░░░░░░ the year before they ░░░░░░░░ taken an accounting charge ░░░░░░░░ brought their profit down ░░░░░░░░ zero So when they ░░░░░░░░ a normal profit the ░░░░░░░░ quarter of 800 million ░░░░░░░░ your people put out ░░░░░░░░ that s up 440 ░░░░░░░░ s disingenuous Kelly puts ░░░░░░░░ competition the cure for ░░░░░░░░ prices is when people ░░░░░░░░ in and undercut those ░░░░░░░░ and supply goes back ░░░░░░░░ Since 1776 Take this ░░░░░░░░ an answer When there ░░░░░░░░ competition prices will reach ░░░░░░░░ right level And anti ░░░░░░░░ laws Yes we do ░░░░░░░░ don t need to ░░░░░░░░ another one on here ░░░░░░░░ works on what what ░░░░░░░░ the number of cases ░░░░░░░░ re talking about 1 ░░░░░░░░ listen again to the ░░░░░░░░ In there is more ░░░░░░░░ I think I saw ░░░░░░░░ groundworks It s a ░░░░░░░░ think tank from groundworks ░░░░░░░░ one Attention to the ░░░░░░░░ you can ignore them ░░░░░░░░ the calls Reality is ░░░░░░░░ senator Okay all right ░░░░░░░░ know what s happening ░░░░░░░░ pricing They understand that ░░░░░░░░ are being gouged Senator ░░░░░░░░ giant corporations They blame ░░░░░░░░ Biden Administration You blame ░░░░░░░░ Biden Administration Because you ░░░░░░░░ bear the notion that ░░░░░░░░ these competitive markets are ░░░░░░░░ fact not competitive And ░░░░░░░░ re not CEOs have ░░░░░░░░ ways to juice profits ░░░░░░░░ the expense of the ░░░░░░░░ public You may not ░░░░░░░░ that but the American ░░░░░░░░ understand what s happening ░░░░░░░░ they want to have ░░░░░░░░ in government who at ░░░░░░░░ have tools in the ░░░░░░░░ to be able to ░░░░░░░░ which it happens And ░░░░░░░░ s what this is ░░░░░░░░ about Down without any ░░░░░░░░ this happening How does ░░░░░░░░ why do companies stop ░░░░░░░░ Why did cal Maine ░░░░░░░░ did the priss come ░░░░░░░░ 50 immediately Why does ░░░░░░░░ happen Prices have come ░░░░░░░░ Concentrated industries have raised ░░░░░░░░ prices and are sitting ░░░░░░░░ Bigger profit margins than ░░░░░░░░ were sitting on three ░░░░░░░░ ago Margins are less ░░░░░░░░ before the pandemic senator ░░░░░░░░ the food industry Where ░░░░░░░░ s more concentration Look ░░░░░░░░ get it You want ░░░░░░░░ pretend that markets will ░░░░░░░░ correct themselves Actually do ░░░░░░░░ want to try to ░░░░░░░░ conquer inflation Somebody who ░░░░░░░░ in competitive markets That ░░░░░░░░ what I want to ░░░░░░░░ happen That s what ░░░░░░░░ m out there fighting ░░░░░░░░ But competitive markets won ░░░░░░░░ happen on their own ░░░░░░░░ these companies get bigger ░░░░░░░░ bigger and bigger one ░░░░░░░░ the consequences is that ░░░░░░░░ start figuring out other ░░░░░░░░ to juice their profits ░░░░░░░░ do things like they ░░░░░░░░ quality They stop innovating ░░░░░░░░ they start building up ░░░░░░░░ profit margins You know ░░░░░░░░ have antitrust laws and ░░░░░░░░ good noz for Lina ░░░░░░░░ who many out there ░░░░░░░░ to enforce them and ░░░░░░░░ say to these giant ░░░░░░░░ they cannot just dominate ░░░░░░░░ markets and do whatever ░░░░░░░░ want because we don ░░░░░░░░ get the benefits then ░░░░░░░░ markets This is just ░░░░░░░░ more tool in the ░░░░░░░░ to deal with companies ░░░░░░░░ use their dominance to ░░░░░░░░ able to boost their ░░░░░░░░ margins That s all ░░░░░░░░ real and fun and ░░░░░░░░ to go back and ░░░░░░░░ We ve done this ░░░░░░░░ and have to agree ░░░░░░░░ disagree I hi to ░░░░░░░░ the way the u ░░░░░░░░ came out of the ░░░░░░░░ You want to thank ░░░░░░░░ government I think the ░░░░░░░░ sector we can thank ░░░░░░░░ the 15 million