This is, in part, a continuation of Wednesdays topic/discussion- regarding the 'Mainstream Media'. We need to utilize the internet (free) and social media (by creating our own 'truth social') to get this message out, to build coalition, and to galvanize like minded ppl into action- "Good trouble".
I see eye to eye with you on many issues but the egg thing needs reconsidering. The deadliest out break in history of the Avian Flu has hit this country and contributed to the deaths of over 53 million birds. Take that number of hens out of the equation and the amount of available eggs sent to market dwindles, driving prices up. Many of the remaining hens will be used to produce fertile eggs in an attempt to restock the laying population. However, seeing the profits acquired regardless of the prices thrown at the consumer, I wouldn't be surprised to see the regular price of eggs remain at a substantially higher level than what we were accustomed to prior to the outbreak of the Avian flu.
Deborah, I agree that Dr. Reich must be acknowledged for bringing forward the issue of corporate greed these past months. The Republicans, however just double down on their lies and dysinformation while they rake in the product of the corporate greed. I figure that anyone Fox Not Really News maligns is the one with the truth on their side. Lies are so thick at Fox Not Really News, particularly in the evening, the only way to know the truth is to realize truth is exactly opposite of what Tucker Laura, and the rest are saying. I can't even watch more than a minute of that tripe because it is so mean, hateful, fearmongering, and soaked in lies. It's poison!
When I ran a cardiac rehab program in my hospital I prohibited Fox on our TV that was in the treadmill area. I used to tell our patients it was bad for their hearts and my blood pressure. We watched David Attenborough specials, all "news" programs we're off limits!!
I got a lot of ribbing by some patients but never an argument!!
Spot on Mimi!!! On behalf of your patients, thank you and well done. It’s proven that excising negative news and social media exposure IMPROVES the quality of life!
Nonplussed ; most news media, like MSNBC and platforms like Twitter and Facebook are owned by very wealthy 'people'. They ultimately do not inform the public about everything they should. Take inflation. The facts are skewed or completely misrepresented, depending on the 'journalists' or pundits . Few actually 'connect the dots'. The largest profit margins in 70 years enjoyed by ever larger corporations are not mentioned , along with the fact that our former president gave almost 2 trillion dollars in tax breaks to the wealthiest 'citizens'. He increased the deficit by over 7 trillion dollars. Meanwhile. Average workers pay has stagnated or flatlined for 40 years. Interest rates are raised by the Federal reserve, the only tool they have. This hurts working people even more. It helps those who can live off their wealth more, giving them an even bigger windfall just one example of how the public is not told the truth.
I don’t watch it, either, but which station bought up the rights for the sports, mainly football?? Fox was created for the purpose of spreading disinformation and incendiary rhetoric during the Reagan administration--Murdoch was banned in other places because he is part of a fascist billionaire club that wants to see democracies fail.
Dawna, Yeah, Murdoch is a crazy old man who is loving his role as democracy buster. In reality, I think he thinks lying to and misleading the Trump masses (it was Reagan, Buchanan, and Bush masses before Trump), seeing what he can get away with is a game, a great frolic. He gets away with a lot and along with the Fox Not Really News team, messes with their minds and warps them into unthinking, mean, hateful, fearful fools. He is loving every moment of it. How sad that his victims are OK with being manipulated and disrespected in that way.
Reta, I can't watch Fox Not Really News either. It makes me feel sick. I hear sound bites from it on other news and comedy shows and am appalled at the garbage they pump out and do it with a straight face. I am convinced they all know what they are saying is nonsense, but love lying to the base who gobble up the crap thinking it's true. I suspect they are laughing all the way to the bank because they have enough money they think none of the poisonous seeds they are planting now will grow into anything that will hurt them. I think they are wrong, but right now, they're on a roll.
$7 might be a buck or two higher than supermarket egg prices, but isn't it better to pay the higher prices to a small local company instead of the corporate price-gouger? I would rather feed my neighbors than contribute to the bloat of some faceless mega-corporation.
I live in Apple Valley and have been fortunate to have two friends who shared their excess eggs with me for years. Bright orange yolks that stood high.
YES! Amen! And it’s not hard to do. Just takes imagination, will, and an understanding of the benefits of a plant-based diet! It’s a choice, y’all! Humans don’t need eggs.
Aren't all corporate mainstream media companies that way nowadays? They are the very reason we're all here on Substack right now paying extra to support true journalism.
Janet R (CO) ; Yes, I agree, and don't forget gerrymandering, purging of voter rolls, inadequate poll location and number of them, low or no numbers of drop boxes, voter intimidation, poll worker intimidation (many threatened to the point of leaving their jobs as election officials) ; and now, a 'congressman' like George Santos, who is a complete fraud, who enabled McCarthy to gain the gavel of Speaker. And will actually serve on two committees!. Imposter rule, not just minority rule!. Fraudster rule! Illegitimate rule!
The more we allow this behavior of the greedy, the worse it will get! Are there any Mature Adults in our country we can elect to replace our Kindergarten Congress? These children that “stand back and stand by” without correcting this corruption are destroying our country!
Keith, you are right about the congressional Republican toddlers. They act like spoiled brats whose mommies and daddies keep indulging them and yell at anyone who tries to correct them and tell them to act better, to be kind, to stop whining, to go take a nap while the parents participate in the toddler behavior themselves. I guess it is hard for the toddlers to improve when their child-man leaders: Trump, McCarthy, McConnell, Boegert, Greene, Gosar, even Pence are at least as childish. How can we help voters to imagine a situation when they could vote for actual adults who will truly represent their needs and wishes instead of the candidate's own childish greedy ones?
If you watch Fox "news," you're being conditioned, brainwashed, & misinformed.
An old schoolmate said just last Friday that the US isn't responsible for corporate pollution -- China and India are. Fortunately we were on a Zoom so I could mute myself while I laughed hysterically.
Reta shaver ; look at how George Santos misrepresented himself . He is a walking, talking ,breathing fiction. Vetting of candidates needs improvement on both sides of the aisle. This trumps even both sides ism. Everyone in government affects us all.
Thanks Rita yes improvements are always needed everywhere but Santos does not equate to everyone everywhere. Santos equates to the Republicons and tRump. Carry on.
Populism is the culprit that has foisted these no nothing common men (and women) on us. Anti elitism and the desire to have representatives ‘just like us’ has created this sub average collection of lowest common denominators.
John Goodman; even 'lowest common denominators' can have ethics.these do not. The 'people who installed them have more money than honor: They want low, or no taxes, and a pool of cheap labor and little education to do their bidding. And they are doing just that. Next they will put the DOJ on trial (they almost deserve it), and defund the FBI. also end support to Ukraine, a Democrat ally. It's obvious that the money from Russian oligarchs is installing these 'fancy appearing ' people like George Santos! FRAUD!
You’re correct, good people with ethics can be found in all strata of the society including the boardroom too. The fact remains that the people in political power are there because the people with the money and influence are able to manipulate those lacking a repertoire of critical thinking and reasoning skills to bend in their direction. You nailed it, they’ve got those who comprise the cheap labor pool with low intelligence doing their bidding. Yes, there are those amongst the hoi polloi that do have ethics and do their best to bend their ilk to expand their perspective and see what’s happening, but water flows in the line of least resistance as do these people, right to the Fox News Network. Fox offers simple people simple solutions.
I agree. People should sit down with their own friends to chat fans elect people smarter and more exciting and knowledgeable to represent them. This worship of the ignorant is a mystery to me.
For many years now, hostile takeovers & mergers have been allowed indiscriminately, so most industries now are oligopolies, if not monopolies, dominated by a very few companies that can raise prices at will.
Which means our "lawmakers" aren't seeing to it that the laws are enforced. Congress is being bought and paid for by the oligarchs. The Exec Branch apparently has better things to do (Idk what they are...). The Judicial Branch doesn't initiate, it sorts what the other 2 parts do.
Your analysis is right on. The confined animal feeding operations (CAFOs for short) dominate the entire meat, pork, poultry including egg, industry. It is not really farming anymore. In fact farmers have little control since the companies dictate almost every step of the production operation, except the part where they are exposed to maximum risk. That falls on what is left of the tiny slice of farmer sovereignty, raising the animal. So if avian flu hits, the costs fall mainly on the farmer, but the corporation can still raise prices using supply and demand as an excuse.
The truth is, if you really want a tasty egg, buy one directly from a farmer who allows their chickens to eat grass and bugs. The nutrition level in these eggs is higher, the price is reasonable, and you have a relationship with the neighbor who farms. The pasty pale yellow yoke is on the corporation - if you do not buy it, they lose.
Actually eggs are a commodity, the USDA provides marketing statistics for various segments of the egg market. The Commodity Futures Trading Commission protects the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to fosters open, competitive, and financially sound futures and option markets. IMHO commodities speculators have driven up prices. https://www.investing.com/commodities/egg-futures
Once upon a time I attended a seminar on egg prices. In the heat of the summer, chickens lay less eggs. Other factors like weather are important. It's not beyond the realm of possibilities that those foxes cooked "a collusive scheme among industry leaders to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profits reaching as high as 40 percent." The CFTC should identify those who have profited through sites like the Chicago Board Options Exchange, CBOE, the world's largest options exchange.
The Food Safety Inspection Service (FSIS) is responsible for administering a mandatory inspection program for egg products under the authority of the Egg Products Inspection Act of 1970. The Act and its associated regulations require that all commercial egg-breaking and egg-processing plants operate under continuous USDA supervision.
Poultry litter and the associated disposal is also regulated by the Environmental Protection Agency. Groundwater protection issues are important considerations, as are odor and nuisance of poultry production facilities. State and local agencies are also involved with the enforcement of these regulations.
The reason I know about eggs is because in 1989 I was detailed for a month by SSA to Chicago, and I stayed in a hotel across the street from the CBOE. Another judge was hearing a case involving fraud at the CBOE and when I was free I was a spectator.
The CFTC takes action against persons and entities suspected of fraudulent or illegal activity, including:
Abuse of commodity derivatives and swaps that threaten market integrity and public confidence
*Market manipulation
*Ponzi, pyramid or other schemes
**Fraud schemes in connection with commodities, futures and swaps
False or fraudulent statements
This program provides monetary rewards to whistleblowers who provide information that results in an enforcement action exceeding $1 million in sanctions and protects whistleblowers with anonymity, confidentiality and anti-retaliation measures.
Since then dozens of fraud cases have been brought. At some point the GWB administration eliminated the administrative law judge program at the agency and I was president of an organization looking into it.
Thank you again, Daniel, for sharing your extensive knowledge with us. I am assuming, under Biden, the CFTC is still active. Were its 'wings clipped' during DJT's time?
I should add the data from the CBOE is what I was suggesting could lead to an investigation. Did people with advance notice make a killing on that info?
Looking for a collusive scheme among industry leaders to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profits reaching as high as 40 percent.
I felt the same way about rising gas and other energy prices. Did anyone use advance info to obtain a killing? All high ranking government employees are monitored and have to file financial information monthly if they actively trade. Easy enough to track.
Members of the media should have to be scrutinized. A news item can shake a market.
Where did the avian flu info come from? Who first reported it? Someone had to initiate the CBC reports. Was it someone with an economic interest?
Great post Wayne. Agribusiness, has failed to improve distribution, agricultural techniques, and prices, The only accomplishment seems to be rising profits. I wonder what happens if fat cats get too fat?
After watching several (different) documentaries on the Food Production Industry, I take your point -- it's not really farming anymore -- it's "factory" farming, putting all risk on the individual farmer. Support your local (small) producer, if you're able.
While I agree that buying locally is a good idea for the reasons you cite, it doesn't get at the problem of runaway inflation. Here in the California farm belt, glorious fresh large eggs, available from free-range bug-eating small local farm organic chickens, rose during pandemic from $7 to $9 a dozen, and are offered only by non-corporate grocers. OK for the few, not great for the many.
Spot on Marylee! Small and local farmers, especially those committed to organic and sustainable practices, are pressured by the rising costs of the materials and supplies they need to stay afloat. But, because of their commitment to sustainable practices, which ends up being better for both the environment and our overall health and wellness, we ALL should still support and become members, even, of local CSAs. Does it cost more? Yep! But the quality it brings into our lives, knowing we are making conscientious choices for the good of our planet, and for all beings, is priceless.
The facts have been laid out nicely. By including the historical precedence of the egg industry’s pricing-tactics, and providing the detailed specifics of their price-gouging, you present an air-tight argument.
I learned something today with this, and I thank you!
Yeah, Fox likes to whisk themselves into a froth over any accusation of corporate greed. They protect the bad eggs who poach our meager earnings. Thank you for clarifying which came first, the gouging or the inflation.
Interestingly, from a quick scan of the USDA Ag Market Service (AMS) reports on eggs, it appears that the FOB producer prices are declining while store prices are increasing. This seems to be true in the U.S. and Canada. Why is Faux News not quoting an agricultural market analyst on producer vs. retail prices?
Professor, I’ve meant to tell you for some time, more so than most other Substacks, that yours has inspired me to start compiling a list of news stories of economic and social significance that have been overlooked, under-reported, or seemingly self-censored by the country’s major national news media.
Regrettably, I expect the list of stories people in high places don’t want told to grow exponentially.
So Fox News says “Robert Reich is a former Clinton official and far-left academic who is often critical of capitalism.” Sounds like a compliment to me. You are one of the few people even mentioning the "greed" component in all of this price gouging. Keep it up. You're on the right track.
At least it’s not scrambled. You have to be pretty hard-boiled to take these attacks. It just shows, Robert, that you’ve ruffled some feathers.
Good job there!
And not been beaten into submission...
I keep wondering why the Murdochs can't seem to follow Maxwell's example!
The media yolk’s on us! Faceishly, that is.
This is, in part, a continuation of Wednesdays topic/discussion- regarding the 'Mainstream Media'. We need to utilize the internet (free) and social media (by creating our own 'truth social') to get this message out, to build coalition, and to galvanize like minded ppl into action- "Good trouble".
You must ask which came first: the Substack daily posting chicken - or the cartoon contest egg...
= )
3 new replies
Donald Hodgins
just now
I see eye to eye with you on many issues but the egg thing needs reconsidering. The deadliest out break in history of the Avian Flu has hit this country and contributed to the deaths of over 53 million birds. Take that number of hens out of the equation and the amount of available eggs sent to market dwindles, driving prices up. Many of the remaining hens will be used to produce fertile eggs in an attempt to restock the laying population. However, seeing the profits acquired regardless of the prices thrown at the consumer, I wouldn't be surprised to see the regular price of eggs remain at a substantially higher level than what we were accustomed to prior to the outbreak of the Avian flu.
Fox is a sewage pit of character assassination and disinformation.
In my view, being attacked by this sleazy purveyor of lies and journalistic malfeasance, conveys upon the attacked the gold standard of truth-telling.
Thank you, Dr. Reich, for defending average Americans against the tremendous greed of corporate America.
Deborah, I agree that Dr. Reich must be acknowledged for bringing forward the issue of corporate greed these past months. The Republicans, however just double down on their lies and dysinformation while they rake in the product of the corporate greed. I figure that anyone Fox Not Really News maligns is the one with the truth on their side. Lies are so thick at Fox Not Really News, particularly in the evening, the only way to know the truth is to realize truth is exactly opposite of what Tucker Laura, and the rest are saying. I can't even watch more than a minute of that tripe because it is so mean, hateful, fearmongering, and soaked in lies. It's poison!
We all need to boycott the station. I never watch it
I only watch it at the gym when I'm on the treadmill. It makes me mad and I run faster.
When I ran a cardiac rehab program in my hospital I prohibited Fox on our TV that was in the treadmill area. I used to tell our patients it was bad for their hearts and my blood pressure. We watched David Attenborough specials, all "news" programs we're off limits!!
I got a lot of ribbing by some patients but never an argument!!
Spot on Mimi!!! On behalf of your patients, thank you and well done. It’s proven that excising negative news and social media exposure IMPROVES the quality of life!
Mimi Jones ; Hahaha! It is good to control the remote!
ALL news or just Fox??
Nonplussed ; most news media, like MSNBC and platforms like Twitter and Facebook are owned by very wealthy 'people'. They ultimately do not inform the public about everything they should. Take inflation. The facts are skewed or completely misrepresented, depending on the 'journalists' or pundits . Few actually 'connect the dots'. The largest profit margins in 70 years enjoyed by ever larger corporations are not mentioned , along with the fact that our former president gave almost 2 trillion dollars in tax breaks to the wealthiest 'citizens'. He increased the deficit by over 7 trillion dollars. Meanwhile. Average workers pay has stagnated or flatlined for 40 years. Interest rates are raised by the Federal reserve, the only tool they have. This hurts working people even more. It helps those who can live off their wealth more, giving them an even bigger windfall just one example of how the public is not told the truth.
All news! But especially 🦊 😁
Nonplussed ; Is Fox actually news? They said they are entertainment I read, when questioned in court.
What a good suggestion!!! LOL
It became a joke almost! The long timers would warn newcomers, "don't ask for news, she won't put it on"😂
I don’t watch it, either, but which station bought up the rights for the sports, mainly football?? Fox was created for the purpose of spreading disinformation and incendiary rhetoric during the Reagan administration--Murdoch was banned in other places because he is part of a fascist billionaire club that wants to see democracies fail.
Dawna, Yeah, Murdoch is a crazy old man who is loving his role as democracy buster. In reality, I think he thinks lying to and misleading the Trump masses (it was Reagan, Buchanan, and Bush masses before Trump), seeing what he can get away with is a game, a great frolic. He gets away with a lot and along with the Fox Not Really News team, messes with their minds and warps them into unthinking, mean, hateful, fearful fools. He is loving every moment of it. How sad that his victims are OK with being manipulated and disrespected in that way.
Did Fox exist in the Reagan Era?
Reagan et al recruited Rupert Murdoch. Read up on Charles Koch and his organization of the right-wing take over.
I take delight in deleting the FOX NEWS app on televisions in VRBOs. 😊
Reta, I can't watch Fox Not Really News either. It makes me feel sick. I hear sound bites from it on other news and comedy shows and am appalled at the garbage they pump out and do it with a straight face. I am convinced they all know what they are saying is nonsense, but love lying to the base who gobble up the crap thinking it's true. I suspect they are laughing all the way to the bank because they have enough money they think none of the poisonous seeds they are planting now will grow into anything that will hurt them. I think they are wrong, but right now, they're on a roll.
Let's boycott eggs.
I’m buying small company eggs or locally raised eggs
$7 might be a buck or two higher than supermarket egg prices, but isn't it better to pay the higher prices to a small local company instead of the corporate price-gouger? I would rather feed my neighbors than contribute to the bloat of some faceless mega-corporation.
I live in Apple Valley and have been fortunate to have two friends who shared their excess eggs with me for years. Bright orange yolks that stood high.
YES! Amen! And it’s not hard to do. Just takes imagination, will, and an understanding of the benefits of a plant-based diet! It’s a choice, y’all! Humans don’t need eggs.
Exactly! No reason to eat them anyways.
Tell that to a trumper. They need these right wing conspiracies reinforced or they lose their minds.
Actually, regarding Fox/Channel 2, I hope for what we all hope for: 15" on a live mike, answering a 'tame' question ..
Faux News = Dumpster diving.
What about MSNBC?
Follow the buc, buc bucks!
Deborah Carrol; Very well said!
Aren't all corporate mainstream media companies that way nowadays? They are the very reason we're all here on Substack right now paying extra to support true journalism.
Jackson Slater; On this particular Substack forum, we are getting a very good value on our modest investment, too!
Janet R (CO) ; Yes, I agree, and don't forget gerrymandering, purging of voter rolls, inadequate poll location and number of them, low or no numbers of drop boxes, voter intimidation, poll worker intimidation (many threatened to the point of leaving their jobs as election officials) ; and now, a 'congressman' like George Santos, who is a complete fraud, who enabled McCarthy to gain the gavel of Speaker. And will actually serve on two committees!. Imposter rule, not just minority rule!. Fraudster rule! Illegitimate rule!
Very clever eggsposure of how big money takes advantage by turning a crisis into an opportunity for them.
Moreover, gross profits are only one measure. Check out the futures market. See my comments below about the CBOE.
The more we allow this behavior of the greedy, the worse it will get! Are there any Mature Adults in our country we can elect to replace our Kindergarten Congress? These children that “stand back and stand by” without correcting this corruption are destroying our country!
Keith, you are right about the congressional Republican toddlers. They act like spoiled brats whose mommies and daddies keep indulging them and yell at anyone who tries to correct them and tell them to act better, to be kind, to stop whining, to go take a nap while the parents participate in the toddler behavior themselves. I guess it is hard for the toddlers to improve when their child-man leaders: Trump, McCarthy, McConnell, Boegert, Greene, Gosar, even Pence are at least as childish. How can we help voters to imagine a situation when they could vote for actual adults who will truly represent their needs and wishes instead of the candidate's own childish greedy ones?
That’s my question? The voters are electing these crazy ring wing people!
Most of the far right extremists are in grossly gerrymandered districts created especially to benefit Republicans. This is a form of election rigging.
That’s exactly what’s happening here in Ohio
If you watch Fox "news," you're being conditioned, brainwashed, & misinformed.
An old schoolmate said just last Friday that the US isn't responsible for corporate pollution -- China and India are. Fortunately we were on a Zoom so I could mute myself while I laughed hysterically.
Reta shaver ; look at how George Santos misrepresented himself . He is a walking, talking ,breathing fiction. Vetting of candidates needs improvement on both sides of the aisle. This trumps even both sides ism. Everyone in government affects us all.
Thanks Rita yes improvements are always needed everywhere but Santos does not equate to everyone everywhere. Santos equates to the Republicons and tRump. Carry on.
S howard ; I'm not Rita ; Carry on.
Right
Behavior of the greedy,
Poultry farmers lay off the risk of farming, rick of market volatility by playing the futures market.
"How can we help...?"
Take Big/Dark $$ out of politics.
Pass a law that makes all MSM corps GIVE (gasp) equal time to political candidates.
Establish K-12 Civics classes at ALL schools. Tie them to funding.
Good one! Yes, HOW??!!
Populism is the culprit that has foisted these no nothing common men (and women) on us. Anti elitism and the desire to have representatives ‘just like us’ has created this sub average collection of lowest common denominators.
John Goodman; even 'lowest common denominators' can have ethics.these do not. The 'people who installed them have more money than honor: They want low, or no taxes, and a pool of cheap labor and little education to do their bidding. And they are doing just that. Next they will put the DOJ on trial (they almost deserve it), and defund the FBI. also end support to Ukraine, a Democrat ally. It's obvious that the money from Russian oligarchs is installing these 'fancy appearing ' people like George Santos! FRAUD!
You’re correct, good people with ethics can be found in all strata of the society including the boardroom too. The fact remains that the people in political power are there because the people with the money and influence are able to manipulate those lacking a repertoire of critical thinking and reasoning skills to bend in their direction. You nailed it, they’ve got those who comprise the cheap labor pool with low intelligence doing their bidding. Yes, there are those amongst the hoi polloi that do have ethics and do their best to bend their ilk to expand their perspective and see what’s happening, but water flows in the line of least resistance as do these people, right to the Fox News Network. Fox offers simple people simple solutions.
I think you said it best: "Fox offers simple people simple solutions".
Thanks.
I agree. People should sit down with their own friends to chat fans elect people smarter and more exciting and knowledgeable to represent them. This worship of the ignorant is a mystery to me.
Keith Olson: the Party Against Crime are actually the Criminals in power!
For many years now, hostile takeovers & mergers have been allowed indiscriminately, so most industries now are oligopolies, if not monopolies, dominated by a very few companies that can raise prices at will.
Which means our "lawmakers" aren't seeing to it that the laws are enforced. Congress is being bought and paid for by the oligarchs. The Exec Branch apparently has better things to do (Idk what they are...). The Judicial Branch doesn't initiate, it sorts what the other 2 parts do.
Your analysis is right on. The confined animal feeding operations (CAFOs for short) dominate the entire meat, pork, poultry including egg, industry. It is not really farming anymore. In fact farmers have little control since the companies dictate almost every step of the production operation, except the part where they are exposed to maximum risk. That falls on what is left of the tiny slice of farmer sovereignty, raising the animal. So if avian flu hits, the costs fall mainly on the farmer, but the corporation can still raise prices using supply and demand as an excuse.
The truth is, if you really want a tasty egg, buy one directly from a farmer who allows their chickens to eat grass and bugs. The nutrition level in these eggs is higher, the price is reasonable, and you have a relationship with the neighbor who farms. The pasty pale yellow yoke is on the corporation - if you do not buy it, they lose.
Actually eggs are a commodity, the USDA provides marketing statistics for various segments of the egg market. The Commodity Futures Trading Commission protects the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to fosters open, competitive, and financially sound futures and option markets. IMHO commodities speculators have driven up prices. https://www.investing.com/commodities/egg-futures
Once upon a time I attended a seminar on egg prices. In the heat of the summer, chickens lay less eggs. Other factors like weather are important. It's not beyond the realm of possibilities that those foxes cooked "a collusive scheme among industry leaders to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profits reaching as high as 40 percent." The CFTC should identify those who have profited through sites like the Chicago Board Options Exchange, CBOE, the world's largest options exchange.
The Food Safety Inspection Service (FSIS) is responsible for administering a mandatory inspection program for egg products under the authority of the Egg Products Inspection Act of 1970. The Act and its associated regulations require that all commercial egg-breaking and egg-processing plants operate under continuous USDA supervision.
Poultry litter and the associated disposal is also regulated by the Environmental Protection Agency. Groundwater protection issues are important considerations, as are odor and nuisance of poultry production facilities. State and local agencies are also involved with the enforcement of these regulations.
Thanks, Daniel. We can always rely on you for a good explanation.
The reason I know about eggs is because in 1989 I was detailed for a month by SSA to Chicago, and I stayed in a hotel across the street from the CBOE. Another judge was hearing a case involving fraud at the CBOE and when I was free I was a spectator.
The CFTC takes action against persons and entities suspected of fraudulent or illegal activity, including:
Abuse of commodity derivatives and swaps that threaten market integrity and public confidence
*Market manipulation
*Ponzi, pyramid or other schemes
**Fraud schemes in connection with commodities, futures and swaps
False or fraudulent statements
This program provides monetary rewards to whistleblowers who provide information that results in an enforcement action exceeding $1 million in sanctions and protects whistleblowers with anonymity, confidentiality and anti-retaliation measures.
Since then dozens of fraud cases have been brought. At some point the GWB administration eliminated the administrative law judge program at the agency and I was president of an organization looking into it.
The foxes at the CBOE have been caught several times raiding the henhouse. E.G. https://news.bloomberglaw.com/white-collar-and-criminal-law/ex-cboe-member-faces-cftc-claims-over-69m-fraud
That was back in the day when the government had the resources and political support to use their regulatory authority. Those days are long gone.
Mark. Democrats control the agencies.
How do you come to this conclusion. Under Republican presidents, government agencies have been reduced in size and finding
Love your reminiscences. Those were the days.
Thank you again, Daniel, for sharing your extensive knowledge with us. I am assuming, under Biden, the CFTC is still active. Were its 'wings clipped' during DJT's time?
Yes. And GWB.
I should add the data from the CBOE is what I was suggesting could lead to an investigation. Did people with advance notice make a killing on that info?
Looking for a collusive scheme among industry leaders to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profits reaching as high as 40 percent.
I felt the same way about rising gas and other energy prices. Did anyone use advance info to obtain a killing? All high ranking government employees are monitored and have to file financial information monthly if they actively trade. Easy enough to track.
Members of the media should have to be scrutinized. A news item can shake a market.
Where did the avian flu info come from? Who first reported it? Someone had to initiate the CBC reports. Was it someone with an economic interest?
The CFTC must be more eggressive to eliminate those eggregious profits.
Great comment!
Great post Wayne. Agribusiness, has failed to improve distribution, agricultural techniques, and prices, The only accomplishment seems to be rising profits. I wonder what happens if fat cats get too fat?
Couldn’t agree more. I get our eggs from a neighbor who has free range chickens and feeds them organic grains.
After watching several (different) documentaries on the Food Production Industry, I take your point -- it's not really farming anymore -- it's "factory" farming, putting all risk on the individual farmer. Support your local (small) producer, if you're able.
While I agree that buying locally is a good idea for the reasons you cite, it doesn't get at the problem of runaway inflation. Here in the California farm belt, glorious fresh large eggs, available from free-range bug-eating small local farm organic chickens, rose during pandemic from $7 to $9 a dozen, and are offered only by non-corporate grocers. OK for the few, not great for the many.
Spot on Marylee! Small and local farmers, especially those committed to organic and sustainable practices, are pressured by the rising costs of the materials and supplies they need to stay afloat. But, because of their commitment to sustainable practices, which ends up being better for both the environment and our overall health and wellness, we ALL should still support and become members, even, of local CSAs. Does it cost more? Yep! But the quality it brings into our lives, knowing we are making conscientious choices for the good of our planet, and for all beings, is priceless.
A great thought-piece, Robert.
The facts have been laid out nicely. By including the historical precedence of the egg industry’s pricing-tactics, and providing the detailed specifics of their price-gouging, you present an air-tight argument.
I learned something today with this, and I thank you!
Yeah, Fox likes to whisk themselves into a froth over any accusation of corporate greed. They protect the bad eggs who poach our meager earnings. Thank you for clarifying which came first, the gouging or the inflation.
No more punny business: the Fox must not guard the henhouse.
Interestingly, from a quick scan of the USDA Ag Market Service (AMS) reports on eggs, it appears that the FOB producer prices are declining while store prices are increasing. This seems to be true in the U.S. and Canada. Why is Faux News not quoting an agricultural market analyst on producer vs. retail prices?
Robert You are a true American
You are truthful with intelligence You are looking after us. Please don’t go away. We need you
How close to being a monopoly is Murdoch's news business? Fox such a slovenly production, there must be some way to break it up.
Eggactly what I thought. The price per dozen is not what it's cracked up to be.
Eggsellant report, Robert.
Couldn't agree more:
"When it comes to the corporate monopolization of eggs — or of anything else — the American public shouldn’t go over easy."
And now is a good time to go vegan rather than scramble for all those over-priced eggs.
The yokes on da fox. The truth only sets us free.
But da fox is bound forever by their own lies.
Professor, I’ve meant to tell you for some time, more so than most other Substacks, that yours has inspired me to start compiling a list of news stories of economic and social significance that have been overlooked, under-reported, or seemingly self-censored by the country’s major national news media.
Regrettably, I expect the list of stories people in high places don’t want told to grow exponentially.
So Fox News says “Robert Reich is a former Clinton official and far-left academic who is often critical of capitalism.” Sounds like a compliment to me. You are one of the few people even mentioning the "greed" component in all of this price gouging. Keep it up. You're on the right track.