Counselor706
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- Apr 24, 2011
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SourceIn November, Biden said there was "mounting evidence" that higher oil and gas prices may have been caused by "anti-consumer behavior by oil and gas companies." He then called on the Federal Trade Commission to launch an investigation into energy companies.
In December, White House press secretary Jen Psaki blamed skyrocketing meat prices on the "greed of meat conglomerates."
Lawrence Summers — who served as the Secretary of the Treasury under former President Bill Clinton and was the Director of the National Economic Council under Obama — warned the Biden administration, "Misdiagnosis of the problem around greed or around particular sectors raises the risk that ultimate recession will be necessary."
“Every time a Washington policymaker suggests that this is caused by corporate greed or some such, they are delaying the date at which we will achieve the credibility necessary to bring down inflation with stable employment," Summers said on Bloomberg Television's "Wall Street Week."