The Adam Friedland Show – "Lina Khan Talks FTC, Monopolies, Biden"
Date: November 12, 2025

Overview

This episode of The Adam Friedland Show features former FTC Chair Lina Khan in an animated, sharp, and often comedic interview about her tenure at the Federal Trade Commission, her groundbreaking work on antitrust, and the renewed scrutiny on American monopolies. Khan discusses her ideology, the politics of competition law enforcement, and why the FTC shifted from a "toothless" agency to an active regulator under her leadership. The hosts—Adam Friedland and Caleb Pitts—balance irreverent banter and insightful questions, leading to a freewheeling and accessible exploration of complex policy topics.

Key Discussion Points and Insights

Lina Khan’s Background and Rise (07:23–08:40; 18:21–19:19)

• Grew up in the UK (Boulders Green, a heavily Orthodox neighborhood) and later Westchester NY, was a high school newspaper editor who drew NYT attention for a story on Starbucks’ student policy (08:56).
• Academic journey: considered journalism versus law; wrote her college thesis on Hannah Arendt, focusing on technological progress, expertise, and political crises (11:12).
• Early stardom due to her law review article criticizing antitrust’s failure to address Amazon’s power, which became a “vehicle to tell this broader story about changes in our antitrust laws” (13:38–15:17).
• Notable quote:

  “There was a real gap between how the experts... were understanding what was going on in the economy and how... people doing business with this company understood it.” (15:04 – Lina Khan)

Antitrust Law, Monopolies, and Corporate Power (15:18–18:21; 23:04–24:05)

• Amazon’s strategy: using low prices to drive out competition, not strictly illegal under then-prevailing Reagan-era antitrust interpretations (“monopolies are good unless a narrow set of practices are present”).
• FTC/DOJ approach since the 1980s prioritized short-term price over competitive structures (23:04).
• Recent rethinking of these assumptions, with moves to "reinvigorate" competition enforcement coming from both sides of the aisle.
• Notable quote:

  “There's long been a recognition that concentrated economic power can go hand in hand with concentrated political power... that's an insight that has been lost more recently, but we're kind of being forced to reckon with again.” (12:33 – Lina Khan)

Becoming FTC Chair—Politics and Controversies (19:33–21:19; 23:49–24:29)

• Khan was the youngest FTC chair in history, a pick that reflected swift establishment acceptance of new thinking on antitrust (19:42–20:14).
• Describes the selection process as mysterious and HR-driven. Did not speak with President Biden before appointment (20:29–21:17).
• Faces resistance: “pretty significant” opposition from Wall Street, Big Tech, and some Democrats—especially as the Harris campaign was seen as less favorable to her philosophy (24:05).
• Notable quotes:

  “We had several decades of elite impunity, where if you were breaking the law... the government would go light on you.” (25:34 – Lina Khan)
  “We were very clear that we were going to enforce the law in an evenhanded way, no matter what your political connections were.” (26:07 – Lina Khan)

FTC Under Khan: Institutional Change & Enforcement (33:33–34:29; 35:25–36:23)

• Hired technologists and more litigators to “keep up with a digitizing economy.”
• Noted drastic resource imbalance: “sometimes the in-house lawyers of these companies are greater than... the entire FT C’s competition bureau.” (34:13)
• High impact: Suits against Microsoft-Activision (unsuccessful), but pressure resulted in price reductions in pharma (asthma inhalers from $100s to $35; 35:25–36:02).
• “... Pharma companies use all sorts of patent tricks...” (35:25 – Lina Khan)

Bipartisanship and Political Headwinds (36:24–37:08; 41:03–41:26)

• Noted support from unexpected Republican allies (e.g., Josh Hawley).
• Politics sometimes trumps independence, as during backsliding after her tenure when a new FTC chair “let too many people go” and de-emphasized consumer protection (38:49–39:44).
• FTC is, in theory, independent from the White House, but “a lot of those decisions... [are] run out of the White House” (41:11 – Lina Khan).

The Structure and Economics of Monopolies (42:28–43:03; 53:04–54:20)

• Debunked classic efficiency arguments for consolidation (42:28): “If there’s one company, they could charge a zillion dollars...”
• Explains the cost of fighting antitrust cases: “Hiring a single outside economist can cost $1–5 million,” while budgets are limited (53:04).
• Highlights growing cynicism and the futility many feel: enforcement is massively outspent by private sector (54:20).

Industry Breakdowns: Health Care, Agriculture, Tech (51:50–52:00; 55:29–57:51)

• Healthcare singled out as the most exploitative industry (“the most blood on their hands”)—from patent abuses to forced rationing of life-saving medicine (52:01).
• Food and Agriculture: chicken farming as a metaphor for feudalism; four processors dominate thousands of contract farmers (55:29–57:51).
• Notable quote:

  “It sounds like 1880 or something.” (56:46 – Adam Friedland, on chicken contract farming)
  “There are certain parallels... it's really wild.” (57:29 – Lina Khan)

The Judiciary, Enforcement Limits, and the Rule of Law (49:46–51:38; 60:25–62:31)

• Describes judicial skepticism of agency power, especially among Republican appointees, with many progressive regulations blocked at the district court level (50:28–51:38).
• Enforcement gaps have bred widespread belief that “elites could get away with certain things that non-elites couldn’t” (61:44).
• On the Trump era:

  “What we are seeing with this administration is truly, totally anathema to the rule of law and all the values of this country... a level of corruption and grift that is unprecedented.” (65:38 – Lina Khan)

Khan’s Personal Philosophy and Future (60:25–65:38)

• She frames the economic crisis as stemming from law and policy, not inevitability: “The current economy is not just the product of some natural forces... it’s entirely rooted in laws and policies and political choices” (60:25).
• Has no plans for elected office or “the queen” (59:55–60:02), but advocates for a “New Deal-level ambition” for reform (66:33).
• Subtle but pointed critique: Democrats must decide if selective enforcement is really what they stand for (63:14).

Notable Quotes & Memorable Moments (w/ Timestamps)

• “There was a real gap between how the experts... were understanding what was going on in the economy and how... people doing business with this company understood it.” (15:04 – Lina Khan)
• “There's long been a recognition that concentrated economic power can go hand in hand with concentrated political power... that's an insight that has been lost more recently, but we're kind of being forced to reckon with again.” (12:33 – Lina Khan)
• "We were very clear that we were going to enforce the law in an evenhanded way, no matter what your political connections were." (26:07 – Lina Khan)
• “You know, I think the fact that more and more people are recognizing that it’s really screwed up that so many of the parts of the economy are like this and are kind of demanding that type of change. It’s going to take a while, but I think it is a positive sign.” (57:32 – Lina Khan)
• "The current economy is not just the product of some natural forces... it's entirely rooted in laws and policies and political choices that we have made." (60:25 – Lina Khan)
• "What we are seeing with this administration is truly, totally anathema to the rule of law and all the values of this country... a level of corruption and grift that is unprecedented." (65:38 – Lina Khan)
• “You can call me Lina.” (69:07 – Lina Khan, in response to title etiquette)
• [Comic relief] “FTC: Does that stand for Fart Tits Committee?” (67:03 – Caleb Pitts)

Timestamps for Key Segments

• Lina’s Early Years & Intellectual Formation: 07:23–12:10
• Amazon & Antitrust Scholarship: 13:38–15:17
• Critical View of 20th Century Antitrust Enforcement: 23:04–24:05
• Bipartisan and Big Tech Pushback: 24:05–25:34
• Transforming the FTC: 33:33–34:29
• Major Cases: Pharma, Tech, Gaming: 35:25–36:23
• Judiciary and Rule of Law Challenges: 49:46–51:38
• Healthcare & Agriculture as Monopsonies: 51:50–57:51
• Philosophy & Political Future: 60:25–66:33
• Signature Comedic Exchanges: Interspersed, e.g., “Fart Tits Committee” (67:03), closing banter (69:07)

Tone and Language

• Lina Khan maintains poise and precision—measured, careful, but not evasive.
• Adam and Caleb infuse irreverent, sometimes juvenile humor, but pivot nimbly to weave in real substance (“Fart Tits Committee” and other comedic riffs).
• The hosts encourage Khan’s candor about policy substance, the politics of enforcement, and her personal philosophy, without ever veering fully into seriousness or full satire.

Conclusion

This episode delivers a lively, humanized portrait of a central figure in America’s antitrust resurgence. Lina Khan addresses complex legal and economic issues with clarity and insight while holding her own amid a barrage of jokes, meta-commentary, and skeptical banter from the hosts. Listeners will leave with a richer understanding of the stakes in competition law, the limits of government power, and the personal mettle required to lead in an era of both regulatory ferment and reaction.