The Daily Beast Podcast

Episode: Why Trump's Blatant Corruption Hurts Us All: Reich
Date: September 25, 2025
Host: Joanna Coles
Guest: Robert Reich, former U.S. Secretary of Labor, author, professor

Episode Overview

This episode of The Daily Beast Podcast features a candid conversation between host Joanna Coles and Robert Reich, addressing the pervasive and systemic corruption in Donald Trump’s administration—particularly the economic and democratic consequences. Reich gives his perspective on financial opacity, the chilling of free speech, media consolidation, the responsibilities of America’s leadership class, and the unique activism of the rising generation.

Key Discussion Points and Insights

1. Trump’s Financial Corruption & Crypto Fortune

[01:58, 08:20]

• Coles questions reports that Trump accrued at least $5 billion since his inauguration, asking about his crypto holdings.
• Reich calls it “pure corruption,” highlighting violations of the Emoluments Clause and payoffs that history will remember as central to the administration.
  • Quote [02:10, 08:34]:

    "This is pure corruption. Let's not beat around the bush... when history is written about this administration, one of the first lines... is going to be about the extraordinary payoffs that were made to Donald Trump." – Robert Reich

The Role of Crypto and Regulatory Capture

[09:26]

• SEC and CFTC should police these transactions, but Reich says the SEC is “run by a Trump lapdog” with crypto holdings, likening the system to a “doom loop.”
  • Quote:

    "The crypto industry has become so rich that it's paying off members of Congress... you have this kind of a doom loop with regard to what it can get away with." – Robert Reich

• He likens crypto speculation to historical financial bubbles, e.g. the Dutch tulip craze, and contends that crypto's main purpose is illicit activity, causing environmental harm with “no redeeming social value.”
  • Quote [11:23]:

    "The only purpose of crypto, as far as I can see, is illicit. Is hiding illicit, illegal, often immoral transactions... There's no redeeming social value in crypto at all." – Robert Reich

2. Opacity and Manipulation of Economic Data

[04:26]

• Trump’s administration tries to obfuscate jobs and inflation data, undermining market trust and making businesses risk-averse.
  • Quote:

    "Mere attempts by the White House to shoot the messenger send a very, very dangerous signal... You can't trust the American dollar... There's nobody on the anti-inflation beat. There's no cop on the beat." – Robert Reich

On Quarterly Earnings Reporting

[06:11]

• Reich surprisingly agrees with Trump about moving to semi-annual instead of quarterly earnings reports to encourage a longer-term perspective among companies.

3. American Leadership and the Chilling of Free Speech

[11:39, 15:04]

• Reich fears for American freedoms; the Constitution's protections are being eroded, courts struggle to check the administration, and leadership is “afraid.”
  • Quote [11:51]:

    "I am most concerned… about the loss of freedom, the loss of our rights, constitutional rights... We have a rogue government... Leadership is... not just to their organizations... their responsibility... is to the country as a whole." – Robert Reich

Corporate and Institutional Fear

[15:04, 16:53]

• CEOs, university presidents and media leaders are afraid to take a public stand:
  • Quote [15:04]:

    “We just don't know what [resignees] have agreed to suppress or what kind of Suppression went on that led them to resignation... When we see Jimmy Kimmel and... executives of Disney and others caving in, it's a pretty awful set of circumstances...” – Robert Reich

• When Coles suggests collective action, Reich expresses doubt, citing Democrats’ reliance on big money and fear of alienating donors.

"We Are the Leaders We’ve Been Waiting For"

[17:26]

• Reich urges that ordinary citizens may now have to lead, not just traditional office-holders.
  • Quote:

    "It may be that... ordinary people have got to take more leadership responsibility here in this crisis. This is a catastrophe." – Robert Reich

4. Shift from Legacy to Social Media

[18:13, 19:15]

• Coles asks if social media replaces traditional media as a platform for dissent.
• Reich warns control by billionaires is dangerous, as social media moguls court Trump’s favor; laments lack of courage among tech and media elites.
  • Quote [19:53]:

    "You've got Mark Zuckerberg, you've got a lot of people who have shown absolutely no courage... they're competing to kiss Trump's derriere... It's not just the legacy media that have failed us." – Robert Reich

Tech Leader Submission & Power

[20:51, 21:17]

• Coles brings up tech leaders meeting with Trump; Reich describes it as “pure greed,” motivated by fear of reprisal and hope for favor.
  • Quote:

    "...with Trump, you have really only... one major incentive, and that is, they don't want to be on his bad side... I wish they understood... this is a time for courage. History is not going to be kind to these people if they don't.” – Robert Reich

5. The Responsibilities of Business Leaders

[25:23, 27:57]

• Coles presses on Tim Cook's obligations as Apple CEO. Reich notes that “shareholder capitalism” dominates, but laments media and economic consolidation, saying democracy is at risk from concentrated wealth.
  • Quote:

    "Combine those two... media concentration, shareholder dominance... and you have a tinderbox that can easily be lit up by a demagogue like Donald Trump." – Robert Reich

Strategy for Responsible Leadership

[28:45]

• Reich recommends collective action, united fronts among CEOs, university presidents, and cultural institutions, arguing it’s the only viable means of resistance to capricious power.

6. Global Implications

[32:05]

• Reich argues U.S. unpredictability is forcing former allies to band together independently; appeasement is dangerous, requires mutual support against emerging threats from leaders like Putin and Xi.

7. Free Speech & Resistance in the Arts and Media

[33:20, 34:08]

• The suspension of Jimmy Kimmel’s show at Disney/ABC is discussed; Reich encourages public pushback and consumer boycotts, advocating that viewers support public broadcasting instead.
  • Quote:

    "They should cancel their Disney plus Hulu subscriptions and instead... put it into public broadcasting." – Robert Reich

8. The Next Generation and Changing Activism

[37:55, 38:58]

• Coles asks about Reich’s experience teaching at Berkeley. Reich praises Gen Z for being exceptionally activist and engagement-driven, albeit anxious about democracy, Gaza, climate, and AI.
  • Quote [40:50]:

    "They are probably the most activist generation, cohort of students I've taught and dedicated... We're dependent on you." – Robert Reich

Political Engagement Beyond College

[43:43, 44:09]

• Reich acknowledges divisions among young people, between college graduates, religious conservatives, and those left out, but advocates dialogue and “eloquent listening” as the foundation of learning and democracy.

9. Pathways to Activism and Hope

[47:28, 47:53]

• Reich, asked how to channel anxious energy, urges activism as the only antidote to despair:

  • Quote [47:53]:

    “Activism, being an activist against this kind of tyranny is the best antidote... Call your members of Congress... go into your community and protect people... boycott companies... Nobody should feel that they have lack of agency.” – Robert Reich

• He emphasizes small-scale organizing—writing to Congress, engaging in community, consumer boycotts, and never succumbing to apathy.

• Coles closes by reinforcing the importance of individual agency and civic duty.

Notable Quotes & Memorable Moments

• On Trump’s Financial Corruption:

  "When history is written about this administration, one of the first lines... is going to be about the extraordinary payoffs that were made to Donald Trump." – Robert Reich [02:10, 08:34]

• On SEC Regulatory Failure:

  "The SEC is now run by a Trump lapdog who has huge crypto holdings and has basically allowed crypto to do whatever it wants to do." – Robert Reich [09:26]

• On the Erosion of Rights:

  "We have a rogue government, but we also are discovering that we don't really have a mechanism... to guard those constitutional guarantees." – Robert Reich [11:51]

• On the Need for Leadership:

  “We are the leaders we've been waiting for... ordinary people have got to take more leadership responsibility here in this crisis.” – Robert Reich [17:26]

• On Tech Leaders' Capitulation:

  “They're competing to kiss Trump's derriere... I wish they understood that... this is a time for courage. History is not going to be kind to these people if they don't.” – Robert Reich [19:53, 21:17]

• On Activist Hope:

  "Activism... is the best antidote to all of these feelings... Nobody should feel that they have lack of agency." – Robert Reich [47:53]

Timestamps of Key Segments

• [01:58] Trump’s $5B/crypto holdings
• [04:26] Obfuscating economic data
• [06:11] Switching to biannual earnings reports
• [08:34] Crypto, regulatory capture, “doom loop”
• [11:39] Dismantling constitutional rights
• [15:04] The chilling of speech, resignation examples
• [17:26] Ordinary people as leaders
• [18:13] Media shifting to social platforms
• [20:51] Tech leaders with Trump/dinners
• [25:23] Corporate obligations vs. democracy
• [28:45] What real leadership could look like
• [32:05] Global alliances in Trump era
• [34:08] Boycotting Disney + supporting public media
• [37:55] Student activism and generational change
• [43:43] Bridging divides among young Americans
• [47:53] Action over despair: a call to activism

Episode Takeaways

• Trump’s corruption has systemic impacts: Erodes trust in institutions, markets, and democracy.
• Crypto’s emergence enables new forms of corruption, poorly regulated by government agencies now under Trump’s influence.
• Elites’ fear and complicity undermine democratic norms, while ordinary citizens and new generations must step up.
• Media consolidation and the migration of dissent online create new battlegrounds—and new risks—for free speech.
• Collective action among business and institutional leaders is essential but hampered by personal interests and fear.
• Public action—from activism to consumer boycotts to supporting public media—is vital to counter systemic erosion.

Final Thoughts

Robert Reich’s perspective is at once alarmed and hopeful: the country is in a state of constitutional and economic emergency, but the solution will not come from the top—it must come from ordinary citizens, activists, and a rising generation unafraid to confront existential threats.

For more from Robert Reich, check his Substack, YouTube channels, and the recent documentary "The Last Class."