What is the Powell Memo James Talarico talked about on The Diary Of A CEO?

James Talarico told Steven Bartlett that the 1971 Powell Memo, written by a corporate lawyer later appointed to the Supreme Court, was a blueprint for corporate interests to unwind the New Deal and the Great Society. In his telling it called for business to unite, spend heavily on politicians in both parties, raise corporate voices in the media and seat friendly judges. He links it to the trickle-down tax cuts of the late 1970s and 1980s and to five decades of a shrinking middle class.

• Bartlett cited figures showing middle-class households held 62% of US income in 1970, against about 42% today.
• Talarico wants a return to the shared growth of the 1950s and 1960s rather than a new economic model.

▸In their words

“We don't have capitalism, at least not in this country. We have crony capitalism.” James Talarico · at 22:39 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on The Diary Of A CEO with Steven Bartlett (2026-11-02). Read the whole episode summary →

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