Absentee Ownership: How Amazon, Facebook, and Google Ruin Commerce Without Noticing

Posted by freedomforall 1 week, 3 days ago to Business
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In America, the law is meant to protect us from arbitrary threats and the abuse of power in our commercial sector, in particular from monopolies and financial predators. It’s been a long time, over forty years, since policymakers even understood that their job was, in part, to regulate commerce so as to promote fair competition and the liberty that comes with it. As a result, others regulate our commerce, the most significant being Facebook, Google, Amazon, and Apple.

Tomorrow, the CEOs of Apple, Google, Facebook, and Amazon will testify before the House Antitrust Subcommittee. If done right, this hearing could be the most important hearing on monopoly power in decades.

There are reasons to be wary of this hearing. As Dave Dayen noted, the format is such that each member of Congress gets only five minutes to grill all four CEOs, though members can stay for multiple rounds. These CEOs are going to be testifying remotely instead of in-person, which means they can be surrounded by lawyers who give them answers off screen. And while I had hoped for subpoenas for documents, it seems less likely that the Judiciary committee wants to fight to get such information. One of Facebook’s original investors, Roger McNamee, told CNBC that "This is at best the first step in a long process...Each one deserves a multi-day hearing."
SOURCE URL: https://mattstoller.substack.com/p/absentee-ownership-how-amazon-facebook


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  • Posted by Joseph23006 1 week, 3 days ago
    Since this hearing will be in the House it is unlikely to have the drama as yesterday's with William Barr. These monopolies are already the mouthpieces for the Democrat party so unless a Republican with real guts is present nothing will come of it.
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    • Posted by 1 week, 3 days ago
      I agree, Joseph. It may be a boring hearing at this point - softball questions from the same leftist Democrats who wouldn't let Barr answer any of the questions yesterday. However, this may be the last opportunity for the Trump supporters in con-gress to do something to level the field before the election. The question is whether they have the brains and guts to take on the rich lawyers of the treasonous tech giants. At this point they should realize that the election and the republic may be lost if they do nothing.
      I understand they are not testifying in person and will have the lawyers whispering in their ears to limit any truthfulness.
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  • Posted by Lucky 1 week, 2 days ago
    It is difficult not to do business with them, harder not to use them, but not impossible.
    Complain when asked to sign up via that gang.
    Publish and comment on their competitors, yes there are competitors, get the names out.
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