Last Friday Senator Elizabeth Warren called for the breaking up of the larger tech/innovation companies such as Google, Amazon, Facebook and Apple. She made this argument at the South by Southwest (SXSW) technology conference, citing anti-trust as her major concern.
It’s amusing to see Sen. Warren side with Donald Trump on anything. You may recall that Trump wanted to kill the AT&T / Time Warner merger. The standard reason of “limiting competition” was offered, and I agree with her in concept: limiting competition is bad, and monopolies suck. Ask anybody who subscribes to cable television.
A couple years ago Warren promised to break up the big banks. These few institutions are quite rich, extremely powerful, are paying their top executives in eight or nine and are doing much, much better now than they did before they forced us into our worst recession since the Great Depression. At that time, the government said they could not break up these institutions who had put a death grip on our economy, cost millions of mom-and-pop investors much of their life savings, and allowed them to gobble up hundreds of smaller, local banks. They were, as we were told, “too big to fail.” Which is the same as “too big to follow the law.”
Warren cried bullshit onto that, and she was right. But if she did anything meaningful about it except bray, she’s succeeded in keeping that to herself. So, instead, she’s shifted her attention to much lower-hanging fruit. Continue reading “Weird Scenes Inside The Gold Mind #029: Is Bigger Worser?”