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1 Nov, 4 tweets, 1 min read
This dissenting statement from @chopraftc is an incredibly clear and honest assessment of the catastrophic role the FTC has played in pharmaceutical prices via mergers. ftc.gov/system/files/d…
"The FTC’s record when it comes to reviewing pharmaceutical mergers suggests that the agency will simply never seek to block a merger."

Ouch.
"Virtually every market participant I have spoken to in this industry believes that there is simply no risk of the FTC blocking an unlawful pharmaceutical merger outright."

Basically, hand the building over to the National Gallery so the public gets something useful out of it.
"Both firms and two of Mylan’s top execs have been accused of a wide-ranging price fixing/market allocation conspiracy in the generic drug industry. With an expanded empire of generic drug products, these alleged crimes may be even easier to perpetrate by the new entity."

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More from @matthewstoller

Matt Stoller Profile picture
30 Oct
So @ggreenwald @lhfang @mtracey @mtaibbi @davidsirota were skeptics of corporate power, surveillance, and Wall Street during the Bush and Obama eras. None of them like being hated but they don’t need to be liked. They are among the more curious free thinking writers out there.
I never really understood the establishment vehement hatred of criticism and being proved wrong. It’s unpleasant to be wrong of course but it’s how one learns.
Anyway I think it’s a fascinating time and both parties and most elite institutions are in flux. We missed big things like the pandemic and the public is unhappy. But I do think there’s real learning going on.

Weird to be optimistic but I am.
Read 4 tweets
Matt Stoller Profile picture
20 Oct
The Department of Justice Antitrust Division will be filing an antitrust suit today against Google. wsj.com/articles/justi…
Yesterday I noted that Biden will be much stronger than Obama on corporate power, in large part because the environment has changed.

To wit, the Republican Trump administration is trying to restructure a trillion dollar corporate giant. Truly extraordinary times.
Still waiting to read the Google complaint. The DOJ case is likely to be narrow, because that's what the DOJ lawyers could deliver in Barr's timeline. But there will be two more cases coming, both state AGs and both broader.
Read 12 tweets
Matt Stoller Profile picture
16 Oct
The author of this piece @Claudia_Sahm has it wrong. The answer is to give up on the Fed and to actually turn to politics. Congress needs to address our political problems, and handing it over to the Fed to take care of Wall Street was the wrong move. nytimes.com/2020/10/16/opi…
What I mean here is that the Fed needs to *let the stock market crash* and refuse to engage in fiscal policy. And Congress needs to replace the FOMC with a Congressional committee. That's what pushing Congress means, not Jay Powell murmuring at hearings.
I'm well aware that @Claudia_Sahm has been saying Congress needs to act. My point is, that doesn't matter, the problem is institutional. Congress is the only body that can address our problems, and the Fed is putting Congress to sleep by taking care of the stock markets.
Read 4 tweets
Matt Stoller Profile picture
14 Oct
To Republicans whining about the Hunter Biden censorship, you had four years to bring antitrust cases against Facebook and you didn't. Your FTC fought bitterly against sanctioning FB. Democrat @davidcicilline wrote a report on FB's monopoly, @Jim_Jordan opposed it.
I *loathe* the way Democrats gave Obama a pass on all of his failures, which included everything from a foreclosure wave to amnesty for white collar criminals to opioids to failures on antitrust and banking regs.

Trump has done the same thing. Lotta talk, little action.
We brought this up last March. Trump's antitrust chief Makan Delrahim was *helping* big tech. nytimes.com/2019/03/06/opi…
Read 4 tweets
Matt Stoller Profile picture
11 Oct
I've spent a few months reading and learning about English history. My conclusion is that it is perhaps necessary that the 1619 Project overstate its claims, and hopefully there is a great synthesis coming.
It's just too easy to write history from the vantage point of the winners, because winners tend to document their point of view incessantly. Also, the winners often destroy whatever the losers wrote down. If the 1619 project overstates their claims, well, maybe that's ok.
The synthesis I want is one combining the narratives of Oliver Cromwell adherents with slavery.

Bacon's Rebellion is a good place to start. That was key to forming racial hierarchies, but it was also a burning ember from the English Civil War.
Read 4 tweets
Matt Stoller Profile picture
9 Oct
A new digital regulatory agency is a TERRIBLE idea for many different reasons. First, there are no boundaries. Everything is digital these days. Second, the FTC and DOJ didn't lack jurisdiction, they just didn't act. Why would a new digital agency not repeat that?
Dodd-Frank was a failure, but liberals bought into it because we got a regulatory agency, the Consumer Financial Protection Bureau. The CFPB was mostly useless, then Trump shut the CFPB down with a shrug.
The way to address structural problems on Wall Street is to *break up the big banks,* not by regulating them. The same thing is true with big tech. The solution for things that are too big is to make them smaller.
Read 4 tweets

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