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Matt Stoller Profile picture
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17 Feb, 7 tweets, 2 min read
Facebook just blocked the sharing of news in Australia. about.fb.com/news/2021/02/c…
Facebook has also banned the ENTIRE WORLD from getting Australian news content. Holy shit.
This is the Australian competition commission's report on how dominant Facebook is wrt display ads.
Focusing on the Facebook Oversight Board is a shiny object when the real question is Facebook engaging in censorship on behalf of advertising money. All those idiotic corrupt elites who sit on that board - Facebook just censored AUSTRALIA. about.fb.com/news/2021/02/c…
This has been a long time coming, the Australian competition chief Rod Sims is one of the more forward-thinking antitrust enforcers in the world. mattstoller.substack.com/p/australia-st…
Facebook censoring all of Australia shows why Mark Zuckerberg absolutely needs to arrested for fraud and price-fixing. If you don't apply law and order to the powerful, eventually the powerful begin writing the laws and giving the orders. mattstoller.substack.com/p/crime-should…
fyi...

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More from @matthewstoller

Matt Stoller Profile picture
14 Feb
1. What happens if Congress repeals Section 230? It's a big question and no one knows the answer. Here's my guess. Section 230 lets firms avoid dealing with harm they cause by monetizing data and third party content. Social pollution would began to carry a cost to the polluter.
2. For most firm, nothing would change. Most firms don't use data to harm customers. For big firms who monetize data and have large third party user bases, they'd have to buy insurance and pay a little more attention to harm they might cause. Online products would get safer.
3. Product liability, harassment and negligence, defamation - all standard legal claims - would reemerge, and firms like Grindr and Facebook would have to stop knowingly letting people use their product for harassment and fraud.
Read 6 tweets
Matt Stoller Profile picture
12 Feb
1. One of the best changes in recent years is the GOP abandoning libertarianism. Here's GOP Rep. Greg Steube: “I do think there is an appetite amongst Republicans, if the Dems wanted to try to break up Big Tech, I think there is support for that." washingtonexaminer.com/news/house-rep…
2. And @RepKenBuck, who offered a thoughtful Third Way report on antitrust law in 2020, weighed in quite reasonably on Biden antitrust frameworks. politico.com/news/2021/01/2…
3. I believe this change is sincere because it's so pervasive and beginning to result in real policy changes. Example: The North Dakota GOP is taking on Apple's app store.
Read 12 tweets
Matt Stoller Profile picture
11 Feb
1. Ok, so most people have a vague sense of frustration that the last Dem administration didn't do enough on the economy. But it's still just a vague sense. So my org wrote a report showing in detail, industry sector-by-sector, what policymakers did wrong. economicliberties.us/our-work/coura…
2. We also wrote one pager descriptions of every sector. For instance, in media and telecommunications, there were multiple massive mergers (Comcast-NBC, Disney's roll-up, Charter-Time Warner). economicliberties.us/our-work/ctl-m…
3. Consequences were bad. The median weekly compensation of writer-producers on television and online series declined 23 percent between 2014 and 2016 despite record profits in the industry and peak demand for programming. economicliberties.us/our-work/ctl-m…
Read 16 tweets
Matt Stoller Profile picture
5 Feb
I'm a Wall Street reformer Democrat who likes Elizabeth Warren and I'm not loving that narrative, but I get it. The reason Wall Street reformers aren't trusted is because few of us will admit that Barack Obama's WH was corrupt on financial market problems.
I think Janet Yellen will do probably do ok, but she's a bad choice and her speaking fee corruption problem is real. Wall Street reformers aren't trusted because they (we?) have proven to be untrustworthy.
We have to *earn* the trust of the people, because last time we were in power we *lied* to them about Wall Street. We have no right to expect anyone to trust us.
Read 4 tweets
Matt Stoller Profile picture
5 Feb
1. @amyklobuchar just introduced a major antitrust bill, so here are my thoughts. This bill reads to me reads more an announcement she's taking over the antitrust subcommittee than a finished product. Klobuchar is really smart and was an antitrust lawyer, she knows this area.
2. Most antitrust law is 'rule of reason,' meaning the judge gets to do what he wants. Under 'rule of reason,' a judge approved the obviously illegal Sprint-T-Mobile merger, and a circuit court egregiously overturned a decision against Qualcomm monopoly's. Just bad all around.
3. Klobuchar's bill both hits and misses this problem. The bill has, as @ZephyrTeachout notes, a bright line rule on mergers of companies worth more than $100B. Such a rule makes it hard for judges to protect monopolies (as they tend to do right now).
Read 9 tweets
Matt Stoller Profile picture
27 Jan
The SEC really should look into the GameStop market-rigging, because this is shockingly blatant from Citadel, which is likely both market-making and doing side bets. The Reddit story is true and fun, but also a convenient cover.
Apparently at 1:32pm, a 587k shares of GameStop traded at $327 a share, which is $187 million. That's not coming from Robinhood. Wall Street is on both sides of this battle.

Ugly stuff.
Here's what's likely happening. Robinhood takes market orders where Redditers say they want to buy stock at 'the market price.' RH sells orders to Citadel. Citadel sees the orders, makes side bets on options. Citadel then sets an arbitrary 'market price' to cash in on options.
Read 5 tweets

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