Some additional reactions to the @FTC’s incredible case against @Facebook 👇
2/ This suit details @Facebook’s monopoly power in multiple ways.
3/ First, the complaint shows that @Facebook has dominated the social media market whether measured by time spent or daily active users since 2011.
4/ @Facebook likes to play dumb — but the data *they* use to track their own performance shows just how dominant they are.
5/ Second, the @FTC provided direct evidence of @Facebook’s durable monopoly power, including the fact that @Facebook has enjoyed record profits despite widespread consumer dissatisfaction.
6/ A @Facebook exec, who apparently doesn’t know you’re not supposed to write down your evil plan, explained clearly how @Facebook could maintain its power by making it increasingly hard for users to switch to another platform.
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NEW: We're out with a new paper on how utilities overcharge ratepayers through excessive rates of return (ROR).
We call for a simple reform: codifying the long-standing regulatory principle to align ROR with utilities' actual, market-based cost of capital. High-level 👇🧵
2/ Investor-owned utilities have increased rates 49% more than inflation in the last three years.
A core problem: unreasonably high ROR—the returns regulators allow utilities to pay investors for assuming the risk of providing capital to the utility. economicliberties.us/our-work/rate-…
3/ When regulators determine how much utilities can charge customers, their responsibility is to approve “just and reasonable” rates.
According to a longstanding, court-validated standard, a just and reasonable rate is what is needed for utilities to cover their “cost of capital” (COC) – that is, to provide an investor return sufficient to attract equity financing.
Last Friday marked the end of Jonathan Kanter’s extraordinary tenure as head of @JusticeATR.
As AAG, he brought old-school trust-busting back to life and fought tirelessly for fair markets.
We’re grateful for—and still in awe of—all ATR accomplished under his leadership.👇🧵
2/ A cornerstone of his legacy? Reviving the enforcement of Section 2 of the Sherman Act—a law designed to tackle monopolization.
From 2000 to 2021, @JusticeATR brought just one case under Section 2—the Google search monopoly case, brought by Trump’s DOJ—and litigated zero.
3/ Under Kanter, @JusticeATR litigated and won the Google search case—a landmark win against a monopoly whose power rivals that of many governments, and a message to monopolists accustomed to settling cases on the cheap that there was a new sheriff in town.
This couldn't be more false—@CFPB firmly opposed debanking and has taken measures to stop it.
The real reason @pmarca, @elonmusk & other tech oligarchs are attacking this agency is because it has protected consumers against scams they’ve profited from.
This cynical report—which @elonmusk used to call for @linakhanFTC's firing today—is part of a campaign to remove an effective and popular public servant for actually serving the public, rather than billionaires.
3/ The report claims Khan has “forsaken" FTC bipartisanship.
Chair Khan's FTC has unanimously voted to approve everything from a revised merger notification form, to a surveillance pricing investigation, to banning fake reviews. ftc.gov/news-events/ne…
NEW: In response to a joint @FTC and @JusticeATR request for information on serial acquisitions, we've submitted a comment on private equity's takeover of the veterinary industry.
Reid Hoffman wants @VP Harris to toss aside @linakhanFTC and the Biden-Harris admin’s antitrust accomplishments.
But given how successful the competition record is in delivering for working families, it’s clear why the only people who want to change course are billionaires🧵👇
2/Liberating workers: The @FTC banned noncompete clauses, which trap over 30 million American workers in their jobs, and it’s expected to boost wages by ~$488B over the next decade! The Chamber of Commerce tried to fight it.
3/ @JusticeATR has also fiercely prosecuted no poach agreements and wage fixing — protecting nurses, chicken farmers, and workers across the economy.