So a different way to characterize what Google was doing to publishers is 'stealing.' Sorry to get all technical about it. wsj.com/articles/googl…
"Google pocketed the difference between what it told publishers and advertisers that an ad cost and used the pool of money to manipulate future auctions to expand its digital monopoly.”

Or, you know, stealing.
"The documents cite internal correspondence in which Google employees said some of these practices amounted to growing its business through “insider information."

So, then like, that's stealing.
"It affected billions of ad impressions sold each month and Google’s research found that it dropped publishers’ revenue by as much as 40%, according to the complaint. “Bernanke is powerful,” one Google employee said, according to internal company communications."
Yes these are alleged violations of antitrust law, but the real teeth in the complaint are the alleged violations of various state laws against deceptive conduct. texasattorneygeneral.gov/sites/default/…

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Matt Stoller

Matt Stoller Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @matthewstoller

Jan 17,
1. I know everything is supposed to be totally awful in politics, but allow me to interrupt constant doom and gloom with... good news. On the monopoly front, corporate power is, ever so slightly, ebbing. Here are eight examples from the last week. mattstoller.substack.com/p/hope-on-the-…
2. Government antitrust cases are progressing. The Federal Trade Commission won an important procedural victory against Facebook this week. marketplace.org/shows/marketpl…
3. Meanwhile, state attorneys general, whose antitrust case was dismissed last year, appealed the dismissal. Normally they would have given up, but increasing heat on Facebook gave confidence to state level enforcers.
Read 17 tweets
Jan 16,
I was freaking out about COVID in Jan/Feb of 2020, before most people noticed. Back then Vox was saying it was the flu and Fauci was telling young people to go on cruise ships. Don’t act like the risk calculus of the public health bureaucracy is well-tuned to reality.
Back then among the left’s biggest concerns was whether people were patronizing Chinese restaurants. Our whole intellectual model for governance is embarrassing.
I wrote in Wired in late Feb of 2020 we would be experiencing shortages. Our risk calculus and governance models do not map to reality. wired.com/story/covid-19…
Read 5 tweets
Jan 15,
Biden is flailing because the political emergency of the pandemic is over but the professional managerial class won't let him govern according to what voters actually want.
Hospitals and health care systems are under pressure because we let financiers strip mine them for parts. Little to do with Covid. Biden could fix this but he'd have to acknowledge it.
The stress on hospitals is coming from Wall Street.
Read 5 tweets
Jan 13,
I’ve never seen such anger from economists as I have since we started presenting the argument market power and inflation are related. They are really triggered, like someone stepped on their turf.
It's possible that during shortages monopoly power is magnified because it's harder to substitute away from any particular bottleneck. A crisis can create more pricing power. Example: food delivery apps had more power when restaurants had to shut down regular service.
"Just stop. Seriously." - A. Goolsbee, Chicago

Here are some fun angry quotes from economists disputing the relationship between monopoly and inflation. igmchicago.org/surveys/inflat…
Read 7 tweets
Jan 10,
The Ivy League is a cartel. Like an actual cartel. wsj.com/articles/yale-…
At my newsletter BIG @samhaselby went into the historical roots of the cartel behavior of the Ivy League network. But yeah they also engage in straight-up price-fixing, which we've known for decades. mattstoller.substack.com/p/break-up-the…
This is a fun complaint on the Ivy's. "In addition, such Defendants are committed to maintaining admissions as a zero- sum game, by limiting growth in the number of undergraduate seats to maximize perceptions of exclusivity and prestige." @profgalloway
Read 14 tweets
Jan 9,
Economists hand wave away supply disruptions and market power because the keys aren't under the lamp post.
If oil went up to $400 a barrel and it often wasn't available, no one would wonder about the cause of inflation. But since the input at hand is semiconductors and there's not really much public pricing info, it's not in the inflation models.
Firm behavior and bottlenecks affect prices. The outsourcing of large amounts of production by auto firms impacted inflation. Auto availability was a big part of the initial inflationary spike. nytimes.com/2022/01/08/bus…
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(