Lina Khan is talking about reviewing merger policy for the FTC and asking for public comments. Such public comments will be, in her words, "critical." 
Khan saying that the current merger wave "threatens to concentrate markets further." See our report on the merger frenzy. economicliberties.us/our-work/merge…
Khan says that while the merger wave has "delivered benefits for investment banks," it has not delivered benefits for ordinary Americans.
Antitrust mic drop
Antitrust mic drop
(1) Asks how data factors into mergers, about private equity roll-ups, and monopolization in its incipiency.
(2) Asks about mergers and labor effects, layoffs and elimination of capacity.
(3) Asks about *direct* evidence in merger analysis, not just market share and pricing.
(2) Asks about mergers and labor effects, layoffs and elimination of capacity.
(3) Asks about *direct* evidence in merger analysis, not just market share and pricing.
Khan explicitly asks for people outside the antitrust community to weigh in with their thoughts on mergers. Workers, farmers, consumers, investors, etc.
New Antitrust Assistant Attorney General Jonathan Kanter starts out with praise with Khan and the FTC. "Too many industries have become concentrated, and we need to understand why."
Kanter says the 'supply chain no longer follows a simple upstream and downstream path.' Sounds like there will be changes to the very concept of horizontal/vertical mergers that underpins current policy.
Kanter echoes Khan in asking to hear from a 'diverse set of stakeholders' on merger guidelines. Asks specifically for farmers and entrepreneurs to weigh in.
"Here's a message to the American people. Please share your views."
"Here's a message to the American people. Please share your views."
Kanter implies that firms that already have market power should have heightened standards.
Also says horizontal/vertical distinction doesn't always makes sense.
Finally notes DOJ shares the concerns of FTC on vertical mergers. FTC withdrew its vertical guidelines, DOJ hasn't.
Also says horizontal/vertical distinction doesn't always makes sense.
Finally notes DOJ shares the concerns of FTC on vertical mergers. FTC withdrew its vertical guidelines, DOJ hasn't.
Kanter talks about market definition as being too narrow, notes that we should think about competition in terms of stacks of products, aka ecosystems. This is fascinating.
A very strong emphasis from both Khan and Kanter on the experience of ordinary people in the real-world. Seems like they want to move away from abstract economic theory.
Antitrust establishment seems pretty annoyed. I wonder why. The existing merger policy has been great. nytimes.com/2018/04/01/art…
Why are they trying to change merger guidelines? Everything seems to be going great.
Everything is great. I don't get all of this 'there are too many mergers.'
It's super weird that anyone would want to change merger standards. Low prices are great. linde.com/news-media/pre…
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https://twitter.com/FTC/status/1483502952677617675?s=20
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