I think the most surprising thing I've learned over the last couple of years is just how insane elite liberal institutions have become. I don't really know what to do about it.
The assertive lunacy of most American elite institutions is a widely held opinion within the elites, but unstated publicly because the retribution isn't worth it. I happen to care less about social sanction than most of my peers.
I keep going back to this thread from @AlecMacGillis. In a set of increasingly bizarre moral panics, American liberals have decided to overlook the costs of destroying society.
It's not just one thing, it's everything. The initial concern before Covid was coming was whether Americans were patronizing Chinese restaurants. Now it's endless Covid panic. Risking war or everyone's on Putin's payroll. Etc.
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2. Apple's decision to block tracking on mobile devices significantly harmed Facebook's ad business, which is good. But Apple did not apply the same provisions to Google's mobile services. So ad money moved from FB to Google. Why did Apple do this?
3. It's simple. Google pays Apple something like $15B a year for Google search to be the default on the iPhone's Safari browser. That's at the heart of the DOJ antitrust suit against Google filed in 2020.
California Senator Dianne Feinstein opposes the bill because it targets "three California companies," Apple, Google, and Microsoft.
And now California Senator Alex Padilla is up. He's mostly just trying to avoid getting cross-wise with either big tech, or with labor, which doesn't like big tech.
"Antitrust is the main concern for merger-arbitrage funds, according to a Bloomberg News survey this month of 12 U.S.-based fund managers, analysts, and brokers."
"He added that the flurry of legal challenges was a primary reason that many of the deals announced last year involved $10 billion or less." - Peter Orszag, the C.E.O. of Lazard’s financial advisory business
"Mega takeovers in the US — deals north of $25bn or $50bn — plummeted in 2021, according to data from Refinitiv, as companies particularly in pharma and tech have shied away from taking regulatory risks." - Financial Times ft.com/content/03a2df…
"On the basis of his antitrust record, he is an unjust man. Breyer is the candidate of big business and monopoly in America.”
I look back at the legacy of Stephen Breyer, perhaps the most important ally of monopoly power over the last forty years. mattstoller.substack.com/p/stephen-brey…
According to former FTC official Charles Mueller, Breyer straight-up lied during his confirmation hearing, telling Senator Metzenbaum that antitrust plaintiffs sometimes won and sometimes lost in his court. In fact they always lost. mattstoller.substack.com/p/stephen-brey…
"When his retirement announcement came, I was watching an event on antitrust at the Mercatus center, a libertarian forum sponsored by firms like Google. The big law partners, upon learning the news, immediately turned from bashing Lina Khan to lamenting Breyer’s retirement."
Senate Judiciary committee passes big tech antitrust bill on nondiscrimination. 16-6.
Big tech probably spent tens of millions opposing this bill alone. Apple CEO Tim Cook and Google CEO Sundar Pichai were calling Senators personally. A bipartisan thrashing is not the outcome they wanted.
As this bill moves, remember that it's just as possible for the bill to get stronger on the floor as weaker. Far more importantly than this bill, the Senate Judiciary just opened the floodgates. Now everyone knows there's an overwhelming majority to address big tech power.
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.