1\Putting this in proper order:Larry Summers recent criticism of what he claims are the views of current Biden antitrust enforcers is, to put it mildly, unfortunate and inaccurate.
https://twitter.com/lhsummers/status/1528568277378662403
2\Both Kanter/DOJ and Khan/FTC rightly see increasing concentration as denying consumers and workers the benefits of competitive markets. Yes they are skeptical of efficiency claims in consolidating markets, as experience teaches they should be.
3\Look to infant formula where one firm controls over 40% of the supply and, when its plant goes down, babies are at risk. Yes FDA limits on imports and WIC program regs contributed to the problem. But that is why the Biden competition EO is so important.
4\But that is why the Biden competition EO is so important. It demands that agencies examine the competitive impact of their actions.
5\Should DOJ/FTC challenge private equity acquisitions that consolidate markets and create market power over supply? You bet. Meanwhile, I challenge Larry — a guy I respect — to name a recent enforcement action at either FTC or DOJ that he believes lacks justification.
6\ If he wants a serious debate on antitrust and competition policy, he needs to start with the facts, not a straw man.
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