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American Economic Liberties Project Profile picture
American Economic Liberties Project
@econliberties
The American Economic Liberties Project is fighting to realize economic liberty for all, in support of a secure, inclusive democratic society.
Nov 27 • 9 tweets • 4 min read
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.

Receipts.🧵👇 2/ First of all, @pmarca’s widely-shared screed against the CFPB is completely make-believe. @dorajfacundo has the facts here.

Why are these billionaires deliberately seeking to turn public opinion against the CFPB?
Oct 31 • 12 tweets • 5 min read
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.

Let's take a spin through its "findings."👇🧵 2/ The report asserts Chair Khan has “trampled” the rule of law to achieve “ideologically fueled ends.”

Federal judges don’t seem to see it that way, as they hand @FTC win after win in court. @superwuster sets the record straight here:
Sep 26 • 5 tweets • 3 min read
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.

"They are exploiting our love for our pets," says @helaineolen. 👇🧵
economicliberties.us/press-release/…Image 2/ As the comment explains, PE firms control 30-50% of all US vet clinics, up from <10% a little more than a decade ago.

They're using these takeovers to stealthily seize market power.

Vet prices are up 60% during that time frame. Image
Jul 25 • 10 tweets • 4 min read
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. Image
Jul 23 • 8 tweets • 4 min read
🚨NEW: @FTC is investigating major companies’ use of surveillance pricing: using personal data to set individualized pricing for the same goods or services.

The agency is demanding information from 8 companies, including Mastercard, JPMorgan Chase, and McKinsey.👇🧵 2/ With the rise of digital surveillance and isolated online shopping environments—from Uber to restaurant QR codes—this Black Mirror-esque pricing tactic has become widespread recently.

Sound dystopian? Well, it’s already a reality.
prospect.org/economy/2024-0…
Jun 21 • 14 tweets • 5 min read
The @WhiteHouse is being modest.

From enforcement actions against the biggest, price-gouging monopolies to eliminating billions in junk fees, here’s more on how this admin is bringing down prices and taking on corporate power. 👇🧵 2/ Let’s start with groceries.

Last fall @JusticeATR sued a data company that facilitated price fixing in poultry and pork—inflating prices across 90% (!) of the market.
prospect.org/power/2023-10-…
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May 6 • 10 tweets • 4 min read
🚨ICYMI: Last week, @FTC confirmed a MASSIVE price-fixing conspiracy driving high gas prices.

Our own @matthewstoller did the math—and found possibly the most outrageous case of greedflation on record. One that's costing Americans $500-$1000 per year.👇🧵
thebignewsletter.com/p/an-oil-price…
Image 2/ Two weeks ago, Stoller wrote a piece alleging that American oil producers had at some point between 2017-2021 stopped competing with OPEC, and effectively joined the cartel—sending gas prices exploding upward.

It turns out he was right.
thebignewsletter.com/p/monopoly-rou…
Apr 10 • 8 tweets • 3 min read
“Not much in social science makes sense except in light of power struggle … Brandeis was very much about this, but the consumer welfare standard ignored it.”

In conversation with @linakhanFTC, @DAcemogluMIT says you can't understand the economy without accounting for power.👇🧵 2/ Acemoglu was endorsing @FTC's “fidelity to the realities of how markets function," in Chair Khan's words.

It's an approach guided by a more diverse set of economic perspectives—and by Americans’ actual experience of markets—rather than solely by assumption-laden theories.
Mar 21 • 9 tweets • 5 min read
In its latest suit against Apple, @JusticeATR reveals a LOT of new info on how the company wields power against consumers and smaller companies.

Skeptical? Here’s a 🧵 that busts some Apple myths.

Spoiler alert: it's more than just green bubbles.👇 “But Apple is innovative!”

Apple’s greatest innovations were the result of dynamic & competitive markets. Today, its own executives admit that its monopoly power allows the company to ship products that are simply “good enough.”

Competition, not complacency, drives innovation.
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Feb 23 • 14 tweets • 6 min read
Amid reports @FTC will sue to block the Kroger-Albertsons mega-merger, you might have noticed a PR push claiming the deal will somehow lower food prices for shoppers.

That’s bogus. Economic research and the companies’ own internal documents say otherwise.👇🧵 Image 2/ In a recent press release, Kroger claims (without evidence) that investments in chains it previously acquired resulted in savings for shoppers—saying the same will happen with Albertsons.

But economic studies overwhelmingly find that supermarket mergers INCREASE prices.📈
Nov 3, 2023 • 14 tweets • 5 min read
ICYMI: Yesterday, @FTC released an updated Amazon complaint containing substantial previously-redacted information. It’s now clear that Amazon is knowingly and intentionally harming consumers & sellers.

Here are some highlights.👇🧵 2/ Many of the new revelations provided specifics on how, contrary to what people often think of the company, Amazon has often raised prices for consumers.

A whole unredacted CHAPTER on pricing algorithm “Project Nessie” was one striking example.

Jul 19, 2023 • 18 tweets • 4 min read
🚨HUGE: The @FTC and @JusticeATR released their highly-anticipated, updated merger guidelines earlier this morning.

That may sound wonky, but trust us, this is a BIG deal. Here’s why.🧵👇

ftc.gov/news-events/ne… 2/ Since the 1980s, merger policy has been a disaster.

Ticketmaster-Live Nation. Google-DoubleClick. Northrop-ATK. Facebook-Instagram. CVS-Caremark-Aetna. Hertz-Dollar. American-U.S. Airways. Disney-Fox.
Jul 6, 2023 • 13 tweets • 4 min read
We’ve got a crazy story to tell you about “ethics” in government and how it impairs our ability rein in corporate monopoly power.

Follow along, and make sure to let us know what you think. 👇🧵 2/An ethics officer has advised @linakhanFTC to recuse herself from a case involving Meta. Why?

Not bc she is financially benefiting from the company (ethics rules prevent Chair Khan from holding stock).

It’s because she has criticized the business practices of the company.🤔
Feb 23, 2023 • 4 tweets • 2 min read
🚨BREAKING: Live Nation-Ticketmaster reports total 2022 income of $732 MILLION, which is 125% higher than 2019, their pre-pandemic year and most-profitable on record.
livenationentertainment.com/2023/02/live-n… This is just another proof point that Live Nation-Ticketmaster is raking in cash at the expense of fans, artists, and everyone who ACTUALLY makes live events special.

Wonder why that hasn't made it into the report.
Feb 22, 2023 • 5 tweets • 3 min read
🚨NEW: As state legislatures kick off, @Pat_Garofalo and @LeeHepner detail how state lawmakers can rein in monopoly power by tackling big corporations’ unfair tactics — and which states are already doing so.

Read the full oped in @Governing.⬇️🧵
governing.com/now/a-new-oppo… The piece explains how states can use an “abuse of dominance” standard to ensure big corporations can’t exploit their size to gain an unfair advantage, box out would-be competitors, stifle innovation, or harm workers.

Minnesota, New York, and Pennsylvania are already doing so.
Feb 21, 2023 • 8 tweets • 4 min read
🚨NEWS: Antimonopoly champion @RepCicilline just announced he’ll be resigning later this year.

Throughout his tenure, he’s been a focused leader in the fight to rid American society from monopoly power’s corrupting influence. Here’s some clips that show that leadership.👇 📺 Image 2/ Here’s @RepCiclline calling out how concentrated corporate power corrupts our democracy and harms our society.👇
Jan 10, 2023 • 9 tweets • 4 min read
WOW: @SecVilsack told Congress that since the meat market is so consolidated, the government would HAVE to keep buying food from @JBSFoodsUSA — even though it's tied to bribery scandals. [h/t @marcia_brown9]

Here’s some facts on JBS’ power over food.👇🧵
politico.com/news/2023/01/1… 2/ JBS is the world’s largest meat processing company and one of the world’s worst corporate actors.

It’s the poster child for evils wrought from corporate consolidation. It also gets 100s of millions in government contracts and bailouts, washingtonpost.com/politics/this-…
Jan 10, 2023 • 5 tweets • 3 min read
Think you’re already paying too much for your groceries?

Unfortunately, prices will only continue to rise with consolidation in the supermarket industry -- like the Kroger-Albertsons merger. Here’s why enforcers should block it.👇🧵 As with most cases of consolidation in retail, this is a bad deal for consumers, workers, and communities. Here’s @sarahmillerdc in @nytimes:
Jan 5, 2023 • 6 tweets • 3 min read
BREAKING: The @FTC just proposed a rule outlawing non-compete agreements under the antitrust laws.

Corporations use non-competes to block nearly 1 in 5 workers — or 30 million people — from freely changing jobs, negotiating for better pay, or starting businesses of their own. 2/ By voting in support of today’s rule, Chair @linakhanFTC, @RKSlaughterFTC, and @BedoyaFTC took a historic stand for economic liberty, business dynamism, and fair competition.

Millions of people — and the U.S. economy overall — will be better off because of it.
Dec 14, 2022 • 18 tweets • 4 min read
With @chopracfpb testifying in Congress today, here’s all you need to know about his work at the @CFPB — in the form of headlines.

TLDR: He’s unafraid to take on Big Banks and Big Tech when they cheat consumers and thwart fair competition. latimes.com/business/story…
Dec 1, 2022 • 4 tweets • 4 min read
🚨 NEWS: Kroger just reported a *MASSIVE* $3.7 billion in operating profits this year.

That's a 37% increase over 2021!
ir.kroger.com/CorporateProfi… twitter.com/i/web/status/1… While Kroger is jacking up prices, they're also trying to merge with one of their biggest rivals. Albertsons.

As with most cases of consolidation in retail, this is a bad deal for consumers, workers, and communities. @sarahmillerdc put it well in @nytimes: Image