The Capital Note: Google Under Attack, the Fed Frets about Risk
Added 10-22-20 06:04:04pm EST - “On the menu today: The war on Google, the Fed worries about what ultra-low interest rates might mean, the Biden liquidation, automation, a unicorn stumbles, and a case study in regulatory bungling.” - Nationalreview.com
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Welcome to the Capital Note, a newsletter about business, finance and economics. On the menu today: The war on Google, the Fed worries about what ultra-low interest rates might mean, the Biden liquidation, automation, a unicorn stumbles, and a case study in regulatory bungling.
As (I hope) I made clear in this space on Tuesday, I have my doubts (understatement) about the legal action that the Department of Justice has launched against Google. We’ll have to see what discovery discovers, but the DOJ’s arguments about competition seem unconvincing, and the lawsuit has opened a dangerous door through which a future less market-friendly administration may charge.
Even worse, and shamefully for an administration that claims to put America first, this case is going to help those in Brussels who have weaponized antitrust against U.S. high-tech for reasons that have next to nothing to do with competition and a lot to do with sour grapes — and, yes, anti-Americanism too.
It’s well worth checking out what the CEI’s Ryan Young has to say about this case in a piece for Capital Matters today. Please do take the time to read the whole thing, but here’s an extract:
While the DOJ and most state attorneys general have been investigating Google for some time, many DOJ lawyers did not believe they had yet built up a solid case, and opposed Barr’s rushed pre-election timing. The New York Times reported in September that some staffers refused to sign onto the complaint. Some even left the case over their objections.
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