After a bloodbath in tech stocks today, driven by FTC/DoJ investigation headlines, the House Judiciary Committee has just piled on, announcing a bipartisan probe into whether large tech companies are suppressing competition.
Judiciary Chairman Jerrold Nadler (D-N.Y.) said in a statement:
“The open internet has delivered enormous benefits to Americans, including a surge of economic opportunity, massive investment, and new pathways for education online, but there is growing evidence that a handful of gatekeepers have come to capture control over key arteries of online commerce, content, and communications.”
“The Committee has a rich tradition of conducting studies and investigations to assess the threat of monopoly power in the U.S. economy.”
“Given the growing tide of concentration and consolidation across our economy, it is vital that we investigate the current state of competition in digital markets and the health of the antitrust laws.
Well those hearings should be yet another circus, especially coming just after Google Cloud’s outage crushing online commerce for hours yesterday.
via ZeroHedge News http://bit.ly/2WrzqGl Tyler Durden