Break up Facebook (and while we're at it, Google, Apple and Amazon) | Robert Reich
This consolidation at the heart of the American economy creates two big problems. These massive concentrations of economic power generate political clout that's easily abused, as the New York Times investigation of Facebook reveals. America responded to the Gilded Age's abuses of corporate power with antitrust laws that allowed the government to break up the largest concentrations. As the New York Times investigation makes clear, political power can't be separated from economic power. In the second Gilded Age as in the first, giant firms at the center of the American economy are distorting the market and our politics.
Amazon, Apple and Facebook Once Led the Market. Now They Are Driving It Down.
furthermore Apple was worth more than $1 trillion at the start of November. The mighty tech titans and their seemingly endless pipeline of profits, which powered one of the longest bull markets in stocks, are looking a little less invincible. Shares of Google's parent company, Alphabet, are down more than 10 percent since the market peaked, while Facebook and Amazon have dropped more than 20 percent. Investors' faith has been eroded by slowing growth and a trade war with China, as well as a steady stream of revelations about privacy lapses, security issues and mismanagement. If tech stocks cannot shake the fears, the rest of the market could feel the pain.
Break up Facebook (and while we're at it, Google, Apple and Amazon) | Robert Reich
This consolidation at the heart of the American economy creates two big problems. These massive concentrations of economic power generate political clout that's easily abused, as the New York Times investigation of Facebook reveals. America responded to the Gilded Age's abuses of corporate power with antitrust laws that allowed the government to break up the largest concentrations. As the New York Times investigation makes clear, political power can't be separated from economic power. In the second Gilded Age as in the first, giant firms at the center of the American economy are distorting the market and our politics.
as informed in Apple was worth more than $1 trillion at the start of November. The mighty tech titans and their seemingly endless pipeline of profits, which powered one of the longest bull markets in stocks, are looking a little less invincible. Shares of Google's parent company, Alphabet, are down more than 10 percent since the market peaked, while Facebook and Amazon have dropped more than 20 percent. Investors' faith has been eroded by slowing growth and a trade war with China, as well as a steady stream of revelations about privacy lapses, security issues and mismanagement. If tech stocks cannot shake the fears, the rest of the market could feel the pain.
Amazon, Apple and Facebook Once Led the Market. Now They Are Driving It Down.
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