{"id":279193,"date":"2021-06-20T04:57:51","date_gmt":"2021-06-20T01:57:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/team-bidens-leftist-bid-to-batter-successful-big-business\/"},"modified":"2021-06-20T04:57:51","modified_gmt":"2021-06-20T01:57:51","slug":"team-bidens-leftist-bid-to-batter-successful-big-business","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/team-bidens-leftist-bid-to-batter-successful-big-business\/","title":{"rendered":"#Team Biden\u2019s leftist bid to batter successful big business"},"content":{"rendered":"

“#Team Biden\u2019s leftist bid to batter successful big business<\/strong>”<\/p>\n

\n

Four years ago, as a student at Yale Law School, Lina Khan wrote an article on the supposed evils of Amazon, the ubiquitous and consumer-friendly online retailer.<\/p>\n

Today, at only 32, she is running the Federal Trade Commission, one of the most important US agencies that regulates tech.<\/p>\n

Since becoming attorney general<\/a> for the District of Columbia in 2015, Karl Racine seemed more interested in lefty social<\/a>-justice issues including supposed fixes to the juvenile-justice system than regulating corporate behemoths.<\/p>\n

Then in May, he sued Amazon over alleged antitrust violations, seeking among other remedies so-called \u201cstructural relief,\u201d which is a legalistic way of saying he wants to break up one of America\u2019s most successful companies.<\/p>\n

Now, DC political sources tell me, Racine has emerged as the possible new front-runner to take another significant role influencing Big Business, as chief of the Justice Department\u2019s antitrust division.<\/p>\n

If you notice a pattern here, you are not alone. The Biden administration is filling the federal bureaucracy with zealots looking to pursue its political goals.<\/p>\n

When you throw in Securities and Exchange Commission chief Gary Gensler, a hyperpartisan non-lawyer serving as Wall Street\u2019s top cop, you have the makings of the most progressive regulatory triumvirate in recent memory. This crew is taking power and ready to make life miserable for business after a dreadful year of COVID lockdowns and a recession just when the economy is about to boom.<\/p>\n

Of course, you can make a good case that Wall Street needs some regulation, and tech firms like Amazon are far too big and powerful. You can also make the case that if it\u2019s not broke, you don\u2019t need to fix it. For all the noise about Bitcoin, meme stocks and so-called gamification of trading, the markets are incredibly efficient. Average Americans can trade easily, seamlessly and cheaply.<\/p>\n

If people are gambling instead of investing, don\u2019t blame Wall Street, blame the government \u2014 as the Federal Reserve prints money and keeps interest rates so low that it encourages trading.<\/p>\n

Likewise, it concerns me that Big Tech stifles speech, particularly of dissenting conservative voices on platforms like Twitter, Facebook and Google. It is also a little creepy that I\u2019m bombarded with pop-up ads for products I searched for on the Web.<\/p>\n

Still, could society have functioned properly during the COVID lockdowns without Amazon deliveries? All businesses would have shuttered were it not for tech innovations like Zoom. While we are at it, if Big Tech is so powerful and evil, why are its platforms so popular with most Americans?<\/p>\n

\"Why
Why should Amazon boss Jeff Bezos be villainized after creating hundreds of thousands of jobs during the pandemic and pushing innovation across America?
\n<\/figcaption>
AFP via Getty Images<\/span><\/figcaption><\/figure>\n

If history is any guide, real monopolies always crush consumers with higher prices. It\u2019s not happ<\/a>ening when it comes to Big Tech. For all the nervousness over inflation creeping higher, you can place much more of the blame on those insane disincentives to work (aka excessive COVID government handouts).<\/p>\n

But not according to Khan, known in DC circles as an \u201cantitrust hipster\u201d after her screed titled \u201cAmazon\u2019s Antitrust Paradox\u201d made her a star among progressives. Her paper argued that it does not matter if consumers love to use Amazon because it\u2019s a cheap and efficient retailer selling anything from movies<\/a> to hand cleanser. Its evil resides in its size; as the dominant online retailer, independent retailers need to have access to the platform. It collects data from consumers and these businesses to further its power as an economic monster.<\/p>\n

Because of its size, it can cut \u00adprices and take market share from any business that dares to challenge its business model. Amazon, she believes, is the modern equivalent of those greedy robber barons of the late 19th century.<\/p>\n

OK, but where\u2019s the beef? Or to be more exact, where\u2019s the climatic final chapter where Amazon CEO and founder Jeff Bezos rule the world, bending consumers to their will through rapacious pricing policies?<\/p>\n

Khan does not really say \u2014 possibly because logic would dictate that if we could come up with a COVID vaccine in less than a year, some smart techie would come up with a cheaper alternative to Amazon if Bezos really did embrace his inner robber baron.<\/p>\n

The sleight of hand the Biden administration used to appoint Khan as FTC chair is also worth noting. The Senate originally confirmed her as an FTC commissioner; she received some GOP support because Republicans are hating Big Tech these days \u2014 but they didn\u2019t think she would be named FTC boss.<\/p>\n

But right after her Tuesday confirmation as commissioner, the White House elevated her to FTC chair. Not only were GOP senators who had voted for her blindsided, but so was Senate Majority Leader Chuck Schumer, whose close associate \u00adRebecca Kelly Slaughter \u2014 a more seasoned antitrust lawyer \u2014 was serving as acting commissioner.<\/p>\n

White House sources say the shotgun-wedding approach was out of concern that Big Tech would lobby against her to the GOP and possibly Schumer. Now Khan, the 30-something antitrust hipster, can join forces with Gensler and possibly Racine to put progressive \u00adtheories to work in the business world.<\/p>\n

And the American economy can suffer the real-world consequences.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Team Biden\u2019s leftist bid to batter successful big business” Four years ago, as a student at Yale Law School, Lina Khan wrote an article on the supposed evils of Amazon, the ubiquitous and consumer-friendly online retailer. Today, at only 32, she is running the Federal Trade Commission, one of the most important US agencies that…<\/p>\n","protected":false},"author":1,"featured_media":279194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/KhanGenslerRacine.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[109880,2758,88263,71313,1545,71391,77826,70550,74382,70551,71631,39572,5000,72976,70759,70360],"class_list":["post-279193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-19-21","tag-amazon","tag-bureaucracy","tag-chuck-schumer","tag-coronavirus","tag-department-of-justice","tag-federal-regulation","tag-federal-reserve","tag-federal-trade-commission","tag-inflation","tag-jeff-bezos","tag-monopoly","tag-progressives","tag-securities-and-exchange-commission","tag-tech","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/279193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=279193"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/279193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/279194"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=279193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=279193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=279193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}